Mandaê loads up series B cash

IFC, UPS, Qualcomm and Mercado Libre were among the backers in a $7.1m round that doubled the logistics provider's total funding.

Brazil-based logistics marketplace operator Mandaê has completed a $7.1m series B round featuring courier firm UPS, chipset manufacturer Qualcomm and e-commerce firm Mercado Libre.

The round was led by International Finance Corporation, the private investment arm of multilateral agency World Bank, with participation from Icon Holding Company, Tekton Ventures, FJ Labs, Performa Investimentos and Monashees.

UPS participated through its Strategic Enterprise Fund, with Qualcomm and Mercado Libre investing through their Qualcomm Ventures and Mercado Libre Fund units respectively.

Mandaê operates a logistics marketplace for e-commerce businesses located in the Brazilian state of São Paulo, providing shipping services for small items intended to be a more cost-efficient option than the country’s national postal service.

The platform helps clients find the most appropriate vendor for picking up packages, cross-docking and last-mile delivery. Mandaê is preparing to roll out its services in other Brazilian regions and has now raised a total of $14m, it said.

Qualcomm Ventures, Monashees and Valor Capital all backed the company’s $2.5m series A round in early 2016, after it had received $1.5m in series A funding from Kima Ventures and angel investor Hans Hickler the year before.

Performa and Icon Holding Company also participated in the latest round as existing investors, according to Mandaê.

See more from this Government Report: World Bank/IFC

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