Addi, is announcing a $75 million extension to its Series B, bringing the total round size to $140 million. The startup announced it had raised $35 million in an equity round led by Union Square’s Opportunity Fund, and $30 million in debt funding from Architect Capital. The company, which has dual headquarters in Bogota, Colombia, and São Paulo, Brazil, declined to reveal its new valuation other than to say it is “nearly triple” what it was 90 days ago when it closed on the first tranche of its Series B, and that it is now in the “hundreds of millions” of dollars range. New York-based Greycroft led the extension, which also included participation from new backers GGV Capital, Citius Capital and Intersection Growth Partners, as well as existing investors Union Square’s Opportunity Fund, Andreessen Horowitz, Endeavor Catalyst, Foundation Capital, Monashees and Quona Capital. With the latest financing, Addi has now raised a total of $220 million in debt and equity since its September 2018 inception — $140 million of that in equity and over $80 million in debt.
Addi started with a buy now, pay later offering, which allowed consumers to make purchases in minutes with “just a few clicks. Addi is currently available for e-commerce, mobile and brick-and-mortar purchases in Brazil and Colombia, with plans to expand across Latin America in the coming years. It plans to enter the Mexican market in 2022. The company plans to use the new capital to speed up its product roadmap and geographic expansion. On the product side, it will be launching “a one-click checkout solution” for its merchant partners and customers by year’s end. Addi will also be accelerating its entry into Mexico, as mentioned previously, where it’s aiming to launch in early 2022. It’s the second LatAm investment for Greycroft, which previously invested in Rocket.chat, a Brazilian enterprise communication and collaboration platform. In Mexico next year, Addi will join existing player, Nelo. That startup raised $3 million in April, and at the time, was live with more than 45 merchants and over 150,000 users.