Brazilian e-commerce platform Nuvemshop has become the latest unicorn startup in Brazil after raising a $500 million Series E round of funding. The round was led by Insight Partners and Tiger Global Management, with significant participation from Alkeon, and Owl Rock. Other investors that joined the round included Sunley House Capital, and VMG Partners, as well as existing investors Accel, Kaszek, Kevin Efrusy, Qualcomm Ventures LLC, and ThornTree Capital.
Founded in 2010, Nuvemshop has a network that includes close to 90,000 merchants across Brazil, Argentina and Mexico. With the latest investment, the company plans to expand into Colombia, Chile and Peru.
“We envision a world in which anybody can convert a passion project into a thriving business,” says Santiago Sosa, CEO and Co-Founder, Nuvemshop.
The funding arrives just five months after Nuvemshop received an investment of 500 million reais ($95.2 million), bringing its 10-month total to $620 million. “With 650 million consumers, Latin America is not only a huge market, but it is the fastest growing e-commerce market in the world,” says Matt Gatto, Managing Director at Insight Partners. “By offering its powerful and easy-to-use platform, built and tailored specifically for Latin America, Nuvemshop is uniquely poised to continue to lead the region’s digital transformation. We’re thrilled to be part of its next chapter of incredible growth.”
“Retailing is a very cultural-specific business and Nuvemshop’s highly localized product and ecosystem of hundreds of app partners and agencies offer an unrivaled end-to-end solution for merchants and consumers,” said John Curtius, Partner at Tiger Global Management. “Nuvemshop not only has the technology and services that Latin American businesses require but an intimate insider’s understanding of the cultural subtleties that will drive its customers’ market success. The company is laying the foundation of the e-commerce infrastructure for the next decade.”