Endeavor

49 America. In 2019, General Atlantic invested in CLIP and KAVAK out of Mexico, in HOTMART and NEON out of Brazil, and in DLOCAL out of Uruguay. And while mega-rounds were prevalent in Latin America, they were not limited to this market. Spain's GLOVO, an on-demand delivery app which operates in Europe, Latin America and Africa, nabbed two mega-rounds in a single calendar year. Glovo raised €150mm (~$166mm) in April 2019 and another €150mm in December bringing total funding for the five-year-old business to $488mm. London and Dubai-based global fintech player, CHECKOUT.COM, raised a $230mm Series A round from Insight Partners and DST Global in 2019. is was the first-ever outside financing in the company's history and the third largest fintech Series A round of all-time. In Southeast Asia, BUKALAPAK out of Indonesia became the country's fourth "unicorn" with a mega-round valuing the company at $2.5bn+. Notably, several of these mega- rounds provided significant liquidity opportunities to early investors. For example, Endeavor Catalyst's June 2017 investment in the Series A of Rappi alongside Sequoia, Andreesen Horowitz, Y-Combinator and others, t A courier for Glovo (Spain), an on-demand delivery company. x Pedro Conrade, CEO, Neon (Brazil). yielded an impressive early return from a partial exit as part of Rappi's $1bn Softbank-led mega-round (see page 44 for details). e mega-round trend continued into early 2020 as LOFT, an online real-estate platform for residential and commercial properties in Brazil, raised a $175mm Series C co-led by Andreesen Horowitz and Vulcan Capital in January 2020. is round came just 18 months after Endeavor Catalyst and others invested in the company's Series A. And, while we expect the frequency of mega-rounds to decrease in the near-term due to global macroeconomic conditions, their introduction to our markets is an exciting development in the broader context of venture capital funding. S P O T L I G H T

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