Argentina-based e-commerce platform Avenida has raised $30m in a series C round co-led by media company Naspers and investment firm Tiger Global Management, Emprendedores News reported yesterday.
Launched in 2013 out of incubator Quasar Ventures, Avenida operates a website and mobile app for consumers to purchase a diverse range of consumer goods. Products can be delivered to a customer’s home or collected from one of the company’s 11 pick-up locations.
The investment will go towards technology development and expansion efforts. Avenida also intends to double its headcount, focusing on its operational and marketing departments.
Quasar disclosed on its website that Avenida has secured $50.5m in funding to date. The company obtained $17.5m in 2014 and $3m in 2013, from backers including Endeavor Catalyst, Richmond Capital Management, Cap Ventures and Alto Palermo.
The latest cash injection was reported as the company’s fourth round, though no details about an additional funding round have emerged.