eCommerce platform Nuvemshop has raised $90m in a funding round led by Accel with participation from ThornTree Capital and existing investors Kaszek, Qualcomm Ventures, and others.
The investment will enable the Latin America-focused platform to introduce new solutions for payments and logistics management in order to make the process of selling and shipping easier. Nuvemshop will also use the capital to grow its ecosystem and boost its presence in Brazil, Argentina, and Mexico, while expanding into markets including Colombia, Chile, and Peru.
“Latin America is a vast market, filled with talented entrepreneurs, yet many lack the tools and resources needed to thrive,” said Santiago Sosa, CEO and co-founder of Nuvemshop. “Our purpose with Nuvemshop is to reduce these barriers to entry for entrepreneurs, and we’re proud to be the e-commerce platform of choice for businesses looking to build, launch and promote their online presence.”
Further investment in the round came from eCommerce leaders including Mike Micucci, former CEO of Salesforce CommerceCloud; Mark Lavelle and Mark Lenhard, former CEO and SVP of Strategy at Magento, respectively; Jamie Sutton, former Head of Tech Partnerships at Shopify; and Minesh Shah, COO of Stitchfix.
The capital injection will see Accel Partner Andrew Braccia join the Nuvemshop board.
“Over the past decade, direct-to-consumer has become one of the most important drivers of entrepreneurship globally,” said Braccia. “Latin America is no exception to this trend, and we believe that Nuvemshop is uniquely positioned to help merchants in this region build direct relationships with their customers. We’re thrilled to support them in their next stage of growth as Nuvemshop becomes the de-facto eCommerce platform of Latin America during this unprecedented time of e-commerce adoption.”