PayPal Ventures, the venture capital arm of PayPal, has recently announced its investment in Nocnoc, a leading e-commerce company in Latin America. The investment is part of Nocnoc’s Series A funding round, which raised $6.5 million in total.
Nocnoc is a Chilean-based e-commerce platform that offers a wide range of products, including electronics, home appliances, fashion, and beauty products. The company was founded in 2018 and has quickly become one of the most prominent e-commerce players in Latin America, with operations in Chile, Peru, and Colombia.
The investment from PayPal Ventures is a significant milestone for Nocnoc, as it will help the company expand its operations and improve its technology infrastructure. The funding will also enable Nocnoc to enhance its customer experience by offering more payment options and faster delivery times.
PayPal Ventures’ investment in Nocnoc is part of its strategy to support innovative companies that are transforming the e-commerce landscape. The venture capital arm of PayPal has a track record of investing in successful companies such as Airbnb, Pinterest, and Uber.
According to Juan Pablo Cuevas, CEO of Nocnoc, “We are thrilled to have PayPal Ventures as an investor. Their expertise and resources will be invaluable as we continue to grow our business and expand our reach across Latin America.”
The investment from PayPal Ventures comes at a time when e-commerce is booming in Latin America. The region has seen a significant increase in online shopping due to the COVID-19 pandemic, with many consumers turning to e-commerce platforms for their shopping needs.
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 report also predicts that the number of digital buyers in the region will reach 191.7 million by 2023.
The investment from PayPal Ventures is a testament to the potential of e-commerce in Latin America and the importance of supporting innovative companies that are driving the industry forward. With the backing of PayPal Ventures, Nocnoc is well-positioned to become a major player in the e-commerce landscape in Latin America and beyond.
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- Source: Plato Data Intelligence.