VTEX Investment Announcement Featured in TechCrunch - VTEX - Accelerate Commerce Transformation

VTEX Investment Announcement Featured in TechCrunch

Alexandre Soncini
Alexandre
26 Dec 2019
News: VTEX - Techcrunch -
Reading Time: 2 min

It isn’t often that you can share some truly incredible news… and we when we secured our latest round of funding, we were thrilled that TechCrunch wanted to break this exciting news to the public!

The $140 million investment round came from SoftBank’s Latin America fund in conjunction with Gávea Investimentos and Constellation Asset Management. This investment will support VTEX’s continued global expansion and advancements to its cloud commerce offerings.

“This investment accelerates our growth trajectory, especially in the US market,” said Alexandre Soncini, VTEX North America GM. “Softbank chose VTEX because it sees our potential to be the next generation unified cloud commerce solution. We have lofty plans to drive US enterprise success, and establish ourselves as the next chapter in commerce.”

With the extraordinary growth that VTEX has already experienced, the company is well on its way to becoming the global power in unified commerce platforms for medium and large companies. With this investment, VTEX will be able to invest more in R&D, respond to market demands faster, and deliver a more robust product that leverages AI to take us into the future of commerce.

You can read some of the feature story From TechCrunch below or click here for the full article:

E-commerce now accounts for 14% of all retail sales, and its growth has led to a rise in the fortunes of startups that build tools to enable businesses to sell online. In the latest development, a company called VTEX — which originally got its start in Latin America helping companies like Walmart expand their business to new markets with an end-to-end e-commerce service covering things like order and inventory management, front-end customer experience and customer service — has raised $140 million in funding, money it will be using to continue taking its business deeper into more international markets.

The investment is being led by SoftBank,  specifically via its Latin American fund, with participation also from Gávea Investimentos and Constellation Asset Management. Previous investors include Riverwood and Naspers;  Riverwood continues to be a backer, the company said.

Mariano Gomide, the CEO who co-founded VTEX  with Geraldo Thomaz, said the valuation is not being disclosed, but he confirmed that the founders and founding team continue to hold more than 50% of the company. In addition to Walmart,  VTEX customers include Levi’s, Sony, L’Oréal and Motorola. Annually, it processes some $2.4 billion in gross merchandise value across some 2,500 stores, growing 43% per year in the last five years.

VTEX is in that category of tech businesses that has been around for some time — it was founded in 1999 — but has largely been able to operate and grow off its own balance sheet. Before now, it had raised less than $13 million, according to PitchBook data.

This is one of the big rounds to come out of the relatively new SoftBank Innovation Fund, an effort dedicated to investing in tech companies focused on Latin America. The fund was announced earlier this year at $2 billion and has since expanded to $5 billion…

Visit TechCrunch to read the full article.