Business

Brazil's MadeiraMadeira announces its first acquisition after SoftBank's round: iTrack Brasil

With services such as cargo tracking and routing, the acquisition of iTrack Brasil is likely to enhance MadeiraMadeira's logistical efficiency

Daniel Scandian, founder and CEO at MadeiraMadeira
Daniel Scandian, founder and CEO at the online platform for furniture and household articles MadeiraMadeira. Photo: Courtesy.
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  • iTrack Brasil’s founders will remain with management control and are now part of the MadeiraMadeira group;
  • This is the first acquisition of MadeiraMadeira, which received $190 million in January, in an investment co-lead by SoftBank and Dynamo;
  • The acquisition is likely to provide more logistical efficiency to the marketplace’s operation.

The home furniture and decor marketplace MadeiraMadeira announced on Wednesday the acquisition of the logistics technology startup iTrack Brasil.

It is the first acquisition of the Curitiba-based scale-up, which received $190 million in January, in an investment co-lead by SoftBank and Dynamo. The round prompted the company to first Latin American unicorn in 2021.

READ ALSO: MadeiraMadeira raises a US$ 190 million round and becomes the newest Brazilian unicorn

The company had already announced its intention to use these resources in to expand its logistics network and strategic M&As.

“We started to realize that our high, healthy and steady growth would not only happen in an organic way, as it has in the last few years. There are several companies in Brazil and abroad that already have their products tested and validated by the market and with incredible entrepreneurs. Why not get together to build something much bigger?” says Daniel Scandian, co-founder and CEO at MadeiraMadeira.

The acquisition of iTrack Brasil is likely to provide more logistical efficiency to the marketplace’s operation. With Bulky Log, a startup created internally for the delivery of large products, the company has 14 operational units, including consolidation and last-mile delivery centers, as well as a fullfilment center in the state of São Paulo.

READ ALSO: Brazilian e-commerce Americanas to deliver international packages in 11 days

Founded in 2017 by Daniel Drapac, iTrack Brasil is a tech company focused on systemic solutions for logistics with services that include everything from tracking a cargo between points in the distribution chain to routing and managing a logistics operation.

With the acquisition, the founders of the startup remain with management control and are now part of the MadeiraMadeira group.

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