11 May 2021

Carey Olsen advises Nuvemshop on funding round to drive LatAm expansion

Lawyers from Carey Olsen's corporate team in the Cayman Islands have advised Brazilian eCommerce platform Nuvemshop on the raising of US$90 million in its latest funding round.

The investment will enable Nuvemshop, also known as Tiendanube in Spanish-speaking countries, to introduce new solutions for payments and logistics management and expand its presence in Brazil, Argentina and Mexico, as well as to establish itself in new markets, including Colombia, Chile and Peru. Founded in 2011, Nuvemshop offers a suite of tools around payments, shipping, inventory management and marketing for online businesses.

The Series D funding round was led by Accel Partners LP and also included Thorntree Capital, Qualcomm Ventures and Kaszek Ventures.

The Carey Olsen team advising Nuvemshop on the Cayman law aspects of the funding round was led by corporate partner Alistair Russell, assisted by associate Emily Cornhill.

Alistair said: "Carey Olsen is pleased to have supported Nuvemshop on its latest funding round which will help the company continue its growth strategy in Latin America. It's also the latest example of an innovative Latam startup utilising the Cayman Islands for its financing and structuring needs."

Dubbed in some quarters as Latin America's Shopify, Nuvemshop had US$690 million worth of transactions through the business in 2020.

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