In a recent development, Latin America’s e-commerce platform, Nuvemshop has raised a huge $500 million Series E round of investment.
This funding round was co-led by Insight Partners and Tiger Global Management and it got significant participation from investors including Alkeon and Owl Rock. Further, who joined the round were Sunley House Capital and VMG Partners, and also existing investors Accel, Qualcomm Ventures LLC, Kaszek, Kevin Efrusy and ThornTree Capital.
The latest round of financing add to the total funding round of $620 million and now Nuvemshop values at $3.1 billion. This was followed by the company’s $90 million Series D financing which took place earlier this year in March 2021.
São Paulo-based Nuvemshop has begun an e-commerce platform aimed towards SMBs and merchants to connect more directly. The e-comm serves more than 90,000 merchants across Brazil, Mexico, and Argentina. And they range from direct-to-consumer (DTC) upstarts to an expanding roster of brands.
The latest funding will help grow the company in current markets and expand to newer markets and countries, including Colombia, Chile and Perú.