Nuvemshop raises $500 million to continue expanding into Latin America!

Recently, according to the latest reports from foreign media, Brazilian e-commerce company Nuvemshop has received financing worth US$500 million, led by Tigerglobal and InsightPartner. With the success of this financing, Nuvemshop has become one of the latest leading startups in the local area.

Nuvemshop's total transaction volume in Latin America reached $700 million in April this year, with 14 million sales, a year-on-year increase of 250%. Founded in 2010, the company is the leading e-commerce platform in Latin America and is also considered one of the top five most valuable companies in Latin America. Its team currently has more than 600 people, mainly focusing on the Brazilian, Argentinian and Mexican markets. Its number of sellers has increased by 12.5% ​​compared to 80,000 in the first half of the year.

Its last round of financing was in April this year , with a financing value of US$89 million. By comparison, it can be seen that the current round of financing is very strong, and it is not surprising that it has entered the forefront of startups. From the recently released Q2 data, both Ameracanas and Magazine Luiza's financial reports exceeded market expectations and performed steadily.

Affected by the epidemic, consumers in the Latin American market have shifted from online to offline, which has enabled e-commerce platform sales to grow rapidly during the epidemic. The Latin American market is generally not as strong as the European and American markets, but the e-commerce market in the local field has performed well. Brazilian e-commerce has always been the largest e-commerce economy in Latin America, and its market share accounts for nearly half of the Latin American market .

Regarding this round of financing, Nuvemshop's senior management said that this round of financing will ensure the smooth implementation of its company's next plans. In the future, Nuvemshop plans to expand its business to Chile, Peru and other places to further develop the Latin American market.

Nuvemshop CEO Santiago Sosa also said that with the new investment, the company will reduce barriers to entrepreneurship in Latin America and ensure that anyone can sell in the digital world. It will also boost the economies of Brazil, Argentina, Mexico and other countries in the region, creating hundreds of thousands of direct and indirect jobs .

Nuvemshop

Financing

Latin American Market