Funded Commerce and Shopping Startups in Brazil
São Paulo accounts for the large majority of the 50 rounds shown, with companies ranging from CargoX's $200M Series F in November 2021 to early-stage plays…
São Paulo accounts for the large majority of the 50 rounds shown, with companies ranging from CargoX's $200M Series F in November 2021 to early-stage plays like Code Coast's $90K pre-seed the same month. The dataset spans from late 2021 through May 2025, with the densest cluster of activity falling in early-to-mid 2022, when at least 16 rounds closed across São Paulo, Rio de Janeiro, and Belo Horizonte within roughly five months.
Series A is the most represented stage, appearing across companies including Mecanizou ($15M), Cayena ($18M), Trela ($25M), and Dolado ($10M). More recent deal flow—Allugg ($5M in May 2025), Sunrize ($430K angel in March 2025), The Men's ($430K pre-seed in January 2025)—has been smaller in ticket size, reflecting a shift toward earlier-stage activity compared to the 2021–2022 peak.
Most recent rounds
50 shownRelated listings
Frequently asked
What are the largest disclosed rounds in this dataset?
CargoX raised $200M in a Series F (November 2021, São Paulo) and Evino raised $129M in a venture round (March 2022, São Paulo). The next tier includes Mottu's $50M Series C (September 2023), Favo's $26M Series A (October 2021), and Trela's $25M Series A (March 2022).
Which cities are most represented among funded Brazilian commerce and shopping companies?
São Paulo dominates by a wide margin, with the majority of the 50 companies headquartered there. Rio de Janeiro is the next most common location, home to Clubbi ($12M Series A), Zerezes ($4M), Genius Returns, Tattoo Place, and Macro. Belo Horizonte contributes a smaller share including allu. ($15M) and Flapper Technologies.
What funding stages are most common across these companies?
Series A is the most frequent disclosed stage, spanning deals from $6M (B4A) to $25M (Trela) and accounting for roughly 14 of the 50 rounds. Seed and Series Unknown are the next most common categories. Late-stage rounds are rare: CargoX's Series F and Mottu's Series C are the only rounds at Series C or above.
How has deal volume shifted between 2022 and more recent years?
The heaviest concentration of rounds falls in early-to-mid 2022, with at least 16 closes between January and May of that year alone. Only three rounds appear after January 2024—Allugg, Sunrize, and The Men's—and all three are under $6M, compared to several eight-figure closes in the 2022 cohort.
Which companies raised the most recently and may be actively deploying new capital?
Allugg ($5M, May 2025), Sunrize ($430K angel, March 2025), and The Men's ($430K pre-seed, January 2025) are the three most recently funded companies in the dataset. Flapper Technologies (Series A, June 2024) and FinanZero ($4M, March 2024) account for the remaining post-2023 activity.
Are there notable large rounds that carried non-standard stage labels?
Evino ($129M) and Mundimoto ($23M) both closed under a 'Venture - Series Unknown' classification in early 2022, placing them among the three largest rounds in the dataset without a standard series designation. Drip ($8M, October 2023) and Estoca ($6M, February 2023) similarly carried 'Series Unknown' labels despite meaningful ticket sizes.
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