MONTEVIDEO, Uruguay, March 22, 2022 (GLOBE NEWSWIRE) -- nocnoc, a Uruguay-based tech enabler that connects international sellers to local ecommerce marketplaces throughout Latin America, announced today it has raised a US $7 million seed round co-led by Mouro Capital and Quona Capital. Other investors include Caravela, Olist, and Broadhaven, as well as angel investor Diego Dzodan (Facily founder and CEO) and Flavio Dias (former CEO of Walmart Brazil and VIA). The company will use the funds for continued improvement of its proprietary technology that helps global sellers reach and sell to more customers in Latin America.
Latin America represents a $86B consumer market – yet less than 4% of goods sold today across Latin America’s local marketplaces come from global sellers. Navigating the complexity of ever-changing customs regulations, international shipping and payments, store reputation, site exposure algorithms, and local customer support has historically kept most global sellers out of the region.
nocnoc solves the pain points that hold back global sellers in Latin America. Sellers simply upload items to nocnoc with prices in US dollars or RMB, and nocnoc handles the rest. nocnoc publishes items in its owned megastores, maximizing exposure by managing product listings across multiple marketplaces, adding shipping costs, taxes and any commissions. Once a purchase is made, nocnoc manages all communications with customers, including logistics once the seller sends goods to designated warehouses in China, Hong Kong, and the US. Finally, nocnoc manages last mile delivery in Latin America, ensuring the products end up in the right hands.
nocnoc was launched in 2018 by Ilan Bajarlia, Joaquin Colella, and Diego Szilagyi. The three previously worked together at LatAm unicorn dLocal, where they were part of the founding team.
“We founded nocnoc out of a desire to erase the friction and roadblocks that global sellers face when trying to sell into Latin America,” said Ilan Bajarlia, co-founder and CEO. “In the process we have effectively opened up cross-border ecommerce, enabling Latin America’s consumers to buy products from the rest of the world with confidence.”
Chris Gottschalk, General Partner at Mouro Capital, said, “Latin American e-commerce is a growing opportunity as online retail sales are expected to hit 160 billion by 2025. But each market in the region is unique, and it can be difficult for medium-sized retailers to access them efficiently. We’re very excited to partner with nocnoc to help them expand their reach and build scalable infrastructure for global sellers to access Latin America.”
“nocnoc makes it possible for SMEs and global brands to not only begin selling into Latin America within a matter of hours, but to thrive there,” said Jonathan Whittle, co-founder and Managing Partner at Quona Capital. “By boosting global seller product placement, handling logistics and customer service, and serving as a trusted end-to-end partner to SMEs and consumers alike, everyone wins. We are proud to support the nocnoc team as they scale.”
Since its inception, nocnoc has integrated with 17 marketplaces (including MercadoLibre, ViaVarejo, Americanas and Walmart), providing these sellers with access to 300 million digital buyers across Latin America.
ABOUT NOCNOC
nocnoc was founded in 2018 with a mission of helping global sellers to sell their products in all major marketplaces in Latin America through a single seller center, in 24 hours, with no learning curve or investments, opening up an $86 billion market. More at https://nocnocstore.com/
ABOUT MOURO CAPITAL
Mouro Capital is a venture capital firm backing entrepreneurs who are shaping the future of financial services. With $400 million in assets under management, Mouro invests across the fintech value chain in early to growth stage start-ups across Europe, North America and Latin America. Mouro has invested in companies such as iZettle (acquired by PayPal), Kabbage (acquired by American Express), Creditas, Nowports, a55, Klar, Tradeshift, Trulioo and Upgrade. More at https://www.mourocapital.com/
ABOUT QUONA CAPITAL
Quona Capital is a venture firm focused on fintech that can expand access for underserved customers and small businesses in emerging markets including Latin American, Africa and the Middle East (MENA), and South and Southeast Asia. Quona’s global partners are experienced investors and operators in both emerging and developed markets, and invest in entrepreneurs whose companies have the potential to provide outstanding financial returns and promote breakthrough innovation in financial inclusion for both consumers and SMEs. More at quona.com
MEDIA CONTACTS
Julián Martín for Mouro Capital
julián@mourocapital.com
+34 666036576
Shannon Austin for Quona Capital
shannon@quona.com
+1 703.338.8813
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/00b31763-3181-465d-bd22-14f024291096
