Telecommunications and internet group Softbank led a R$310m ($57.5m) series D round for Brazil-based e-commerce services provider Olist on Monday through its $5bn SoftBank Latin America Fund.
The corporate was joined by Valor Capital, Península Participações, Velt Partners, FJ Labs and private investor Kevin Efrusy.
Founded in 2015, Olist runs an e-commerce integration service that allows smaller online merchants to gain more prominence among larger retailers. Its platform also offers cataloguing services, market intelligence, logistics and product exposure to sellers.
The company will use the funding to accelerate expansion and develop new products as well as, potentially, for mergers and acquisitions. The first of those will be the acquisition of Brazil-based e-commerce software provider Clickspace, for an undisclosed amount.
SoftBank also led Olist’s last round, in October 2019, when it pulled in $46.6m from investors that included Redpoint E.ventures and Valor Capital. The company has not revealed details of its previous funding but its earlier investors included internet company DeNA and 500 Startups.
Paulo Passoni, managing investment partner for SoftBank Group International, said: “SoftBank’s investment in Olist today marks our second investment in the company, demonstrating our continued belief in its mission to give businesses of all sizes and segments the best chance to adapt to the new reality of omnichannel and e-commerce sales.
“We are pleased to support Olist’s amazingly talented, data-driven management team as they pursue their mission, and we are excited by the vast opportunities ahead for the company.”