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Monthly Snapshots - October 2020: Colombia Edition

Rappi to raise more than $300 million USD

Founded in 2015 by Felipe Villamarin, Sebastián Mejía, and Simón Borrero, Rappi is a company and mobile app that offers deliveries from supermarkets, restaurants and pharmacies as well as cash transactions and more recently live stream entertainment. It’s been defined as the Latin American “Super App” and is one of the fastest growing companies in the region.

According to a document published by the United States Securities Commission (SEC), Rappi is set to raise $350 million USD in an investing round. So far, it has raised $155.9 million thanks to various investors including Soft Bank, Andreesen Horowitz, DST Global, Delivery Hero, Y Combinator and Sequoia Capital.

Valued at $3.5 billion USD, Rappi currently operates in nine Latin American countries and over 200 cities, employing over 26,500 people as couriers or office staff. It is the first "Unicorn" (a start-up company worth over $1 billion) ever created by Colombians.

Former US President Bill Clinton wants foreign investors in Colombia

Speaking at the Colombia Investment Summit as a guest as President of the Clinton Foundation, former US President Bill Clinton emphasised to international investors Colombia's potential to attract foreign capital - especially in the renewable energy, forestry agriculture, agribusiness, technology and innovation sectors.

The former president stressed that despite the events of 2020 disrupting our lives and damaging economies, the “immense talent and creativity” of Colombians makes it a well-positioned country to combat climate change and resource depletion with renewable energy systems, which will in turn create many jobs, develop infrastructure and improve social and economic balance throughout urban and rural areas of Colombia.

Some 1,085 investors from Europe, Asia and the Americas participated in the virtual Summit. And thanks to prior interest in Colombia and the former President’s speech, the Colombian government is said to anticipate a total of $1.3 billion USD from these investors to finance foreign operations in Colombia.

Terpel to produce synthetic lubricant in Colombia for first time

The Colombian fuel brand, controlled by Copec, launched its first ever line of premium and mobile synthetic lubricants on the market. These lubricants used to be imported from Europe and the US. Thanks to the technology of Terpel's factory in Cartagena, the lubricant will now be produced for the first time in Colombia, complying with the highest international standards required by Exxon Mobil Corporation.

Terpel hopes to sell 160 thousand gallons of Mobile Super 3000 during the first year of launch, as part of its strategy to strengthen its retail channels and dealerships.

The launch premieres their 100% synthetic lubricant, the Super 3000, a premium product that enhances engine performance and reduces polluting emissions to the environment, as well as the Super 2000 version which is a semi-synthetic lubricant that protects the engine against wear and defies the most severe driving conditions, compared to conventional lubricants.

Italy and Colombia join forces for Bogotá Metro

The Italian and Colombian Ministries of Foreign Affairs are cooperating through the group FS Italiane, which is set to supervise the construction of the Bogotá metro.

FS Italiane, through its engineering company Italferr and other international companies, was awarded the supervision of the Line 1 works of the Bogotá metro in Colombia for a value over $58 million USD. The award, managed by Bogotá Metro Company, is part of the project "First Line of the Bogotá Metro - Section 1", which will provide for the construction of 24 kilometres of metro line that will include 16 stations and underground sections.

On 30th September, the CEO of FS Italiane, Gianfranco Battisti, and the Colombian ambassador to Italy, Gloria Isabel Ramírez, met in Rome. Battisti said that this alliance between the Italian and Colombian Ministries will generate opportunities for development in various sectors, including large infrastructure works, rail and road transport. For Ramírez, the arrival of FS Italiane to Colombia is great news since it will create new jobs, confirming excellent relations between the two countries.

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