Brazil-based e-commerce platform operator Nuvemshop received $90m yesterday in a series D round backed by Qualcomm Ventures, a corporate venturing unit for mobile semiconductor producer Qualcomm.
Venture capital firm Accel led the round, which included ThornTree Capital and Kaszek Ventures, as well as individual investors Mike Micucci, Mark Lavelle, Mark Lenhard, Jamie Sutton, Kevin McKeand and Minesh Shah.
Founded in 2011, Nuvemshop provides an online platform that enables businesses to launch and operate their own online stores. It operates under the name Tiendanube in Spanish-speaking countries and has almost 80,000 merchant customers located across Brazil, Argentina, and Mexico.
The company will use the funding to further develop its platform and introduce new services for payments and logistics management. It is also looking to consolidate its position in its existing markets and expand into new markets including Colombia, Chile and Peru.
Qualcomm Ventures and Kaszek Ventures co-led a $30m series C round for Nuvemshop in October 2020 that also featured FJ Labs, Ignia Partners, Elevar Equity and Kevin Efrusy.
Nuvemshop collected $7m in a 2017 series B round led by Johanna Posada Gil, co-founder of growth equity firm Elevar Equity, who invested together with NXTP Labs, a VC vehicle that has since been split into incubation unit NXTP Corporate Partners and VC firm NXTP Ventures.
Ignia Partners, FJ Labs and Kaszek Ventures also participated in the series B round. The company had pulled in $1m of funding from Trindade Investimentos in 2013, following a $300,000 angel round backed by undisclosed investors in 2011.