Venture Capital firms Kibo Ventures and PeopleFund led a US$5m Series A in cross-border e-commerce company iguama.
(PR Newswire) MIAMI, Jan. 12, 2017 /PRNewswire/ — iguama, the fastest growing leader in cross-border e-commerce serving Latin America, today announced a US$5m Series A financing round led by technology venture capital firms Kibo Ventures and PeopleFund.
The company provides consumers in Latin America access to U.S. retail brands typically not available for purchase in local malls. Founded in 2014, the company is the first cross-border e-commerce shopping club where members receive competitive pricing on popular U.S. merchandise, exclusive deals, promotions, and savings on purchases from renowned merchants such as Nordstrom, BCBG, Target, Overstock, Juicy Couture and more. All local customs, taxes and shipping are handled by iguama, removing international barriers from customers and providing a seamless shopping experience.
“We are very excited to join forces with Kibo Ventures and PeopleFund,” said Diego Fernandez, co-founder and CEO of iguama. “We are committed to expand our cross-border e-commerce platform to the rest of Latin America and eventually Europe as well.”
“iguama has assembled a very unique and experienced team in technology, e-commerce and cross-border logistics,” said Matias de Tezanos, co-founder and CEO of PeopleFund. “Cross-border e-commerce is becoming more and more relevant and Latin America is still an underserved market; iguama is very well positioned to become a very important and successful player in the region.”
“iguama’s cross-border e-commerce technology provides tremendous value to millions of Latin American shoppers looking to access the best U.S. merchants and get delivery of their purchases to their door,” said Aquilino Peña, co-founder and Managing Partner of Kibo Ventures. “We look forward to working closely with the iguama team and supporting them in their vision of growing their brand and reaching millions of consumers in Latin America and Europe.”
The company recently announced that Weihua Yan, an experienced e-commerce leader, has joined the company as Chief Technology Officer. Mr. Yan was previously co-founder and Chief Technology Officer of diapers.com, an e-commerce company acquired by Amazon.