Brazil-based e-commerce integration platform Olist is raising R$190m ($46.6m) in a funding round led by telecommunications and internet group SoftBank, Reuters reported on Wednesday.
The round, described by Reuters as the company’s third since it was founded in 2015, also features venture capital firm Redpoint E.ventures and investment firm Valor Capital Group, both of which are participating as existing backers.
Olist’s service enables smaller merchants and brick-and-mortar retailers to sell their goods through larger online marketplaces. The company also offers logistics and supply chain-related services.
The company intends to grow the number of merchants it serves from about 7,000 to 100,000 in the next two years. It has not disclosed firm details of its earlier funding but its investors include internet company DeNA and VC firm 500 Startups.
SoftBank’s recent investments in Brazil include gym membership service Gympass, consumer loan provider Creditas, online furniture retailer MadeiraMadeira and automotive e-commerce marketplace Volanty. It formed a $5bn Latin America fund in March this year.
