Funded Commerce and Shopping Startups in Brazil
Among the 50 most recent commerce and shopping funding rounds shown, the largest disclosed amount is CargoX’s $200M on 2021-11-10 (Series F).
Among the 50 most recent commerce and shopping funding rounds shown, the largest disclosed amount is CargoX’s $200M on 2021-11-10 (Series F). That figure dwarfs the rest of the disclosed rounds in the table, where the next-largest disclosed amounts are materially lower (for example, Evino’s $129M on 2022-03-08 and Mundimoto’s $23M on 2022-02-10), with many rounds clustered below the ~$50M range (e.g., Mottu at $50M on 2023-09-15; Cayena at $18M on 2022-03-07).
The geography is heavily concentrated around São Paulo: the majority of entries list a São Paulo-based city (e.g., FlowCredi in Palmital and Allugg, Drip, and Mottu in São Paulo city), with only a smaller number outside the state/city core (e.g., CargoX in São Paulo, but also Rio de Janeiro listings like Zerezes on 2022-11-24 and Florianópolis via OZ Technology’s $1M on 2022-09-02). Temporally, the rounds span 2021-10-14 (Code Coast) through the most recent 2025-12-12 (FlowCredi).
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Frequently asked
Which disclosed round is the clear outlier in size for this segment, and what sits below it?
CargoX closed a $200M Series F on 2021-11-10, an outsize outlier versus other disclosed rounds here. The next-largest disclosed amounts in the table are Evino’s $129M (2022-03-08) and then Mundimoto’s $23M (2022-02-10), while several rounds cluster far lower (e.g., $50M or less such as Mottu’s $50M on 2023-09-15).
How concentrated are these rounds in time, based on the date window shown?
The displayed set runs from Code Coast on 2021-10-14 to FlowCredi on 2025-12-12, with a heavy presence in 2022–2023 (e.g., Trela on 2022-03-14 at $25M, Evino on 2022-03-08 at $129M, and Mottu on 2023-09-15 at $50M). There’s also a visible uptick in the most recent year-end period, including FlowCredi on 2025-12-12 ($650K) and Allugg on 2025-05-09 ($5M).
Is São Paulo the dominant location, or do other cities compete here?
São Paulo appears repeatedly, including multiple startups listing São Paulo city (e.g., Allugg on 2025-05-09 for $5M; Drip on 2023-10-02 for $8M; Vendah on 2023-08-25 for $3M). Outside the São Paulo core, the list includes other Brazilian cities such as Rio de Janeiro (e.g., Zerezes on 2022-11-24 for $4M) and Florianópolis (OZ Technology on 2022-09-02 for $1M).
What fraction of rounds are labeled 'Series Unknown' or 'undisclosed' in this list?
In the 50-row view, 'Series Unknown' appears in 16 entries (e.g., Power Focus 2025-01-01 undisclosed, and ReConverte 2024-11-18 at $430K), while 'undisclosed' appears in 7 entries (e.g., Flapper Technologies 2024-06-20, Blue Fleet 2023-07-18, and Mimo Live Sales 2023-05-04). The rest of the rows carry explicit stage labels (e.g., Series A/C/F).
Do stage labels show any clear pattern, or is the stage mix fragmented?
Stage mix is fragmented but still yields clusters: Series A shows up repeatedly with sizable checks (e.g., Mecanizou at $15M on 2023-03-21; Dolado at $10M on 2022-04-05; Cayena at $18M on 2022-03-07), while later-stage outliers exist such as CargoX’s Series F $200M (2021-11-10) and Mottu’s Series C $50M (2023-09-15). At the same time, many rows remain uninformative on stage (Series Unknown and undisclosed together cover a large share of entries).
Which cities or rounds look like they might warrant a closer sales or diligence focus due to high disclosed amounts?
Beyond the $200M CargoX outlier (2021-11-10, São Paulo), the strongest disclosed checks include Evino’s $129M on 2022-03-08 (São Paulo city listing) and a next tier around $20M–$23M such as Inventa’s $20M on 2022-01-23 and Mundimoto’s $23M on 2022-02-10. Several other rounds are sizable but more common at the $10M–$18M level (e.g., Bornlogic $11M on 2022-05-20; Dolado $10M on 2022-04-05; SouSmile $18M on 2021-10-21).
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