Cisneros Group Invests in Rocket Internet Outfit

MIAMI: The Cisneros Group of Companies has made an initial investment of $10 million in Mobly, a leading home-furnishing webstore in Brazil that is part of the Rocket Internet corporate portfolio.

The total investment, made through Cisneros Interactive Group, could top $20 million in a year. Mobly launched in Brazil just about 18 months ago and already has more than 6 million visits per month.

“This investment is part of our commitment to diversify and strengthen our digital business network in the areas of e-commerce and digital advertising,” said Adriana Cisneros de Griffin, the vice chairman and VP of strategy of the Cisneros Group. “Mobly is about to break into the traditional retail market of home furniture and décor and expand its dominance throughout Latin America, having the industry’s leading selection of top-quality items, excellent customer service and fast delivery that’s second to none.”

“At Mobly, we offer quality products, in addition to a comfortable and pleasant shopping experience that’s also fast and intuitive; the website has already surpassed the mark of 300,000 products sold and we closed our first fiscal year with a total revenue of $180 million in sales,” added Victor Noda, Mobly’s co-president, along with Marcelo Marques and Mario Fernandes.

“Brazil represents almost 65 percent of the e-commerce in the region and it continues to grow thanks to the progression of the country’s middle class, the penetration of the Internet, and the surge of credit cards and other electronic payment methods. It’s a market with great potential,” said Victor Kong, the chief digital officer of the Cisneros Group.