Nuvemshop, the leading e-commerce platform in Latin America, today announced a $90M Series D investment led by Accel with participation from ThornTree Capital and existing investors Kaszek, Qualcomm Ventures LLC and others. In conjunction with the investment, Accel Partner, Andrew Braccia, who sits on the board of directors of global leaders like Slack, Squarespace, PagerDuty and Cornershop, joins Nuvemshop’s board.
Several prominent e-commerce leaders also participated in the round, including Mike Micucci (former CEO of Salesforce CommerceCloud), Mark Lavelle and Mark Lenhard (former CEO and SVP of Strategy at Magento, respectively), Jamie Sutton (former Head of Tech Partnerships at Shopify), Kevin McKeand (former Head of Strategic Partnerships at BigCommerce), and Minesh Shah (COO of Stitchfix).
The company, also known as Tiendanube in Spanish speaking countries, is the dominant e-commerce platform in Latin America, empowering entrepreneurs to build and grow thriving online businesses. Nuvemshop’s platform, which is both powerful and easy to use, serves nearly 80,000 merchants across Brazil, Argentina, and Mexico, ranging from direct-to-consumer (DTC) upstarts to dominant brands such as Play Mobil, Osram, Billabong, Coppel, Luigi Bosca, Zaira Beauty, and Lolja.
With tremendous momentum over the past year, Nuvemshop tripled its customer base and has been a key enabler of commerce in the region. Latin America is not only a huge market (with over 650 million consumers), it is now the fastest growing e-commerce market in the world, reaching $85 billion in total sales. Brazil, the most populous country in the region and the fifth largest on the planet, doubled e-commerce penetration last year from approximately 5% to 10%. Given Latin America’s low e-commerce penetration, by offering the leading product built and tailored specifically for its markets, Nuvemshop is poised for tremendous growth and economic impact in the region.
“Latin America is a vast market, filled with talented entrepreneurs, yet many lack the tools and resources needed to thrive,” said Santiago Sosa, CEO and co-founder of Nuvemshop. “Our purpose with Nuvemshop is to reduce these barriers to entry for entrepreneurs, and we’re proud to be the e-commerce platform of choice for businesses looking to build, launch and promote their online presence.”
“Over the past decade, direct-to-consumer has become one of the most important drivers of entrepreneurship globally,” said Andrew Braccia, Partner at Accel and member of the Board of Directors for Nuvemshop. “Latin America is no exception to this trend, and we believe that Nuvemshop is uniquely positioned to help merchants in this region build direct relationships with their customers. We’re thrilled to support them in their next stage of growth as Nuvemshop becomes the de-facto e-commerce platform of Latin America during 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 regional leader’s platform. In addition, a large network of marketing agencies and freelancers help merchants set up stores and tailor the platform to their specific needs.
“Region-specific challenges make Latin America a difficult market for non-local players to penetrate. Nuvemshop has a demonstrated record of success here, with a deep understanding of the local digital payments and logistics infrastructure, and a 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 the leading regional player, Nuvemshop is providing merchants and its ecosystem with the tools and resources they need to grow this massive market.”
The investment will enable Nuvemshop to continue improving its platform for merchants, including new solutions for payments and logistics management in order to make the process of selling and shipping even easier. The company will also develop and grow its ecosystem, extending support to merchants of all sizes, while boosting their presence in Brazil, Argentina and Mexico, and expanding into new markets including Colombia, Chile and Peru.