Softbank leads $140 million funding spherical for Brazil start-up VTEX

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FILE PHOTO: The brand of SoftBank Group Corp is displayed at SoftBank World 2017 convention in Tokyo, Japan, July 20, 2017. Information/Issei Kato/File Picture

SAO PAULO (Information) – Softbank Group Corp mentioned on Friday its Latin American fund is investing 580 million reais ($138 million) in e-commerce software program supplier VTEX, along with Brazilian funds Gavea Investimentos and Constellation Asset Administration.

VTEX offers e-commerce assist in Latin America for shoppers together with cosmetics model Boticario, cellphone maker Motorola and equipment maker Electrolux.

Its founder and CEO, Geraldo Thomaz, mentioned in a press release that the proceeds can be used to increase analysis and growth, together with new synthetic intelligence software program for e-commerce.

The funding is the newest in a sequence of bets on Latin American expertise startups from Argentina to Mexico by SoftBank’s $5 billion fund devoted to the area.

Along with the three new buyers, Riverwood Capital, which first invested in VTEX in 2014, continues to be a shareholder, the businesses mentioned.

Reporting by Tatiana Bautzer, Enhancing by Rosalba O’Brien