VTEX becomes Brazil's newest unicorn

Posted Thursday, October 29th 2020
VTEX becomes Brazil's newest unicorn

In September, startup VTEX reached the unicorn-status after a $225 million investment round.

In late September, cloud commerce startup VTEX became the newest Brazilian unicorn, joining companies such as iFood, Loft, NuBank, PagSeguro and Stone, amongst others, in this select club. The startup completed an investment round of $225 million and now its estimated worth surpassed the $1,7 billion mark.

The biggest check came from Tiger Global Management, an early investor of Facebook and LinkedIn, followed by Lone Pine Capital, a private investment management company that holds $10 billion under its administration. Softbank and Constellation also joined the investment series C investment round.

Beforehand, IDC, the leading global market intelligence firm, ranked VTEX as a top-tier business-to-business platform, standing next to giants such as Salesforce and Adobe. It’s the first time a Latin American company holds this position, which attracted even more investors.

According to VTEX, the raised funds will be used to make acquisitions, hire new talents, invest in its platform and accelerate its growth in the global market.

“We are very excited to grow quickly in new and in existing markets, offering even more brands a platform that embraces the future of retail. It’s all about being collaborative, leveraging marketplaces and delivering customer experiences that are second-to-none,” said Mariano Gomide de Faria, VTEX founder and co-CEO. “This injection of funding will undoubtedly support us in achieving our mission to accelerate the digital retail transformation globally.”