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MadeiraMadeira, Brazil’s answer to Wayfair and Ikea, is now worth over $1 billion

MadeiraMadeira, the Brazilian answer to Wayfair or Ikea, is now worth$ 1 billion after fostering $190 million in late stage financial assistance for investors led by SoftBank’s Latin American investment fund and the Brazilian public and private investment firm, Dynamo.

An online marketplace specializing in home makes, MadeiraMadeira offers roughly 300,000 products so customers can improve, furnish, renovate and decorate their homes.

Founded in 2009 by Daniel Scandian, Marcelo Scandian and Robson Privado, the company has seen gargantuan tailwinds is just coming up the transformation to online supermarket in Brazil as the purposes of the world-wide COVID-1 9 pandemic.

With supermarkets closed, online browsing in Brazil surged. As Daniel Scandian noted, before the pandemic ecommerce penetration in Brazil was at roughly 7 %, that number bagged to 17% at the height of the pandemic in Brazil and have already had stabilized at around 10%.

Combining third party marketings with private labeled goods and its own shipping and logistics facilities has meant that MadeiraMadeira can take the best rehearsals from several online retailers and dwelling rendering places, Scandian said.

There are more than 10,000 sellers on the MadeiraMadeira platform and approximately 2.5 million stock saving units. In recent years the company has added showrooms to its mingle of retail facilities, where customers can check out merchandise, but terminated their guilds online.

” That’s the way we can address the offline market with a digital mindset ,” Scandian said.

Money from the most recent financing will be used to invest in expanding its logistics capabilities with the addition of new depot equipment to expand on its existing ten orientations. The busines also intends to add same day delivery and the expansion of its private name services.

The new uppercase, likely the final round before a possible public render, included previous investors like Flybridge and Monashees along with public-focused investment firms Velt, Brasil Capital and Lakewood.

Early investors like Monashees, Kaszek, Fundo Avila, Endeavour Catalyst and angel benefactors like Niraj Shah, the founder of Wayfair, and Build.com founder Christian Friedland were instrumental to MadeiraMadeira’s early success, Scandian said.

Based in Curitiba, MadeiraMadeira has over 1300 hires, with most of them focused on technology, logistics and product development.

“With this new investment, we are raising our commitment to MadeiraMadeira’s long-term value creation vision as the company consolidates its position as the lead in Latin America’s home goods marketplace. Since our initial investment, MadeiraMadeira’s management team has delivered everything they’ve predicted, and our faith in them continues to rise ,” said Paulo Passoni, Managing Investment Partner to SoftBank Latin America fund.

Read more: feedproxy.google.com

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