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Avenida, founded by Alan Kraus and Federico Malek Pascha, is quickly cementing its position as a leader in Argentina’s e-commerce market after a $30 million Series C round led by Naspers and Tiger Global. The round also included participation from Endeavor Catalyst. Set to be the ‘Amazon.com’ of Latin America, the platform has raised $52 million to date.
Avenida launched in 2013 after the entrepreneurs saw that there wasn’t a pure-play e-commerce business, with its own warehouses and in-house logistics system, in Argentina. The two worked for nearly four years at Groupon after the group-deals giant acquired their previous business, Wallooz, and they were eager for a new challenge. The company now reports over 20,000 orders every month and expects its total sales to top $30 million in 2015.
Avenida will use its Series C to improve its technology platform and open more pickup locations in Buenos Aires and smaller cities like La Plata, Rosaria, and Mendoza before expanding in the rest of Argentina. The company competes against traditional retailers that also operate online businesses, but, like Amazon and other e-commerce businesses, is able to offer lower prices and larger inventory because it doesn’t have to pay for a lot of infrastructure. The entrepreneurs joined the Endeavor network in 2015 and have since received critical mentoring services.
“We said, let’s start the Amazon of Argentina, which is the second largest e-commerce market [in Latin America],” says Malek. “Providing good customer service is how we build confidence in the public in Argentina and break the barrier, so more people move from brick and mortar to online shopping.”
Read more about the news in TechCrunch.
About Endeavor Catalyst
Endeavor Catalyst is a passive co-investment vehicle that allows Endeavor Global to invest in Endeavor Entrepreneurs in a neutral, unbiased way. The main goal of this program is to use the returns of the investment to support Endeavor’s operations. The fund also contributes to Endeavor’s mission as it promotes professional third-party angel and venture capital investors to take a stronger interest in emerging market investment opportunities. Learn more about Endeavor Catalyst by clicking here.
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