Telecommunications and internet group SoftBank has co-led a $190m funding round for Brazil-based online home furnishings retailer MadeiraMadeira, Reuters has reported, citing a company statement.
The round was co-led by investment firm Dynamo and also featured Flybridge Capital Partners, Velt Partners, Brasil Capital, Lakewood Capital and Monashees, valuing MadeiraMadeira in excess of $1bn.
MadeiraMadeira operates an e-commerce platform that sells home décor and furnishings, including doors, windows, appliances, lighting and ventilation products.
Daniel Scandian, MadeiraMadeira’s co-founder and chief executive, told Reuters its sales have increased during the past few months as the coronavirus pandemic has driven more retail business online.
The company runs nine brick-and-mortar stores and plans to increase that number, Scandian said, adding that it is also preparing to launch a range of own-brand products.
SoftBank’s $5bn Latin America fund led a $110m round for MadeiraMadeira in September 2019, investing alongside Light Street Capital and Flybridge Capital Partners.
Flybridge, Kaszek Ventures and Monashees had supplied a total of $12m for the company as of August 2017, and it reportedly secured another $26.8m later in the year.
