The Mexican-born startup Clara, an end-to-end corporate spend management solution for companies, officially announced its arrival in Brazil after obtaining a Series B financing round of $70 million led by Coatue. Coatue is the investment fund behind some tech companies like ByteDance (TikTok), Deel and, most recently, Bitso. With this, the company reached a valuation of $1 billion dollars, becoming the newest Latin American unicorn after only eight months of operation.
The resources will support Clara’s arrival in Brazil, a country where the operations will be led by Layon Acosta, who has experience in companies such as Dow Chemical and Rappi. The startup is now expanding with the support of Mastercard. This will enable Clara to issue its own cards guaranteeing acceptance around the world.
The corporate spending market has room for several competitors such as Clara, the new Mexican unicorn
“We are very happy that the same year that we started operations in Mexico, we can make our arrival in Brazil official, an achievement that we have been planning since we started the company,” said Gerry Giacomán, CEO and co-founder of Clara.
Before this latest capital injection, Clara had already raised a $30M funding round from General Catalyst, DST Global and Monashees. As part of this new investment, Michael Gilroy from Coatue, joins as the first external member of Clara’s board.