Reibus International Inc., an alumni of Atlanta Tech Park, had its valuation soar more than sevenfold after an investment from SoftBank Vision Fund 2. It’s now $750 million.
Atlanta-based Reibus will spend the funds on expanding its marketplace and investing in associated logistics and financial-services offerings, Chief Executive Officer John Armstrong said in an interview. The startup, which already operates in Europe, plans a regional hub in Berlin and one in Southeast Asia, likely in Singapore. “We think it’s important to be local in those markets,” Armstrong said.
Reibus recently launched a mobile app and this year surpassed an annual revenue run rate of $100 million. It selected SoftBank as an investor in part due to its international reach, experience in helping marketplace-based companies scale globally and relationships with banks, said Armstrong, who co-founded the startup in 2018 with the goal of ensuring a positive culture. SoftBank’s David Boriss is set to join Reibus’s board, Armstrong said.
Reibus was a member of Atlanta Tech Park through 2020 when it graduated into its own space in Atlanta. One of the many things that benefitted them was The Park’s ability to grow with them until it was time to further expand into their own corporate headquarters. To learn more about The Park’s membership opportunities, click here.
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