Mexico City, Jul 23 (EFE).- The eCommerce startup VALOREO announced Friday it had raised $30 million in equity in the series A funding round that will be invested into continuing the firm’s rapid acquisition pace in Mexico, Brazil and Colombia.
“As pioneers in building the next-gen consumer holding in Latin America, our main objective is to add value to the regional ecosystem, which is experiencing exponential growth,” said Stefan Florea, co-founder and co-CEO of VALOREO.
The eCommerce industry in Latin America is expected to reach a value of $116 billion by 2023.
“Our goal is to bring exceptional value to the millions of customers across Latin America by offering high-quality products at affordable prices as well as offer marketplace sellers a possibility to receive liquidity,” Florea said.
VALOREO is considered one of the fastest growing startups in the region, active in Mexico, Colombia and Brazil, where it buys, manages and develops market-leading eCommerce brands.
The company has employed over 100 workers across the region and has completed several acquisitions of local brands that operate through internet platforms Amazon and Mercado Libre in categories such as beauty, fitness or household items.
VALOREO was founded in late 2020, and raised $50 million in venture capital and debt in February in one of the most affluent seed fundraising events in Latin American history, the company said in a statement.
The raised capital has been invested in acquisitions of new brands and reinforcement of its various teams specialized in Advertisement, Acquisitions, Branding, Finance, Legal, Operations, Product Development and Supply Chain.
VALOREO has a pool of international investors that includes several of the world’s leading investors from the United States, Latin America and Europe.
The main participants in the Series A round were Presight Capital and Kingsway Capital, alongside other existing investors like KASZEK (Latin American’s leading venture capital firm), Upper90, and FJ Labs who all increased their stake in the company. EFE