Brazil-based digital investment brokerage Warren has raised R$120m ($22.5m) in a series B round featuring e-commerce firm Mercado Libre.
Venture capital firm QED Investors led the round, which included Chromo Invest, Kaszek Ventures, Quartz, Ribbit Capital and WPA. Mercado Libre invested through corporate venturing arm, MeLi Fund.
Founded in 2014, Warren runs a fee-based online brokerage for Brazil-based investors including brokers, asset managers and financial administrators. It has more than 130,000 clients and about $380m under management across seven funds and 400 products.
The company is headquartered in the city of Porto Alegre and has branches in Blumenau, Curitiba, Florianópolis, Itajaí, Jaraguá do Sul and São Paulo. Although it is based in Argentina, Mercado Libre operates a Brazilian subsidiary called Mercado Livre.
Ribbit Capital had previously led Warren’s $6.3m series A round in March 2019, investing alongside Chromo Invest and Kaszek Ventures.
