Colombian B2B e-commerce leader OFI announced a successful $5 million Series A fundraising round led by Rise Capital, a global investment firm that supports online companies in emerging markets, and with participation from Velum Ventures, Tinello Capital, Alpha4 Ventures and Endeavor Catalyst.
Founded by Endeavor Entrepreneur Peter Ostroske and Ricardo Parra in Colombia, OFI retails office products including hardware, software and cloud services. Since its inception in 2014, OFI has tripled its annual sales, attracting investors from the U.S., Mexico and Colombia, and leading to its latest, successful $5 million round.
“Over the last three years, OFI has built its reputation on serving small and medium-sized customers in Latin America and is now positioned to become the B2B e-Commerce leader in the region. We are excited to become a part of the OFI story, particularly as the company expands into the Mexican market where small businesses have been largely under-served by traditional providers,” commented Nazar Yasin, Managing Partner at Rise Capital.
The investment round signified a strong vote of confidence for OFI as the company expands into Mexico and continues to position itself in Latin America.
OFI CEO Peter Ostroske commented in a statement: “OFI is determined to become the largest B2B e-Commerce company in Latin America and establishing operations in Mexico is a major milestone toward achieving this goal. In addition, we are very excited to bring on new investment partners as we develop OFI into the preferred destination for corporate buyers in Mexico and Colombia.”
The capital raised will be allocated to expand OFI´s portfolio of products and services, further position the brand, and support OFI´s new operation in Mexico, a country with more than 5 million businesses of which 4.9 million have less than 50 employees (according to the National Statistical Directory of Economic Units, DENUE); a high priority customer segment for OFI as it changes how businesses in Latin America purchase office and technology products online.
About Endeavor Catalyst
Endeavor Catalyst is the innovative co-investment fund of Endeavor, set up to invest exclusively in Endeavor Entrepreneur-led companies and to sustain Endeavor’s long-term operations in a mission-aligned way. Since launching in January 2012, Endeavor Catalyst has raised $35M in philanthropically donated and invested capital, and invested into more than 40 Endeavor companies in 15 countries. To date, Endeavor Catalyst has co-invested alongside a number of leading venture capital and growth equity funds, including Accel Partners, General Atlantic, NEA, Sequoia Capital and Tiger Global. Investments include Globant (NYSE: GLOB) in Argentina; Yemeksepeti.com (acquired by Delivery Hero) in Turkey and Ruma in Indonesia.
Learn more about Endeavor Catalyst by clicking here.