Funded Commerce and Shopping Startups in São Paulo
The 42 rounds span March 2020 through May 2025, with peak density falling between late 2021 and mid-2022.
The 42 rounds span March 2020 through May 2025, with peak density falling between late 2021 and mid-2022. The standout transactions by size are Loft's $425M Series D (March 2021), CargoX's $200M Series F (November 2021), and Evino's $129M venture round (March 2022). Since 2023, deal flow has continued at a lower scale: Mottu closed $50M in a Series C in September 2023, Mecanizou raised $15M in a Series A in March 2023, and Allugg secured $5M in May 2025, the most recent entry in the dataset.
Series A is the most represented stage, with at least nine companies including Favo, Cayena, Inventa, and Dolado. The cohort spans a wide range of sub-verticals — logistics (CargoX, Intelipost, Estoca), automotive (Mottu, Mecanizou, InstaCarro), real estate commerce (Loft, SuaQuadra), beauty and wellness (Vittude, Be Beleza Tech), and live commerce (Mimo Live Sales, Vendah). All 42 companies are headquartered in São Paulo.
Most recent rounds
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Frequently asked
What are the largest disclosed rounds among these São Paulo commerce startups?
The three largest are Loft's $425M Series D (March 2021), CargoX's $200M Series F (November 2021), and Evino's $129M venture round (March 2022). Among more recent deals, Mottu's $50M Series C in September 2023 is the next largest disclosed amount.
How has funding activity trended since 2023 compared to the 2021–2022 peak?
More than 20 of the 42 rounds closed between late 2021 and mid-2022, making that span the densest period in the dataset. From January 2023 through May 2025, eleven transactions appear, including Mottu ($50M), Mecanizou ($15M Series A), Drip ($8M), and the most recent entry, Allugg's $5M round in May 2025.
Which funding stage is most common in this cohort?
Series A appears most frequently, with at least nine companies including Mecanizou, Cayena ($18M), Inventa ($20M), Favo ($26M), Dolado ($10M), and Bornlogic ($11M). Seed deals account for eight rounds, and Pre-Seed appears four times, representing companies such as The Men's ($430K, January 2025) and Be Beleza Tech ($200K).
What sub-verticals does this São Paulo commerce cohort cover?
The 42 companies span logistics and fulfillment (CargoX, Intelipost, Kangu, Estoca), automotive marketplaces and services (Mottu, Mecanizou, InstaCarro), real estate commerce (Loft, ImóvelP, SuaQuadra), beauty and wellness (Vittude, Be Beleza Tech), food and beverage supply (Cayena, NetFoods, Evino), and live or social commerce (Mimo Live Sales, Vendah).
How many rounds have undisclosed amounts or missing stage labels?
Two rounds list undisclosed amounts: Mimo Live Sales (Seed, May 2023) and ImóvelP (Pre-Seed, May 2022). Six companies — including Intelipost ($32M) and Escale ($28M) — have no round type recorded, and Iugu's $21M raise in April 2022 is classified as Private Equity, the only PE transaction in the set.
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