The supplier of e-commerce systems VTEX became the youngest brazilian unicorn. The company concluded a new investment round of US $ 225 million, which took place last Thursday, and is now valued at US $ 1.7 billion.
As the company reported on Monday, the new round was attended by Tiger Global, Lone Pine Capital, Constellation, Endeavor Catalyst and Softbank. With SoftBank’s contribution of US $ 140 million in December last year, VTEX reaches a total financing of US $ 365 million in the last 10 months.
“VTEX will use funds from the last round to make acquisitions, hire additional talent, innovate its platform and accelerate growth in the United States, Europe and Asia-Pacific markets,” the company said in a statement.
At the end of 2019, SoftBank led a contribution of US $ 140 million in which private equity managers Gávea Investimentos and Constellation Asset also participated. Riverwood, an American fund that bought 25% in VTEX in 2015, remains a partner, but did not participate in the round.
VTEX’s advance was also driven by the rush from retail to online platforms due to the pandemic. The company, founded in 2000, has 600 employees and serves 3,000 customers in 28 countries, including AB Inbev, Coca-Cola, Nestlé and Walmart.
With the appreciation, the company joins the growing list of Brazilian unicorns, which includes companies such as 99, iFood, Loft, Loggi, NuBank and Quinto Andar.