Brazil-based enterprise loans provider BizCapital secured $12m in series B funding yesterday from investors including Meli Fund, the corporate venturing unit owned by e-commerce marketplace group MercadoLibre.
The round was led by DEG, a development finance subsidiary of German foreign promotional bank KfW Group, and also featured undisclosed existing investors.
BizCapital offers loans to small to medium-sized enterprises (SMEs) through an online platform intended to give quick lending decisions to cover the client’s working capital costs. The capital will be directed toward building up its distribution and delivering new products focused on Brazilian SMEs.
Venture capital firm Monashees led a January 2018 seed round for BizCapital reported by local media outlets as being $4.7m in size, that included Chromo Invest and 42K Investments.
The company then raised $5m in a series A round led by VC firm Quona Capital eight months later that reportedly featured Monashees and Chromo Invest.