The Cisneros Group of Companies, through its Cisneros Interactive Group (CIG), made an initial investment of $10 million in Mobly, Brazil’s leading home furnishings webstore and part of Rocket Internet’s corporate portfolio. The total investment could top $20 million in a year.
“This investment is part of our commitment to diversify and strengthen our digital business network in the areas of e-commerce and digital advertising,” emphasized Adriana Cisneros de Griffin, Vice Chairman & Vice President 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,” stated Victor Noda, Mobly’s co-president, along with Marcelo Marques and Mario Fernandes.
“Brazil represents almost 65% 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, Chief Digital Officer of the Cisneros Group.