eCommerce platform closes $140m funding round
VTEX has closed a $140 million funding round led by SoftBank.
The London-headquartered cloud commerce platform serves brands and retailers in 28 countries and will look to expand further with the investment.
The round was led by SoftBank's Latin America fund in conjunction with Gavea Investimentos and Constellation Asset Management.
“For the past four years, we’ve focused on building a platform that enables global commerce by unifying our clients’ operations online and offline,” said co-founder and co-CEO Mariano Gomide.
“During that time, we’ve opened US and EU offices and strengthened our position in Latin America.
“This investment from SoftBank and its partners validates our dedication to delivering a scalable, secure, global unified commerce platform.”
With a compounding organic growth of 43 per cent per year in the last five years, VTEX has become one of the largest global players in the digital commerce market.
Earlier this year VTEX purchased UniteU, an eCommerce platform based in the US. “Acquiring UniteU was only the first step of a responsible and consistent expansion of VTEX in the US. We have big plans to accelerate our continued global growth and product innovation,” said Gomide.
VTEX provides commerce solutions to 2,500 global brands, including Levi’s, Sony, Walmart, L’Oréal and Motorola. The company’s innovations include a patent-pending password-less checkout called SmartCheckout, an architectural network of microservices to seamlessly deliver continuous updates and the company’s VTEX IO server-less development framework that enables clients to develop scalable, production-ready web applications for global commerce without infrastructure complexity.
“Becoming the global power in unified commerce platforms for medium and large companies is our goal,” said Geraldo Thomaz, VTEX’s other co-founder and co-CEO.
“With this investment, we will be able to invest more in R&D, respond to market demands faster, and deliver a more robust product that leverages AI to take us into the future of commerce.”