RIO DE JANEIRO, BRAZIL – The Japanese SoftBank Group is among the current MadeiraMadeira investors that is negotiating a new round of investments of US$120 million, in a transaction that may confer unicorn status (market value more than US$1 billion) on the startup, according to a source with knowledge of the subject.
Home design store MadeiraMadeira sells stylish online ready-to-assemble furniture, kitchen appliances and home accessories, among other useful goods and occasionally home services.
The investment round may be completed by the end of the year and the terms may still change, said the source, who asked not to be identified because the negotiations are private.
SoftBank led a US$110 million investment in the startup last year. MadeiraMadeira, founded in 2009 and headquartered in Curitiba, sells its own and other establishments’ products. Other investors include Light Street Capital and Flybridge Capital Partners.
SoftBank and MadeiraMadeira have not commented on this matter.
SoftBank expects MadeiraMadeira to lead the digital transformation of the growing domestic goods segment in Brazil, said Paulo Passoni, investment manager and partner of SoftBank Group International’s Latin America fund last year.
The Japanese conglomerate said in February it would continue to invest in Latin America, focusing on sectors such as e-commerce, health and Fintech. Two partner-managers who helped to lead the fund dedicated to betting in the region left this year.
Source: InfoMoney