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Brazilian SoftBank-funded Cortex raises BRL 170 million: the largest round in big data in Latin America

The new capital infusion aims to reinforce Cortex's product, which has been carried out since the entry of SoftBank and Redpoint eventures

Photo: Cortex/Courtesy
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  • In June this year Cortex received BRL 120 million led by the Japan’s conglomerate;
  • Riverwood is a technology investor that focuses globally on medium-sized, high-growth companies.

Brazilian data company Cortex raised a BRL 170 million round led by Riverwood Capital and SoftBank Group Corp. It is the largest investment in big data and AI in Latin America, according to Cortex.

With that, the startup announces Riverwood Capital as co-leader of its investment round initiated by SoftBank Group Corp in June this year, when Cortex received BRL 120 million led by the Japan’s conglomerate.

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The new capital infusion aims to reinforce Cortex’s product, which has been carried out since the entry of SoftBank and Redpoint eventures, besides further accelerating the company’s growth, expanding the marketing, sales, and customer success teams.

Riverwood is a technology investor that focuses globally on medium-sized, high-growth companies. The company has a leading franchise in Latin America, having invested and supported several successful technology companies in the region, such as 99, Alog, Conductor and Globant. Riverwood’s SaaS investments in Latin America include leaders in several verticals, such as Nubox, Mandic, Omie, Pixeon, RD, Technisys, VTEX, among others.

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Also involved in the round were venture capital funds Redpoint eventures and Endeavor Catalyst, totaling an investment now of BRL 170 million. “We have been following Cortex’s work for some years and have always admired the company’s product and team. We are excited to be part of Cortex’s history, and to be able to further boost the development of high-value innovations for its customers,” commented Joaquim Lima, Partner at Riverwood, on a Cortex’s blog post. “Cortex has all the conditions to lead the market in the coming years,” he added.

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Through the big data analytics SaaS platform, Cortex provides intelligence solutions, supporting communication, marketing, and sales areas of large Latin American companies to accelerate growth through data. Cortex has among clients companies like Unilever PLC, Fiat Chrysler, L’Oreal, Roche, Carrefour, Visa and Claro.

I met Riverwood a few years ago when we were raising our Series A. I was very impressed. SaaS companies were beginning to gain prominence in Brazil, but the fund already seemed to be quite active in this area here

ceo and founder at cortex, leonardo rangel‘s statement on linkedin

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“Riverwood understands the SaaS area in the country. More than just capital, what we are looking for are partners capable of providing know-how, operational support, and connection to other markets ”, says founder and CEO at Cortex, Leonardo Rangel.

On LinkedIn, Francisco Alvarez-Demalde, co-founder and managing partner at Riverwood Capital said that the firm has been tracking Cortex growth and journey and is grateful for joining their team.

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