Telecommunications and internet group SoftBank has led a $110m funding round for MadeiraMadeira, the Brazil-based operator of an online marketplace for home furnishings, Reuters reported today.
Investment management firm Light Street Capital and venture capital firm Flybridge Capital Partners also contributed to the round. SoftBank’s investment was made out of its $5bn Latin America fund, and Lazard advised MadeiraMadeira on the transaction.
Founded in 2009, MadeiraMadeira runs an e-commerce platform where customers can access furniture and home decorations from a wide range of suppliers, in addition to services such as floor laying.
The company plans to put the funding into improving its supply chain capabilities, enhancing its technology and strengthening customer services, according to Reuters.
Daniel Scandian, MadeiraMadeira’s co-founder and CEO, told Reuters the company is also exploring expansion into other Latin American markets, but intends to focus on growth at home first.
MadeiraMadeira had raised a total of $12m from Flybridge Capital Partners and VC firms Kaszek Ventures and Monashees as of August 2017, and unconfirmed media reports suggested it added $26.8m in funding later the same year.
