Latin American eCommerce platform Nuvemshop, known as Tiendanube in Spanish-speaking countries, announced Tuesday (August 17) that it raised $500 million in its latest round of Series E funding.
Nuvemshop’s funding round was co-led by Insight Partners and Tiger Global Management, with participation from Alkeon and Owl Rock. Other investors in this round included Sunley House Capital and VMG Partners and existing investors Accel, Kaszek, Kevin Efrusy, Qualcomm Ventures LLC and ThornTree Capital.
The latest round of financing values Nuvemshop at $3.1 billion after 10 months of raising over $620 million. The company has more than 90,000 customers in Brazil, Mexico and Argentina. The latest influx of cash will be used for growth, both in existing and new geographies, including Colombia, Chile and Peru.
The money will also be used to beef up the company’s payments and logistics capabilities, both of which will enhance how widely accepted eCommerce is across the region and to make acquisitions. Nuvemshop will also expand its sales and customer support staff to attract bigger clients.
Nuvemshop is looking to build the Latin American eCommerce retail market from about 6 percent to 60 percent in the next 10 years on the backs of smartphone usage, digital banking and better logistics infrastructure.
Nuvemshop also recently launched a beta version of its payments platform, which will be rolled out to all merchants in the next year. The company is working to trim delivery times from five or six days down to one or two.
“We envision a world in which anybody can convert a passion project into a thriving business,” said Santiago Sosa, CEO and co-founder of Nuvemshop.
In March, Nuvemshop raised $90 million in funding in a round led by Accel. The round also included participation from ThornTree Capital and existing investors Kaszek, Qualcomm Ventures and others.
Accel Partner Andrew Braccia, who sits on the boards of companies including Slack and Squarespace, joined Nuvemshop’s board as part of the fundraising effort.
Last fall, Nuvemshop had raised $30 million in venture capital. Per the company, it had 65,000 businesses using the platform during that time with sales exceeding $100 million each month.