Nuvemshop raises $90M in Accel-led Series D

São Paulo-based Nuvemshop has developed an e-commerce platform that helps SMBs and merchants to connect more directly with their consumers. Latin America has seen no exception in getting used to making purchases digitally much like the rest of the countries. The company has experienced a major surge in business over the past year after people moved to shop online.

Though demands were already heating up before the pandemic, over the past 12 months, demand for Nuvemshop’s offering has skyrocketed as more merchants have been seeking greater control over their brands.

Nuvemshop has seen the number of merchants on its platform surge from 20,000 at the start of 2020 to nearly 80,000 across Brazil, Argentina, and Mexico.

The rapid growth of Nuvemshop caught the attention of Silicon Valley-based Accel.

Ethan Choi, a partner at Accel, said that his firm noticed Nuvemshop’s potential to be the market leader, or the “de facto” e-commerce platform, in Latin America.

“Accel has been investing in e-commerce for a very long time. It’s a very important area for us,” Choi said. “We saw what they were building and all their potential. So we pre-emptively asked them to let us invest.”

Today Nuvemshop is announcing that it has closed on Series D funding led by Accel worth $90 million. 

ThornTree Capital and returning backers Kaszek, Qualcomm Ventures, and others also put money in the round, which brings Nuvemshop’s total funding raised since its 2011 inception to nearly $130 million.