SoftBank Vision Fund said to plan investment in Brazilian delivery app Loggi

Photographer: Akio Kon/Bloomberg

SoftBank Group Corp.’s Vision Fund is looking to invest as much as $150 million in Loggi, a Brazilian-based platform that matches couriers to shippers, according to people familiar with situation.

A similar model to many ride-hailing apps, the system flags delivery requests to nearby couriers, known as motoboys — or motorcycle messengers. The fee and route is calculated by the app. Loggi also transports online goods using small trucks and offers restaurant delivery.

SoftBank is no stranger to Loggi’s business model. Earlier this month, it led a $535 million investment in DoorDash Inc., a food-delivery app based in San Francisco. It also bought a 15 percent stake in ride-hailing giant Uber Technologies Inc., which transports people and food in Brazil and elsewhere.

A deal between SoftBank and Loggi would likely range from $100 million to $150 million, but the plan isn’t finalized and could fall through, said the people, who asked not to be identified because the discussions are private. SoftBank and Loggi declined to comment.

If SoftBank does invest, it will pit two more of its holdings against each other, with UberEats also operating in Brazilian cities. SoftBank was also a backer of Brazilian ride-hailing startup 99 before it was acquired by China’s Didi Chuxing. SoftBank still has stakes in the biggest ride-hailing startups in the U.S., China, India and Southeast Asia. They compete with each other in some places, including in key markets like India and Indonesia.

Introduced in 2013 and headquartered in Sao Paulo, Loggi previously raised $3.3 million from Qualcomm Ventures and Dragoneer Investment Group. Qualcomm is an investor in the Vision Fund, while Dragoneer invested in Uber alongside SoftBank.

Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.