Nearshore Americas

Brazil’s Movile Invests $2M in Peruvian Start-up CinePapaya

CinePapaya, a Peruvian tech start-up that lets moviegoers purchase tickets online and via mobile devices has received US$2 million in investment from Brazilian Internet firm Movile.

The funds will be used to enter new markets, hire new staff, and increase product innovation, the Peruvian firm said in a press release.

Already operating in several LATAM countries including Chile, Colombia, Mexico, Miami, Argentina, Brazil, Costa Rica, Venezuela and Ecuador, CinePapaya is now talking of expanding into the United States.

Besides ticket sales, it also offers information such as synopsis, actor bios, and film trailers. Reports say Movile’s investment raises the value of the Peruvian firm to $7 million.

CinePapaya is working with Chilevision and ATV, and its app is available on iOS, Android, and Windows Phones.

“We’re building a comprehensive suite of apps that will encompass key consumer verticals,” said Fabricio Bloisi, Movile’s founder and chief executive. “It’s exciting to be building the next generation of apps that will define how millions of Latin Americans get the goods and services they want through their phone.”

After raising $55 million in August, Movile has invested $15 million in Apontador, the Brazilian business review and search app and $2.2 million in the courier service, Rapiddo.

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With more than 30 million monthly active users, Movile is one of Latin America’s largest mobile commerce platforms. It has over 400 employees and is connected to over 40 carriers that collectively have 700 million mobile subscribers.

Narayan Ammachchi

News Editor for Nearshore Americas, Narayan Ammachchi is a career journalist with a decade of experience in politics and international business. He works out of his base in the Indian Silicon City of Bangalore.

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