Startup City Magazine

iFood Receives a Funding of 2.6 Million from Movile

iFood, a recent online service for getting food delivered to customers has got itself an amount of $2.6 million. This funding was mainly from Movile, which is a Latin American company dealing with mobile content. iFood in fact also has applications for iphone and Android.

The funding was mainly done with the intention of increasing the awareness of different users for this food service. The mobile company has partnered with different carriers over the years in order to get video and other content distributed and phone users featured in Latin America.

With smartphones becoming more popular these days, the mobile company is reaching out to other ways of working on its mobile expertise. Its recent method is to invest in startups like this one. This is mainly because mobile technologies are now growing part of businesses like iFood.

It was only about six months ago that iFood decided to go mobile. The startup company in fact did not possess any mobile apps until then. However, after having launched applications for iPhone and Android, the company has grown rapidly with an increasing number of orders.

The six months of mobile apps in the company saw a growth of 2 percent in the company’s overall business. And this is not all. The growth of the company is expected to continue with the recent developments in the near future.

The company currently delivers monthly orders that go up to more than fifty thousand. The company delivers to more than a thousand restaurants throughout the country. The revenues of the company are on the increase with the growth of over ten percent per month. No slowdown has been found so far. The Company expects to grow its number of users within the next one year to over five thousand food chains and restaurants. It currently sees an opportunity of $4 billion within the country. It further plans to expand into the markets in Latin America and then the U.S with assistance from Movile which will help provide distribution in other mobile markets.

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