Qualcomm Ventures, the corporate venturing arm of mobile chipmaker Qualcomm, has co-led a $30m series C round for Brazil-based e-commerce development tool provider Nuvemshop, Crunchbase News has reported.
The round was co-led by venture capital firm Kaszek Ventures and included FJ Labs, Ignia Partners, Elevar Equity and private investor Kevin Efrusy.
Founded in 2011 as Tiendanube, Nuvemshop has developed cloud-based software that can help small and medium-sized businesses set up online stores with merchant functions such as payment processing and inventory management.
The series C cash will aid the company’s efforts to hire 1,000 more staff, bolstering its presence across Latin America from a newly launched office in Meixco City as well as planned offices in Colombia, Chile and Peru.
Nuvemshop had previously secured $7m in a 2017 series B round led by Johanna Posada Gil, co-founder of Elevar Equity, with participation from investors including NXTP Labs, the VC entity since split up into NXTP Corporate Partners – a strategically-oriented incubation unit – and VC firm NXTP Ventures.
Ignia Partners, FJ Labs and Kaszek Ventures also took part in the 2017 round according to ImpactAlpha, and it came after Nuvemshop raised $300,000 in a 2011 angel round and $1m from Trindade Investimentos in 2013.