Nuvemshop raises $30M funding round led by Qualcomm

LatamListNuvemshop, Latin America’s answer to Shopify, raised a $30M funding round led by Qualcomm. Other investors included Kaszek Ventures, FJ Labs, IGNIA, Elevar Equity, and angel investor Kevin Efrusy from Accel Partners.

Nuvemshop is an online selling platform for small and medium-sized businesses in Latin America. The platform provides everything from billing and payments processing, to logistics and shipping solutions.

“Nuvemshop’s platform accelerates a company’s digital transformation and has enabled thousands of SMEs across Latin America to go digital by tapping into the company’s one-stop shop of seamlessly integrated solutions,” said Alexandre Villela, Managing Director of Qualcomm Ventures Latin America.

Known as Nuvemshop in Brazil and Tiendanube in the rest of Latin America, there are more than 65,000 businesses currently registered on the platform. There is a subscription fee starting from $3 per month, as well as transaction fees depending on the subscription package.

With the funding, the startup will look to scaling the business and also expanding into Colombia and Peru in 2021.

Read more on TechCrunch.

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