附近上门

Brazil commerce platform is back with a $90 million Series D, five months after securing $30 million in Series C funding.

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Nuvemshop, known as Tiendanube in Spanish-speaking countries, was founded in 2011 and offers a suite of tools around payments, shipping, inventory management and marketing for online businesses. It currently serves nearly 80,000 merchants across Brazil, Argentina and Mexico.

led the new round with participation from and existing investors including and , as well as a group of e-commerce leaders including , , , , and . The Series D brings Nuvemshop鈥檚 total funding to date to $128.4 million, according to 附近上门 data.

Despite raising money last October, after meeting with Accel it made sense to move forward with another round of funding, , co-founder and CEO of Nuvemshop, told 附近上门 News

鈥淚t was not about the money, but (Choi) and (Braccia) have experience in e-commerce and Latin America itself,鈥� he added. 鈥淚t is the right fit, and we feel confident that they will help in the next stage of our growth.鈥�

E-commerce is booming in Latin America, where there are more than 650 million consumers, with 479 million already connected online, Sosa said. At the same time, in the region account for approximately $84 billion and is projected to hit $116 billion by 2023.

However, Latin America continues to have low e-commerce penetration, presenting tremendous growth and economic impact in the region, Sosa said. For example, Brazil, the most populous country in the region with over 200 million people, doubled e-commerce penetration last year from 5 percent to 10 percent. However, he estimates penetration will grow dramatically, and could be 30 percent to 40 percent in 10 years, he added.

鈥淲hen we think about the future, we envision commerce will be digitized,鈥� he added. 鈥淲e are at the beginning of a transition where the infrastructure needs to be built. All of these smaller merchants need payments and logistics tools.鈥�

In the past year, Nuvemshop tripled its customer base and its revenue, Sosa said. The new funding will enable Nuvemshop to continue developing new capabilities, including tools for payments and logistics management. It will also expand its presence in Brazil, Argentina and Mexico, as well as establish itself in new markets, including Colombia, Chile and Peru.

As part of the investment, Andrew Braccia, partner at Accel, joins Nuvemshop鈥檚 board. He believes the company is building a product that creates opportunity for local merchants to connect with customers, and the new round enables Nuvemshop to build a stronger balance sheet and take advantage of opportunities in Brazil and Argentina.

鈥淥ver the last 12 to 18 months, there is an urgency and a real need for merchants and customers to be able to move toward an e-commerce solution,鈥� Braccia said. 鈥淪anti and his team are taking an underpenetrated market and providing a product that is becoming a critical product to have for merchants and customers. It鈥檚 not a question of inevitability, it was when and it just happened to have been through a pandemic.鈥�

Photo of Santiago Sosa, co-founder and CEO of Nuvemshop, courtesy of the company.
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