Rappi, a Colombian on-demand delivery startup, has raised “over” $500 million at a $5.25 billion valuation in a Series F round led by T. Rowe Price, the company announced late Friday.

Baillie Gifford, Third Point, Octahedron, GIC and SoftBank also participated in the new funding event. Previous backers include DST Global, Y Combinator, Andreessen Horowitz and Sequoia Capital.

The new financing brings Bogota-based Rappi’s total raised since its 2015 inception to over $2 billion, according to Crunchbase. Today, the country has operations in nine countries and more than 250 cities across Latin America. Its last raise was a $300 million funding round in September of 2020.

According to the Latin American Venture Capital and Private Equity Association (LAVCA), Rappi focused on delivering beverages at first,

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