The round was co-led by Qualcomm Ventures LLC and Kaszek Ventures, with participation from FJ Labs, IGNIA, Elevar Equity and, new investor, Kevin Efrusy, an Emeritus Partner at Accel Partners investing in a personal capacity.
The company, which is currently powering more than 60,000 merchants, seeks to expand to launch operations in Colombia, Chile and Perú during 2021.
Most customers go to Nuvemshop because they want an online store, but they end up finding a comprehensive ecosystem of solutions around payments, shipping, inventory management, marketing tools, and more. The proceeds of the round will be mostly used to expand and enhance that ecosystem.
Larger retailers also benefit from Nuvemshop's agility for digitizing commerce. Coppel, the largest department store in Mexico, had their Argentinian brick and mortar subsidiaries completely shut down due to strongly enforced quarantine. With the help of Nuvemshop, Coppel transitioned to online in a matter of days.
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