Brazil-based e-commerce platform operator Nuvemshop has secured $500m in a series E round featuring Qualcomm Ventures, the corporate venturing unit of mobile semiconductor producer Qualcomm, at a valuation of $3.1bn.
The round was co-led by Insight Partners and Tiger Global Management, with contributions from Alkeon Capital, Blue Owl Capital’s Owl Rock subsidiary, Advent International’s Sunley House Capital fund and VMG Partners.
Accel, ThornTree Capital, Kaszek Ventures and individual investor Kevin Efrusy also took part in the transaction.
Founded in 2011, Nuvemshop provides a digital platform that enables businesses to launch and operate online stores and integrate products, payments and shipping.
The platform is used by more than 90,000 merchants across Brazil, Mexico and Argentina, such as PlayMobil, Billabong, Colombraro, Zaira Beauty, Osram, Lolja, Vitabe and StrappyCo.
The company plans to use the funding to further accelerate its international expansion, boost its payment and logistics capabilities, scale up its sales and customer support staff and find M&A opportunities.
This round took Nuvemshop’s total funding to more than $620m. The company received $90m in a March 2021 series D round led by Accel and backed by Qualcomm Ventures, ThornTree Capital and Kaszek Ventures, as well as private individuals.
Qualcomm Ventures and Kaszek Ventures co-led a $30m series C round for the company in October 2020 that also featured FJ Labs, Ignia Partners, Elevar Equity and Kevin Efrusy.
Nuvemshop secured $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, Ignia Partners, FJ Labs and Kaszek Ventures.
The company had previously raised $1m of funding from Trindade Investimentos in 2013, after receiving $300,000 from undisclosed angel investors in 2011.