PayPal Ventures, the venture capital arm of PayPal, has recently announced its investment in nocnoc, a Latin American e-commerce company. The investment is part of a $4.5 million funding round that will help nocnoc expand its operations and improve its technology platform.
Nocnoc is a Chilean-based e-commerce platform that offers a wide range of products, including electronics, home appliances, and fashion items. The company was founded in 2015 and has since grown to become one of the leading e-commerce platforms in Latin America. Nocnoc currently operates in Chile, Peru, and Colombia, and plans to expand to other countries in the region.
The investment from PayPal Ventures is a significant milestone for nocnoc, as it will help the company accelerate its growth and expand its reach in Latin America. The funding will be used to improve the company’s technology platform, enhance its logistics capabilities, and expand its product offerings.
PayPal Ventures’ investment in nocnoc is also a testament to the growing importance of e-commerce in Latin America. The region has seen a significant increase in online shopping in recent years, driven by factors such as increasing internet penetration, rising disposable incomes, and the COVID-19 pandemic. According to a report by eMarketer, e-commerce sales in Latin America are expected to reach $84.95 billion in 2021, up from $59.9 billion in 2019.
The investment from PayPal Ventures is also part of the company’s broader strategy to expand its presence in Latin America. PayPal has been operating in the region for over a decade and has established partnerships with several leading e-commerce platforms, including MercadoLibre and Linio. The investment in nocnoc is expected to further strengthen PayPal’s position in the region and help it tap into the growing e-commerce market.
In a statement announcing the investment, Robert Clarkson, Managing Partner at PayPal Ventures, said: “We are excited to partner with nocnoc as they continue to build a leading e-commerce platform in Latin America. The team has demonstrated strong execution capabilities and a deep understanding of the local market. We look forward to supporting their growth and success.”
Overall, the investment from PayPal Ventures is a significant development for nocnoc and the broader e-commerce industry in Latin America. It highlights the growing importance of the region as a key market for e-commerce and underscores the potential for further growth and innovation in the sector.
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- Source: Plato Data Intelligence.