JOINVILLE, Brazil--(BUSINESS WIRE)--ContaAzul, the leading provider of easy-to-use SaaS accounting and invoicing solutions to SMBs in Brazil, today announced it has raised a Series C round of financing. Existing investor Ribbit Capital, a venture capital firm focused on the financial services industry, led the new investment round, with participation from Tiger Global Management as well as existing investors 500 Startups, Monashees Capital and Valar Ventures.
ContaAzul will use the funding to develop a new specialized platform catered for Brazilian accounting firms, which will allow customers to achieve greater integration and more productive interactions with their customers. The Company also plans to use the new capital to further develop its accounting and invoicing platform, improving integration between our customers and banks, the Brazilian government, their suppliers and customers.
“At ContaAzul, we are furthering our mission to make it easier for small business owners to do business,” said Vinícius Roveda, Co-founder and CEO of ContaAzul. “With this new round of funding, we hope to continue to transform the Brazilian accounting market with new and more specialized platforms tailored for Brazilian SMBs. Our newest platform will enable our customers to reach unprecedented levels of productivity by integrating key channels between our customers, banks, government agencies, their customers and suppliers.
Roveda added, “We are also excited to welcome Tiger Global as an investment partner, which has a strong track record of backing leading technology companies serving the Brazilian market. We look forward to continue collaborating with our world-class investors as we continue to expand our business and empower Brazilian SMBs.”
“ContaAzul has enabled thousands of Brazilian entrepreneurs to streamline their accounting process through its simple and efficient invoicing solutions, providing sophisticated infrastructure and back-end capabilities that SMBs would not normally have access to,” said Micky Malka, founder and General Partner of Ribbit Capital. “We are confident that Vinícius and his talented team will continue to leverage their localized solutions to capture the rapidly-growing Brazilian market.”
Founded in 2011, ContaAzul offers innovative, easy-to-use SaaS accounting and invoicing solutions for small businesses in Brazil, the world’s fastest-growing small business market. More than 400,000 small businesses used ContaAzul helping them to save time and focus on growing their business through its cloud-based platform which uniquely addresses the complexities of the Brazilian marketplace. The Company was the first Brazilian startup selected to participate in the Silicon Valley-based 500 Startups accelerator program and graduated in 2011. ContaAzul was named The Next Web’s “Best Brazilian Web Application” in 2012, nominated as the publication’s “Best B2B Startup” in 2013 and was considered one of South America’s most innovative companies by Fast Company. For more information, please visit www.contaazul.com.
Ribbit Capital is a venture capital firm that invests globally in unique teams and brands who are on a mission to transform financial services. Headquartered in Palo Alto, Ribbit believes the category is profoundly under-innovated and looks to support entrepreneurs building the financial businesses of the future. For more information, please visit http://ribbitcap.com/.
About Tiger Global
Tiger Global is a fundamentally oriented, global investment firm. The Firm deploys capital in private equity partnerships and public equity funds. Tiger Global’s private equity partnerships have ten-year investment horizons and invest in growth companies in the global Internet and technology sectors. Tiger Global’s private investments have included SurveyMonkey, Warby Parker, Yandex, Facebook, Linkedin, JD.com, Despegar, Mail.ru Group, Ctrip, Flipkart, Makemytrip, Justdial, Netshoes, MercadoLibre, OnDeck and Eventbrite. The Firm’s public equity funds focus on long-term trends in the technology, telecom, media, retail and consumer sectors. Tiger Global was founded in 2001 and is based in New York.
About 500 Startups
500 Startups is a Silicon Valley venture capital seed fund and startup accelerator. We invest in a wide variety of tech startups all over the world. We run an incubation program emphasizing internet marketing and customer acquisition, design and user experience, and lean startup practices and metrics. Our investment team and mentor network has operational experience at companies such as PayPal, Google, Facebook, YouTube, Yahoo, LinkedIn, Twitter, Apple, and Sesame Street (okay, actually we just watch the show, but we hope to be on it someday).
Founded in 2005, Monashees Capital is a venture capital firm that helps great entrepreneurs build great companies. It has invested in category-defining leaders in Brazil, such as 99Taxis, Bidu, ContaAzul, Eduk, Elo7, Enjoei, MindLab, Oppa, Peixe Urbano, RunRun, and VivaReal.
Valar Ventures is an internationally-focused venture capital firm backed by Peter Thiel. With offices in New York and San Francisco, Valar invests exclusively in companies outside of the United States. Valar believes that over the next decade an increasing number of transformative technology companies will be started outside of the US, and that the founders of those companies will benefit from having a US partner that understands their unique challenges and opportunities and can help them access US networks.