The e-commerce platform, Trendenube, enters the list of unicorns after raising a round of investment of 500 million dollars (million dollars) led by Insight Partners and Tiger Global Management, funds that have invested in Twitter, Alibaba, Spotify and Uber.
With this capital, the company of Argentine origin, reaches a value of 3,100 million dollars, managing to overcome the barrier of 1,000 million that is required to achieve the title of unicorn.
“This is the third largest investment in startups in Latin America, a fact that places TÃanube in the fifth most valuable startup in the region,” the company explained in a statement.
TÃanube, founded in 2011, is an e-commerce platform that promotes the products of more than 90,000 small and medium-sized enterprises (SMEs) in Latin America. In the last year, the company has accumulated financing for 620 million dollars, which will allow it to accelerate its expansion to Colombia (by the end of 2021), as well as to Chile and Peru (by 2022).
It currently has a presence in Mexico, Brazil and Argentina. “We are creating a new service industry, where technology platforms and marketing agencies can reach our clients with innovative and high-quality solutions, benefiting both parties,” explained Santiago Sosa, CEO and co-founder of the company.
With the money raised, Trendenube seeks to increase the value offer for those who open a store on the platform, launch financial solutions and invest in the launch of new products and categories. To achieve this, the company will use a strategy of mergers and acquisitions. “The goal is to triple the volume of applications connected on the platform over the next 18 months,” they indicated.
The electronic commerce firm intends to become an engineering center composed of professionals capable of building and developing new solutions for its clients, which is why it seeks to add more than 1,500 employees by the end of 2022.
“Tghanube is in a unique position to continue leading the digital transformation of the region (…) with 650 million consumers, Latin America is not only a huge market, but it is the fastest growing e-commerce market in the world”, said Matt Gatto, CEO of Insight Partners. “We are delighted to be part of his next chapter of incredible growth.”
In this sense, Santiago Sosa assured that they will continue to accelerate the size of the business, which is why they maintain their plan to grow more than 20 times in the coming years.
