With tech DNA and a retail heart, Olist startup receives another US$23 million

RIO DE JANEIRO, BRAZIL – Olist, the startup from Curitiba known as the “marketplace of marketplaces”, has just received another US$23 million as an extension to its Series D funding round, announced in December and led by SoftBank.

The new contribution was made by the American bank Goldman Sachs, which had not yet invested in the company, and Redpoint eventures, which has been a partner of the startup since 2016. With the new entrants, Olist’s Series D totals US$80 million – raising the total already raised by the company to US$135 million.

In an interview with EXAME IN, Olist’s founder and CEO Tiago Dalvi, said that the funding happened due to the good results that the company presented in the first quarter of 2021, with three times growth compared to the same period last year. “Looking at the sides, we saw the market super dynamic and competitive, so it made sense to bring in a new partner to reinforce our bets,” says Dalvi.

The new injection of capital accelerates the startup’s international expansion plans this year: the goal is to plant the flag in at least one other country still in the second quarter. “Our new partner, Goldman Sachs, has a flag that is recognized worldwide and has a great repository of knowledge about growing companies. They will help us a lot in our international expansion strategy and in the company’s new challenges”, says Dalvi.

The company’s mergers and acquisitions strategy is also gaining strength. In December, the startup bought the operations of Clickspace, a company specialized in solutions for commerce via social channels, and Pax, a startup specialized in logistics. Now, Dalvi is analyzing twenty businesses in order to acquire at least three by the end of the year. According to the founder, the main targets are management software, financial services, and e-commerce companies.

The goal with the acquisitions is to strengthen Olist’s performance in e-commerce. Founded in 2015, Olist was born to help small Brazilian retailers sell online on large marketplaces such as Mercado Libre and B2W. The company takes on the task of selling and delivering more than 1.5 million products from its more than 35,000 client companies.

Last year, the startup took a step further by launching Olist Shops, a tool that allows any shopkeeper to create in 3 minutes his own digital store integrated with payment methods and logistics services. The product, which was very successful during the pandemic, is used today by more than 200,000 shopkeepers in over 180 different countries.

“Brazilian e-commerce has changed levels over the past year. The level of convenience that the consumer expects, especially with delivery, has increased. This generates a constant need for adaptation,” says Dalvi.

In order to keep up with the changes, Olist has a team of 675 employees spread throughout Brazil and is hiring. At least 300 vacancies are open and the company’s projection is to close the year with about 1,000 positions filled, especially in the technology areas. “I call ourselves a company with technological DNA and a retail heart,” says the founder.

If the company’s projections come true, the business should surf the good moment of Brazilian e-commerce and more than double in size for the second consecutive year.

Source: Exame