NuvemShop reaches unicorn status

Posté le Friday, September 10th 2021
NuvemShop reaches unicorn status

In mid-August, e-commerce platform NuvemShop became Brazil's newest unicorn after receiving a $500 million capital injection via its latest investment round co-led by Insight Partners and Tiger Global Management. According to the startup, its market valuation is now $3.1 billion following the backing. 

 

Founded in 2011, NuvemShop aims to provide entrepreneurs and small and medium companies with a way to build and grow online businesses. Instead of selling their goods on existing marketplaces, such as Amazon and Mercado Livre, which have a defined logistics and financial structure, NuvemShop allows its clients to choose its commercial partners for deliveries and payments 

 

The company currently has over 90 thousand retailers located across Brazil, Argentina and Mexico and more than 600 employees. Following the investment, NuvemShop plans to expand its operations to Colombia, Chile and Peru, as well as increase the number of tools on its platform, make strategic acquisitions and improve its services for mid-market companies. 

 

The transaction also included investors such as Alkeon Capital Management and Owl Rock funds, as well as Sunley House and VMG Partners, in addition to established investors Accel, Kaszek, Kevin Efrusy, Qualcomm Ventures and ThornTree Capital. 

 

“When we started NuvemShop in 2011, the share of the e-commerce market [in the retail market] was close to 0.5%. Today we are talking about more or less a 10% share in Brasil, but we believe that this should grow to 50-60% in the next decade. That is, e-commerce will become more relevant than the traditional retail that we know.”, stated Santiago Sosa, founder and CEO of NuvemShop.