Nat Versus the Volcano: Can an AI Investor Solve an Ancient Mystery from the Ashes of Vesuvius?Read more

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.

Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
OpenAI's Greg Brockman (left) and Google's Demis Hassabis (right). Photos by Getty.
AI Agenda google ai
OpenAI Hustles to Beat Google to Launch ‘Multimodal’ LLM
As fall approaches, Google and OpenAI are locked in a good ol’ fashioned software race, aiming to launch the next generation of large-language models: multimodal.
From left, a Google TPU, Broadcom CEO Hock Tan and Google Cloud chief Thomas Kurian. Photos via Getty, Google and YouTube.
Exclusive google semiconductors
To Reduce AI Costs, Google Wants to Ditch Broadcom as Its TPU Server Chip Supplier
Google executives have extensively discussed dropping Broadcom as a supplier of artificial intelligence chips as early as 2027, according to a person with direct knowledge of the effort.
Flexport founder Ryan Petersen. Photos via Getty and Flexport.
Can Ryan Petersen Fix Flexport?
Ryan Petersen was getting antsy. This March, Petersen had handed over the CEO job at Flexport—the logistics company he’d founded a decade earlier, which had ballooned to an $8 billion valuation in 2022—to veteran Amazon executive Dave Clark.
Photo via Midjourney.
AI Agenda startups ai
The Rise of Startups That Help Other Startups Evaluate LLMs
All but a handful of artificial intelligence startups typically fall into one of two camps. The first group uses a single large-language model, typically OpenAI’s GPT-4, to power their applications.
Photos via Eiso Kant (left) and YouTube/VMWare Tanzu (right)
AI Agenda startups ai
How GitHub Copilot’s Co-Creator Raised $126 Million to Compete with His Former Employer
Recent interest in artificial intelligence has focused on large-language models that aim to do everything from writing Shakespearean poetry to solving math riddles.
Art by Mike Sullivan
entertainment media/telecom
Disney-Charter Deal Could Prompt More Cable TV-Streaming Bundles
Last week, Charter Communications, the No. 2 cable provider, and Walt Disney Co. cut a deal to include Disney streaming services, such as Disney+ and a new ESPN service still in the works, with Charter’s cable television packages.