Fresh Capital will Accelerate Expansion into New Markets to Provide the most Efficient and Affordable Shipping Services for Businesses in LatAm
MEXICO CITY, May 23, 2022--(BUSINESS WIRE)--clicOH, the tech-enabled provider of ultrafast shipping for businesses in LatAm, today announced it has closed $25 million in Series A funding. The round, which was led by Tiger Global, with participation from JAM Fund, will support rapid expansion into new markets as the company continues to revolutionize logistics infrastructure throughout the region.
Founded in 2018, clicOH operates in Argentina, Mexico, Chile and Uruguay. The financing will support clicOH’s expansion into Colombia and new product launches aimed at enhancing the sellers’ experience. Previous investors, including Flexport, FundersClub and Vast VC, also participated in this round. Since inception, clicOH has secured a total of $33 million in funding.
"Logistics capabilities throughout Latin America have long been burdened by local infrastructure challenges including lack of tech-enabled infrastructure and population distribution conditions, limiting the ability for global delivery companies to operate here," said Agustin Novilllo Saravia, co-founder and CEO of clicOH. "Now, through technology and an integrated network of industry partners, clicOH enables e-commerce businesses to efficiently and securely ship goods across the region, and at much lower costs than the revenue share of large marketplaces."
E-commerce in LatAm is the most underpenetrated but the fastest growing region in the world. clicOH’s proprietary technology is accelerating LatAm’s digital commerce by allowing sellers to track shipments in real time through a dashboard with key indicators and traceability. This year to date, the number of packages clicOH is processing continues to grow at around 30 percent month-over-month.
"Our diligence suggests Clicoh is materially improving shipping times for their customers. We are excited to partner with Agustin and the team as they expand to more markets in LatAm," said Scott Shleifer, partner, Tiger Global.
clicOH was founded in 2018 with the mission to help e-commerce businesses grow and, regardless of size, deliver with the same standards as Amazon. clicOH’s tech enables us to understand the consumer behaviors to store the inventory very close to the demand and speed up our shipping times, while our asset light business model allows us to penetrate 100% of the countries in which we operate. clicOH operates throughout Latin America, including Argentina, Mexico, Chile, Uruguay and Colombia. clicOH is a Y Combinator alumni (2021).
For more information visit https://clicoh.com.
About Tiger Global
Tiger Global is an investment firm focused on private and public companies in the internet, software, and financial technology sectors. Since 2001, Tiger Global’s venture business has invested in hundreds of companies ranging from Series A to pre-IPO. The firm aims to partner with dynamic entrepreneurs operating market-leading companies in its core focus areas. Tiger Global’s investments have included Stripe, Shein, Bytedance, Meta (formerly Facebook), LinkedIn, Spotify, Flipkart, and Toast. https://www.tigerglobal.com/
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