Nuvemshop, a Brazilian e-commerce platform, announced a $500M Series E funding round, bringing the company’s valuation to over $3B. Insight Partners and Tiger Global Management led the round, with participation from Sunley House Capital, VMG Partners, and various existing investors.
Nuvemshop (Tiendanube) serves nearly 100,000 merchants across Brazil, Argentina, and Mexico, helping them to access more customers and grow their businesses. The round is the third-largest ever in Latin America and comes just five months after the platform’s Series D in March.
“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.
Despite the huge market, e-commerce still only represents around 6% in Latin America, but Nuvemshop predicts this will reach 60% as access to smartphones and digital banking increases in the region.
“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.
The latest funding will enable the platform to further develop its payments and logistics software to support growth and to continue expanding in the region, specifically in Colombia, Chile, and Peru. The platform is also exploring acquisition opportunities.
