iguama, Latin America's Fastest Growing Cross-Border Shopping Mall, Announces $5 Million in Funding
Financing To Accelerate Expansion Into Additional Markets
MIAMI, Jan. 12, 2017 /PRNewswire/ -- iguama, the fastest growing leader in cross-border e-commerce serving Latin America, today announced a $5 million Series A financing round led by technology venture capital firms Kibo Ventures and PeopleFund.
The company provides consumers in Latin America access to U.S. retail brands typically not available for purchase in local malls. Founded in 2014, the company is the first cross-border e-commerce shopping club where members receive competitive pricing on popular U.S. merchandise, exclusive deals, promotions, and savings on purchases from renowned merchants such as Nordstrom, BCBG, Target, Overstock, Juicy Couture and more. All local customs, taxes and shipping are handled by iguama, removing international barriers from customers and providing a seamless shopping experience.
"We are very excited to join forces with Kibo Ventures and PeopleFund," said Diego Fernandez, co-founder and CEO of iguama. "We are committed to expand our cross-border e-commerce platform to the rest of Latin America and eventually Europe as well."
"iguama has assembled a very unique and experienced team in technology, e-commerce and cross-border logistics," said Matias de Tezanos, co-founder and CEO of PeopleFund. "Cross-border e-commerce is becoming more and more relevant and Latin America is still an underserved market; iguama is very well positioned to become a very important and successful player in the region."
"iguama's cross-border e-commerce technology provides tremendous value to millions of Latin American shoppers looking to access the best U.S. merchants and get delivery of their purchases to their door," said Aquilino Peña, co-founder and Managing Partner of Kibo Ventures. "We look forward to working closely with the iguama team and supporting them in their vision of growing their brand and reaching millions of consumers in Latin America and Europe."
The company recently announced that Weihua Yan, an experienced e-commerce leader, has joined the company as Chief Technology Officer. Mr. Yan was previously co-founder and Chief Technology Officer of diapers.com, an e-commerce company acquired by Amazon.
About iguama
Established in 2014, iguama is the leading e-commerce cross-border shopping club where Latin Americans shop top quality U.S. brands and Stores at affordable prices. All of the complexity in cross-border transactions is handled by iguama, which include: local marketing, customer service, total in country calculation of price, efficient logistics and payment acceptance. Based in Miami, iguama is backed by technology venture capital firms Kibo Ventures and PeopleFund. For more information visit www.iguama.com.
About Kibo Ventures
With over $120M assets under management, Kibo Ventures is one of the most active Spanish Venture Capital firms in the digital space. Having made close to 40 investments, Kibo Ventures invests in companies with high growth potential and helps entrepreneurs with global ambition, a technology differentiation and scalable business models or in companies expanding into Spanish speaking countries where they can leverage on Kibo Ventures' network. Kibo Ventures has invested in prominent companies of the Spanish tech ecosystem such as Carto.com, Flywire, Job and Talent, Jetlore, Blueliv, iContainers, Omnidrone or Promociones Farma. Kibo Ventures has a very international profile, with companies based in Spain, US, UK and Germany and 35+ US/European co-investors. Kibo Ventures is backed by institutional and private investors including Telefonica, Caixa Bank, CDTI, EIF, FondICO and ROSP Corunna (Inditex Cofounder's family Office). For more information please visit http://www.kiboventures.com
About PeopleFund
PeopleFund is a global pioneer in value added investments focused on technology, Internet and media. We are uniquely positioned to add significant value to companies by leveraging our in-house management and technology expertise. Our investment approach allows us to partner and invest in early through growth venture investments, private equity and public companies.
By partnering with management and entrepreneurs, PeopleFund has generated industry-leading returns for our investors. For more information please visit http://www.peoplefund.com
SOURCE iguama
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