Nuvemshop, Latin America’s e-commerce platform, has announced that it has raised a $500 million Series E round of funding.
The round was co-led by Insight Partners and Tiger Global Management, with 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.
Following the company’s $90 million Series D financing in March 2021, this newest round of financing values the company at $3.1 billion and brings Nuvemshop’s total funding in the last 10 months to more than $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,” said 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.”
“We envision a world in which anybody can convert a passion project into a thriving business,” said Santiago Sosa, CEO and co-founder of Nuvemshop. “From the start, we have focused on building solutions tailor-made for Latin American merchants. This singular purpose has cemented Nuvemshop as the standard for merchants in this region to build direct relationships with their customers. This additional funding will allow us to not only enable our merchants to be more successful, but will enable Nuvemshop as a platform to aggressively drive e-commerce progress in the region. Faster payments and reliably shorter delivery times will cause e-commerce to further explode in the region.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.