November 22, 2019 / 9:45 PM / 9 months ago

Softbank leads $140 million funding round for Brazil start-up VTEX

FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo

SAO PAULO (Reuters) - Softbank Group Corp said on Friday its Latin American fund is investing 580 million reais ($138 million) in e-commerce software provider VTEX, together with Brazilian funds Gavea Investimentos and Constellation Asset Management.

VTEX provides e-commerce support in Latin America for clients including cosmetics brand Boticario, cellphone maker Motorola and appliance maker Electrolux.

Its founder and CEO, Geraldo Thomaz, said in a statement that the proceeds will be used to expand research and development, including new artificial intelligence software for e-commerce.

The investment is the latest in a series of bets on Latin American technology startups from Argentina to Mexico by SoftBank’s $5 billion fund dedicated to the region.

In addition to the three new investors, Riverwood Capital, which first invested in VTEX in 2014, continues to be a shareholder, the companies said.

Reporting by Tatiana Bautzer, Editing by Rosalba O'Brien

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