Workers at a store in Brazil, in May 2020. With more shoppers at home, online e-commerce surged in Brazil and elsewhere in Latin America last year. Photo: Bloomberg

Nuvemshop, a Shopify Rival in Latin America, Valued at $2 Billion by Tiger Global

By  |  Aug. 3, 2021 12:35 PM PDT
Photo: Workers at a store in Brazil, in May 2020. With more shoppers at home, online e-commerce surged in Brazil and elsewhere in Latin America last year. Photo: Bloomberg

Nuvemshop, a Latin American e-commerce startup similar to Shopify, is raising a new round of funding led by Tiger Global Management that could value the company at $2 billion including the new capital, according to a person familiar with the matter.

The Series E round would add to the $90 million the São Paulo–based Nuvemshop raised in March, when the 10-year-old company received backing from Accel. The new round reflects growing interest among U.S. investors in e-commerce startups based in Latin America, where a pandemic surge in online shopping has accelerated the growth of companies providing services to internet shoppers and merchants, similar to what has happened in the U.S.

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