SÃO PAULO – (BUSINESS WIRE) – Nuvemshop, the leading e-commerce platform in Latin America, today announced a $ 90 million Series D investment by Accel, including ThornTree Capital and existing investors Kaszek, Qualcomm Ventures LLC, and others is directed. In connection with the investment, Accel partner Andrew Braccia, who sits on the boards of directors of global leaders such as Slack, Squarespace, PagerDuty and Cornershop, joins the board of Nuvemshop.
Several prominent e-commerce executives also took part in the round, including Mike Micucci (former CEO of Salesforce CommerceCloud), Mark Lavelle and Mark Lenhard (former CEO and SVP of Strategy at Magento) and Jamie Sutton (former head of Tech Partnerships at ) Shopify), Kevin McKeand (former Head of Strategic Partnerships at BigCommerce) and Minesh Shah (COO of Stitchfix).
Also known as Tiendanube in Spanish-speaking countries, the company is the dominant e-commerce platform in Latin America, enabling entrepreneurs to build and grow thriving online businesses. Nuvemshop’s powerful and user-friendly platform serves almost 80,000 retailers in Brazil, Argentina and Mexico, from direct-to-consumer upstarts (DTC) to dominant brands such as Play Mobil, Osram, Billabong, Coppel and Luigi Bosca, Zaira Beauty and Lolja.
With tremendous momentum over the past year, Nuvemshop has tripled its customer base and has been an important factor in trading in the region. As well as being a huge market (with over 650 million consumers), Latin America is also the fastest growing e-commerce market in the world with total sales of $ 85 billion. Brazil, the most populous country in the region and the fifth largest in the world, doubled its e-commerce penetration from around 5% to 10% last year. Given the low e-commerce penetration in Latin America, Nuvemshop is poised for tremendous growth and economic impact in the region by offering the leading product specifically designed and tailored for its markets.
“Latin America is a huge market full of talented entrepreneurs, but many lack the tools and resources to be successful,” said Santiago Sosa, CEO and co-founder of Nuvemshop. “Our goal with Nuvemshop is to break down these market entry barriers for entrepreneurs. We pride ourselves on being the e-commerce platform of choice for companies looking to build, launch and promote their online presence.”
“Over the past decade, direct selling has become a major driver of entrepreneurship worldwide,” said Andrew Braccia, Accel Partner and member of the Nuvemshop Board of Directors. “Latin America is no exception to this trend and we believe Nuvemshop is uniquely positioned to help dealers in this region build direct relationships with their customers. We look forward to supporting them in their next phase of growth as Nuvemshop becomes the de facto e-commerce platform in Latin America in this unprecedented time of e-commerce adoption. ”
Nuvemshop is supported by a rapidly growing ecosystem with hundreds of app partners in its ecosystem as companies build on the platform of the regional market leader. In addition, a large network of marketing agencies and freelancers help merchants set up businesses and tailor the platform to their specific needs.
“Regional challenges make it difficult for non-local actors to penetrate Latin America. Nuvemshop has a proven track record here, with a deep understanding of local digital payments and logistics infrastructure and mastery of multiple currencies, languages, regulations and deep integrations with key local ecosystem partners to provide a complete end-to-end solution, “said Ethan Choi, Partner at Accel, “As a leading regional player, Nuvemshop provides retailers and their ecosystem with the tools and resources they need to grow this vast market.”
The investment will allow Nuvemshop to further improve its platform for merchants, including new payment and logistics management solutions to make the sales and shipping process even easier. The company will also develop and expand its ecosystem, support distributors of all sizes, strengthen their presence in Brazil, Argentina and Mexico, and expand into new markets such as Colombia, Chile and Peru.
About Nuvemshop
Nuvemshop is the leading e-commerce platform in Latin America, transforming and building the largest e-commerce ecosystem in the region. With a mission to break down the barriers to entry for entrepreneurship, Nuvemshop supports nearly 80,000 retailers who want to start, develop and promote their own online business. By providing a platform with a comprehensive partner ecosystem of solutions and services for everything to do with payments, shipping, inventory management, marketing, and more, SMBs and midsize businesses can access world-class technology and achieve economies of scale that only enterprise-level retailers have been able to achieve.
About Accel
Accel is a global venture capital firm that is the premier partner for exceptional teams from inception through all stages of private business growth. Atlassian, Braintree, Cloudera, Crowdstrike, DJI, DocuSign, Dropbox, Etsy, Facebook, Flipkart, Freshworks, Jet, Pillpack, Qualtrics, Slack, Spotify, Supercell, Tenable, UiPath and Venmo are some of the companies Accel has supported in the past has over 35 years. We help ambitious entrepreneurs build iconic global companies. More information is available at www.accel.com or www.twitter.com/accel.
