Tiger Global led a US$30m Series D investment in ContaAzul, with participation from Endeavor Catalyst. Ribbit Capital led the company’s previous R$20m round in 2015 with participation from monashees+, Tiger Global, Valar Ventures and 500 Startups.
(PRNewswire) ContaAzul, a pioneer and leader in Cloud Accounting Platforms in Brazil, announced today a new round of equity investment of approximately US$ 30 million led by Tiger Global Management, a New York-based investment firm. ContaAzul, a Brazilian startup founded in 2011, provides an innovative, modern and easy-to-use online management system tailored to the needs of small companies and their accountants.
With the transaction, Tiger Global – which first invested in ContaAzul in 2015 – is now expanding its stake in the company. Classified as Series D, this is the largest round of equity investment received by ContaAzul. Endeavor Catalyst, an investment fund linked to the Endeavor entrepreneurial network, also participated in the round. Terms of the agreement were not disclosed.
Leader in the Cloud Accounting Platforms in Brazil, ContaAzul will use the funds raised to accelerate its growth plans, seeking to double in size in 2018. The company’s growth strategy is focused on expanding its platform, aiming to improve the collaboration between small businesses and their accountants. Additionally, the company plans to enhance its connection capabilities with banks, apps, fintechs and government institutions. The funding will also enable ContaAzul to develop a bigger national footprint and further establish itself as the partner of choice for accountants that provide services to small businesses.
“Our purpose is to drive the success of small businesses. ContaAzul is a platform that allows business owners to organize and gain control over their businesses, as well as being able to work in an integrated environment with their accountants, eliminating rework, paperwork and other bureaucracies that have always hampered that relationship”, said Vinicius Roveda, Co-founder and CEO of ContaAzul. “Having accountants and business owners working together on the same platform is unprecedented in Brazil, driving better organization for business owners and greater productivity for their accountants. As a consequence, accountants gain the access and tools needed to realize their potential as financial and strategic advisors to their small business customers”.
Roveda said that Tiger Global’s support has been instrumental in supporting the growth of ContaAzul. “We are very pleased to count Tiger Global as one of our key backers and believe the firm’s support will be instrumental as we enter the next phase of accelerated growth.”
ContaAzul (www.contaazul.com) is a Brazilian company founded in 2012 that offers an innovative cloud management system for small businesses. ContaAzul was one of the first companies accelerated by 500Startups, a business acceleration program based in Silicon Valley (US). Subsequently, ContaAzul has drawn the attention of numerous investors, including Tiger Global and others. In 2014, it was among the 10 most innovative companies in Latin America, in a selection made by Fast Company.
About Tiger Global Management, LLC
Tiger Global Management, LLC is an investment firm that deploys capital globally. The firm’s fundamentally oriented investments focus primarily on the global Internet, software, financial technology, consumer and industrial sectors. The private equity strategy has a ten-year investment horizon and targets growth-oriented private companies. Such investments have included Spotify, Harry’s, Warby Parker, Peloton, JD.com, Facebook, LinkedIn, Yandex, Mail.ru Group, Despegar, Ola and Flipkart. The public equity efforts emphasize deep due diligence on individual companies and long-term secular themes. Tiger Global Management, LLC was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Singapore, Bangalore and Melbourne.