Accel leads major Nuvemshop Series D funding round
Nuvemshop, a Latin America-based e-commerce platform, has announced a $90 million Series D investment led by Accel.
There was also participation from ThornTree Capital and existing investors including Kaszek and Qualcomm Ventures.
This round brings its total funding to over $128 million.
The company, also known as Tiendanube in Spanish speaking countries, serves nearly 80,000 merchants across Brazil, Argentina, and Mexico, ranging from direct-to-consumer (DTC) upstarts to established brands such as Play Mobil, Osram, Billabong, Coppel, Luigi Bosca, Zaira Beauty, and Lolja.
“Latin America is a vast market, filled with talented entrepreneurs, yet many lack the tools and resources needed to thrive,” says Santiago Sosa, CEO and Co-founder, Nuvemshop.
“Our purpose with Nuvemshop is to reduce these barriers to entry for entrepreneurs, and we’re proud to be the e-commerce platform of choice for businesses looking to build, launch and promote their online presence.”
“Over the past decade, direct-to-consumer has become one of the most important drivers of entrepreneurship globally,” comments Andrew Braccia, Partner at Accel and member of the Board of Directors, Nuvemshop.
“Latin America is no exception to this trend, and we believe that Nuvemshop is uniquely positioned to help merchants in this region build direct relationships with their customers.”
“We’re thrilled to support them in their next stage of growth as they become the de-facto e-commerce platform of Latin America during this unprecedented time of e-commerce adoption.”
The Series D investment will enable Nuvemshop to boost its platform, including new solutions for payments and logistics management.
It will also develop and grow its ecosystem, while expanding its presence in Brazil, Argentina and Mexico, and moving into new markets including Colombia, Chile and Peru.