Clara Makes Official Arrival in Brazil to Become Fastest Company to Reach Unicorn Status in Latin America
Closes Series B Investment Round Raising USD$70 Million
-The Latin American startup continues its expansion in the region with its launch in Brazil, becoming the first corporate card operating in the two most important economies in the region. The company operates under its principal member license with Mastercard, allowing it to issue credit cards directly.
-Additionally, the company has closed a Series B investment round for $70M led by the technology investment firm Coatue. Also participating in the round are A *, ICONIQ Growth, Box Group, Gaingels, and existing investors - DST, monashees, General Catalyst, Avid Ventures, Global Founders Capital, Picus Capital, and Alter Global, among others.
-With this investment, Clara has reached a valuation of one billion dollars, becoming - within 8 months of launching - the fastest Latin American startup to reach this milestone.
06 Dec, 2021, 08:00 ET
MEXICO CITY, Dec. 6, 2021 /PRNewswire/ -- Clara, the end-to-end corporate spend management solution for companies in Latin America, officially announced its arrival in Brazil, backed by a $70M Series B equity financing round led by Coatue, the investment firm behind tech companies such as ByteDance (TikTok), Deel, Ramp, Melio Payments, Mercury Bank, and Latin American breakout successes like the cryptocurrency exchange Bitso.
With this new capital increase and only eight months after starting operations in Mexico, the company has reached a valuation of one billion dollars, becoming the fastest Latin American startup to obtain unicorn status in the region. As part of the new investment, Michael Gilroy of Coatue, joins as the first external member of Clara's board.
In Brazil, Clara starts operations with a group of nearly 100 company customers using its products, including the Brazilian operations of its existing regional and
global customers. Clara has formed an initial team of 40 people in Brazil, headed by Layon Costa who serves as Country Manager. Costa has extensive professional experience having worked with such companies as Dow Chemical, Rappi, and Quinto Andar.
According to Gerry Giacomán Colyer, Clara CEO and co-founder, "We're thrilled that the same year we started operations in Mexico, we're able to make our official landing in Brazil. Since Clara's inception, our goal has been to offer the best corporate spend management solution based on a solid infrastructure, adhering to local regulations, so we can contribute to the growth and competitiveness of all companies in Latin America. We've been entrepreneurs and executives in companies that have operated across the region, so we know that the needs are similar in Brazil as they are in Mexico or Colombia. Further, we have many customers that operate throughout these countries, and we're thrilled to be their ally."
Giacomán Colyer continued, "While we were not actively seeking additional financing, the infrastructure we've built, and our expansion generated much enthusiasm. In addition to our topline growth, the caliber of clients today includes not only the fastest growing companies in the region, but some of the most successful corporations as well - including airlines, car manufacturers, and a bank."
Co-founder and Head of Product Development, Diego García added, "Being able to operate with our own license backed by Mastercard in more than one country and in such a short time is the result of all the product decisions we have made over the past year since we started Clara. With the new financing, we will continue to form the best team of engineers, designers, and product leaders so we can keep innovating."
As in Mexico, Clara's solution in Brazil will offer its clients a solid and robust platform,
thanks to its own license under agreement with Mastercard to operate without depending on third parties or sponsor banks. Through its principal member license with Mastercard, Clara can issue its own cards, which are accepted at businesses worldwide.
Clara's customers include Kavak, Jüsto, JOKR, and Casai, among nearly two thousand established and rapidly growing companies.
Clara is a Latin American startup offering an end-to-end corporate spend management solution. Through a corporate credit card, billpay product, and an expense management system, Clara allows companies in Latin America to grow with agility while maintaining control over their finances.
Founded in 2020 by entrepreneurs Diego García and Gerry Giacomán Colyer, the company has become the youngest unicorn in the region, after achieving a capital raise equivalent to $70 million dollars in a Series B fundraising round led by Coatue, the investment firm behind tech companies ByteDance (TikTok), Deel, Ramp, Mercury Bank, and Melio Payments. This brings the company's total equity funding to $110m USD. To learn more about Clara, visit clara.cc
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