Elo7 Begins Expansion For Latin America With Acquisition Of Bixti Company acquires 100% of Bixti and opens an office in Buenos Aires
SAO PAULO, July 30, 2012 /PRNewswire/ -- Elo7, the first and largest marketplace for buying and selling handcrafted products in Brazil, announces its expansion in Latin America through the acquisition of Bixti, the leading marketplace for handcrafted products in Argentina. As part of the transaction Bixti co-founders Alexis and Marina Caporale will join Elo7 along with the whole Bixti team. Carlos Augusto de Araujo, the COO of Elo7's Brazilian operation, will lead the regional operation.
The acquisition of Bixti will allow Elo7 to accelerate its growth plans and consolidate the two companies to become the largest online marketplace for handcrafted products in Latin America. The new Elo7 office in Buenos Aires will serve as a second development center for the company to attract engineering and design talent.
Elo7 has received investment capital from Accel Partners, Monashees Capital and Insight Venture Partners. This capital is being used to expand the Company's engineering and customer support teams, accelerate marketing initiatives, and for further development of Elo7's community of artisan sellers.
Prior to acquisition by Elo7, Bixti had received seed capital from NXTP Labs, a leading startup incubator in Buenos Aires. The company was advised in the transaction by PALcapital LLC based in New York.
Founded in 2008, Elo7 is a handicraft marketplace that aims to foster trade handicraft products on-line, providing an easy and safe platform, for both the buyer and the seller. Currently, the site has more than 85 thousand registered craftsmen with over 1.5 million products advertised to the world. The site has more than 7.6 million visits per month.