In a story reported by LAVCA, the Brazilian parcel shipping logistics startup Mandaê has raised US$7.1B in a Series B round led by the International Finance Corporation, a partner of the World Bank Group. The round also received support from the UPS Strategic Enterprise Fund, Mercado Libre Fund, Tekton Ventures, FJ Labs, and previous investors Performa Investimentos, Qualcomm Ventures, Monashees, and Icon Holding Company.
Mandaê provides low-cost parcel shipping services in São Paulo state through a vertically-integrated model that optimizes every step of the shipment process for maximum efficiency. This service provides an alternative to the national postal service for companies that need to make small or individual shipments, a growing need in a country whose e-commerce market is taking off.
Delivery logistics is one of the major challenges that is slowing down e-commerce growth in Brazil. Mandaê provides an improved shipping experience, including package tracking and cost monitoring, all of which can be integrated into the online shopping experience.
Mandaê will use the funding to spread their service across other states in Brazil. This round brings Mandaê’s total funding to US$14M to date, with previous participation from Valor Capital and Kima Ventures.
Read more in the original press release for LAVCA.