Uruguayan Tiendamia, a cross-border e-commerce platform that facilitates sales from leading global brands to customers in Latin America and other emerging markets, announced last week that it has received a $19 million investment from global private equity firm Cartesian Capital Group to speed up the company’s growth across Latin America – the fastest-growing e-commerce market in the world – and beyond.
This is just the second round of Tiendamia, which received $1.8 million in 2016, shortly after its founding, and has been running on its own ever since.
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Born in 2014 in the U.S. and based in Miami, what Tiendamia does is to allow customers in Latin America to seamlessly buy from the world’s leading retailers, including Amazon and eBay, through its huge catalog, of over a billion products. Tiendamia also offers a one-cart solution through which customers purchase from numerous vendors and consolidate all orders into one package (or separate into multiple orders if requested) to take advantage of lower shipping and customs costs.
Tiendamia currently serves customers in Argentina, Brazil, Costa Rica, Ecuador, and, of course, Uruguay. With Cartesian’s investment, it plans to expand to other markets in the region and also to the Middle East and Africa.
“Tiendamia’s access to Cartesian’s global network and capital is transformative for Tiendamia. It will allow us to consolidate and expand our already profitable operations in key Latin American markets and rapidly expand to new ones in South America and the rest of the world,” noted CEO Juan Pablo Pereira in a statement to the press.
US-based investment bank Stifel acted as an exclusive financial advisor to Tiendamia on the transaction, which also had the assistance of PAG Law and Greenberg Traurig, LLP (on the Cartesian side).
