Uruguayan startup NocNoc receives investment from Brazilian giant Olist and other funds

NocNoc, a startup created in 2018 by Uruguayans Ilan Bajarlia, Diego Szilagyi and Joaquín Colella, has just raised capital in a round in Brazil that had as its main investor Olist, a northern seller that a few months ago caught the attention of the Japanese fund SoftBank (it injected 370 million reais, about US$ 66 million).

NocNoc is a platform that connects Latin American marketplaces with brands from China and the USA that are not present in the continent. By optimizing information, logistics, payments, customer service and market intelligence, it allows users in the region to access "cross-border e-commerce," Bajarlia summarized.

After a not very auspicious start to 2020, the partner indicated that in the middle of the year they managed to "take off" in Brazil. Thus, they reached 2021 with a portfolio of globally relevant clients, such as Carrefour Brazil, B2W Digital (Brazil), Frávega (Argentina), Garbarino (Argentina), Mercado Libre (Brazil), Buscapé (Brazil), Mobly (Brazil), Petz (Brazil), Claro, Linio (Peru), among others.

This is precisely what attracted the attention of Olist and other Brazilian funds and led them to invest an amount that, due to contractual confidentiality, cannot be disclosed.

However, in addition to the money, Olist's arrival brings with it a new strategic outlook for the Uruguayan startup. "Their CEO is now on our board and the idea is that they will leverage us, help us grow. It is the largest seller and one of the main e-commerce players in Brazil. It connects more than 20,000 Brazilian sellers with the main marketplaces in the country. In addition to a know-how on how to sell, they have a payment company, a logistics company. Among other areas, we are working with them on how to sell on more marketplaces in that country," said Bajarlia.

But NocNoc will also have its share of contributions. Their experience in the international market will be applied by both companies in other Latin American markets, starting in Mexico, where Olist has already taken the first steps, he added.

Technology and more

In addition to allocating resources to commercial growth by hiring new personnel, NocNoc will earmark funds for innovation, technology and products. For example, it will delve into automated processes for everything from product cataloging to order tracking.

"The overall plan is to triple sales this year, especially in Brazil, and then open new markets. Today Brazil accounts for 60% of sales, Argentina 30% and Peru 5%. In parallel, the plan includes growing the foreign sales base in both China and the US," Bajarlia concluded.

Source: El País