FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo
SAO PAULO (Reuters) – Japan’s Softbank is expected to announce on Tuesday a $1 billion investment in Colombian delivery app Rappi, Brazilian financial blog Brazil Journal reported.
The Rappi investment would be the first one by the newly created Innovation Fund, which is focused on Latin America.
Another Softbank global investment vehicle, Vision Fund, would also participate. Rappi was valued at $1 billion in its latest funding round in September.
Citing sources with knowledge of the matter, Brazil Journal said the new investment values Rappi at $2.5 billion.
Softbank and Rappi did not immediately comment on the matter.
Reporting by Tatiana Bautzer and Carolina Mandl; Editing by Bernadette Baum