Nuvemshop, a Sao Paulo, Brazil-based e-commerce platform, raised $500m in Series E funding, valued at more than $3 Billion.
The round, which brought total funding raised in the last 10 months to more than $620m, was co-led by Insight Partners and Tiger Global Management, with participation from Alkeon, Owl Rock, Sunley House Capital and VMG Partners, as well as existing investors Accel, Kaszek, Kevin Efrusy, Qualcomm Ventures LLC, and ThornTree Capital.
The company intends to use the funds to:
- accelerate growth in current markets and support geographic expansion into new countries, including Colombia, Chile and Perú,
- accelerate its payment and logistics capabilities, which will further drive e-commerce penetration in the region,
- expand its sales and customer support staff,
- invest in resources and support for its ecosystem of app partners and agencies,
- explore M&A opportunities.
Led by Santiago Sosa, CEO and co-founder, Nuvemshop (also known as Tiendanube in Spanish speaking countries) empowers entrepreneurs to build and grow online businesses. The platform serves more than 90,000 merchants across Brazil, Mexico, and Argentina, ranging from direct-to-consumer (DTC) upstarts to an expanding roster of established brands such as PlayMobil, Billabong, Colombraro, Zaira Beauty, Osram, Lolja, Vitabe and StrappyCo. It integrates products, payments, shipping as well as provides an ecosystem with more than 1.000 partners, such as Facebook, Instagram, marketplaces and brick and mortar stores.
The company currently has more than 600 employees and offices in Brazil, Mexico and Argentina.