Elo7 Secures $217M in Funding from Sao Paulo and Lunden Tech
Elo7, a Latin American e-commerce platform, has announced it has secured $217 million in equity funding from Sao Paulo-based investment firm Monashees and Lunden Tech, a venture capital firm based in Silicon Valley. This new round of funding brings Elo7’s total capital raised to $306 million and values the company at $1.5 billion, positioning it as a “unicorn” startup. This investment will help Elo7 expand its presence in Latin America and beyond, as well as accelerate its growth and innovation.
Elo7 is a Latin American e-commerce website that was founded in 2010. The platform allows users to create personalized stores, where they can sell products and services. Elo7 has over 15 million users and more than 200,000 active stores. The company is based in Sao Paulo, Brazil and has offices in Mexico City, Mexico and Bogota, Colombia. Elo7 was recently named a “unicorn” startup, meaning it is valued at over $1 billion.Elo7, a Brazilian e-commerce platform, has recently announced their 217 million dollar investment from Sao Paulo-based venture capital firm,LundenTech. This is a major milestone for the company, as it was the largest funding round ever for a Latin American e-commerce platform. With this investment, Elo7 plans to expand its reach and become the leading e-commerce platform in Latin America. They also plan to use the funds to develop new products, introduce new services, and improve their customer experience.
This investment comes at an opportune time for Elo7, as the Latin American e-commerce market is projected to grow significantly in the upcoming years. According to the Inter-American Development Bank, the e-commerce market in Latin America is expected to grow to over $75 billion in 2020, a significant increase from the $20 billion market size in 2015. This growth is largely driven by the rising internet penetration in the region, which is expected to reach over 60% by 2020.
Elo7 has been at the forefront of this growth, having established itself as a major player in the Latin American e-commerce market. The company currently has over 8 million active users and over 10,000 merchants on its platform. With this new investment, the company is now poised to take its business to the next level and become the leading e-commerce platform in the region.
Investment from Monashees and Lunden Tech
Elo7 recently announced that it has secured $217 million in equity funding from Sao Paulo-based investment firm Monashees and Lunden Tech, a venture capital firm based in Silicon Valley. This new round of funding brings Elo7’s total capital raised to $306 million. Monashees has been a long-term investor in Elo7 since 2017, with this new infusion of capital being the largest single investment the company has ever received. Lunden Tech is a new investor in Elo7 and has a strong focus on technology and innovation.
Elo7’s Impact on Latin America
Elo7’s platform has had a significant impact on Latin American markets, giving entrepreneurs and small business owners the opportunity to reach a larger customer base. Elo7 has also become a major force in the Brazilian e-commerce market, with a 40% share of the total market. The company has also launched a service in Mexico, Colombia and Chile, and plans to expand to other Latin American countries in the near future.
With the new funding, Elo7 plans to continue its expansion and innovation. The company plans to increase its presence in Latin America, as well as launch new services such as payment processing and logistics solutions. Elo7 also plans to continue to invest in technology, with a focus on artificial intelligence and machine learning.
Elo7 has secured $217 million in funding from Monashees and Lunden Tech, which will help the company expand and innovate. This new round of funding will allow Elo7 to continue its growth in Latin America and beyond, and has positioned the company as a “unicorn” startup. With the new funding, Elo7 is well-positioned to continue its success in the future.