E-commerce venture Nuvemshop raises $500m on $3.1 bn valuation

Latin American e-commerce platform, Nuvemshop, has raised a $500 million Series E round of funding.

This was co-led by Insight Partners and Tiger Global Management, with participation from Alkeon and Owl Rock.

Other investors that joined the round included Sunley House Capital and VMG Partners, as well as existing backers Accel, Kaszek, Kevin Efrusy, Qualcomm Ventures, and ThornTree Capital.

Following the company's $90 million Series D financing in March, this newest round values it at $3.1 billion and brings Nuvemshop’s total funding in the last 10 months to more than $620 million.

Nuvemshop (also known as Tiendanube in Spanish speaking countries), serves more than 90,000 merchants across Brazil, Mexico, and Argentina, ranging from direct-to-consumer (DTC) upstarts to established brands such as PlayMobil, Billabong, Colombraro, Zaira Beauty, Osram, Lolja, Vitabe and StrappyCo.

The latest funding will help accelerate the company’s growth in current markets and support expansion into new countries, including Colombia, Chile and Perú.

“With 650 million consumers, Latin America is not only a huge market, but it is the fastest growing e-commerce market in the world,” says Matt Gatto, Managing Director at Insight Partners.

“By offering its powerful and easy-to-use platform, built and tailored specifically for Latin America, Nuvemshop is uniquely poised to continue to lead the region’s digital transformation. We’re thrilled to be part of its next chapter of incredible growth.”

“We envision a world in which anybody can convert a passion project into a thriving business,” says Santiago Sosa, CEO and Co-Founder, Nuvemshop.

“From the start, we have focused on building solutions tailor-made for Latin American merchants. This singular purpose has cemented Nuvemshop as the standard for merchants in this region to build direct relationships with their customers.”

“This additional funding will allow us to not only enable our merchants to be more successful, but will enable Nuvemshop as a platform to aggressively drive e-commerce progress in the region.”

“Faster payments and reliably shorter delivery times will cause e-commerce to further explode in the region.”