Netshoes, the Brazilian online sports goods retailer, has received a new round of US $170 million investment led by Singapore's sovereign wealth fund GIC.
Other investors include Tiger Global Management, Singapore state investor Temasek Holdings, Iconiq Capital and Kaszek Ventures, GIC said in a statement.
“We are very excited to back an outstanding management team and feel
privileged to partner with a stellar group of investors with deep
experience in the technology and e-commerce space,” Wolfgang Schwerdtle,
senior vice president at GIC Special Investments, said in the joint
statement. “We believe that Netshoes is one of the strongest e-commerce players in the world,” he added.
Founded in 2000 by Marcio Kumruian, Netshoes started with one store in the city of Sao Paulo. It
launched the first sporting goods online store in Latin America two
years later, and is now present in Brazil, Argentina and Mexico.
GIC will also have a seat on the board, which is formed by the top executives of the company, members of investment funds and independent advisors such as Paul Tagliabue, the former head of American football's National Football League.
