The "Latin American version of Shopify" has raised $90 million for its expansion plan, and the number of registered merchants has reached 80,000

According to a report on techcrunch on March 22, Nuvemshop, the "Latin American version of Shopify" website building platform, has completed a US$90 million Series D financing round led by Accel . As of now, the company's total financing amount has reached US$130 million.

Nuvemshop independent website building platform, also known as Tienda Nube, was founded in 2010 and is headquartered in Sao Paulo, Brazil . It provides website building services as well as payment, shipping, inventory management and marketing support to registered merchants in Brazil, Argentina and Mexico.

As people's demand for online shopping surged during the epidemic, Nuvemshop 's online business volume has also grown simultaneously. The number of registered merchants on the platform has surged from 20,000 at the beginning of 2020 to 80,000 at present , including both emerging direct-to-consumer DTC brands and mainstream brands such as Play Mobil, Osram, Billabong, Coppel, Luigi Bosca, Zaira Beauty and Lolja.

It is worth mentioning that the platform usage fees and commission fees charged by Nuvemshop to registered sellers reached US$690 million in 2020.

In addition, as of now, Nuvemshop has released about 150 applications on its ecosystem , and this number is expected to grow more than 3 times in the next 12 to 18 months.

Nuvemshop 's success is also related to the favorable e-commerce environment in Latin America. According to reports, the density of small and medium-sized enterprises in Latin American countries is higher than that in the United States, and the Latin American e-commerce market, currently valued at $85 billion, is expected to grow to $116.2 billion by 2023.

( Santiago Sosa, co-founder and CEO of Nuvemshop)

Nuvemshop co- founder and CEO Santiago Sosa also pointed out that Brazil, a Latin American country, has a 40% e-commerce growth rate , but the penetration rate is less than 10%. He said that the e-commerce penetration rate in Latin America as a whole is between 5% and 10%.

Therefore, Latin America has huge growth potential in e-commerce compared to developed regions.

It is reported that Nuvemshop plans to use the funds to continue to improve its platform services, including investing in the development of new solutions for payment and logistics management; expanding the ecosystem to provide business support for merchants of all sizes; and expanding its business in Brazil, Argentina and Mexico , and expanding into new markets including Colombia, Chile and Peru.

Latin America; Nuvemshop