MoFo News Item

MoFo Advises SoftBank on Series D Investment in Leading e-Commerce Platform VTEX, at Unicorn Valuation

02 Oct 2020

Morrison & Foerster represented SoftBank Group Corp. in connection with the recently announced Series D US$225 million investment round in VTEX. Other investors in the round were Tiger Global, Lone Pine Capital, Constellation, and Endeavour Catalyst.

Hailing from Brazil, VTEX is a leading e-commerce platform serving global brands and retailers in 28 countries. The company’s innovations include a patent-pending passwordless checkout called SmartCheckout™, an architectural network of microservices to seamlessly deliver continuous updates, and the company’s VTEX IO serverless development framework that enables clients to develop scalable, production-ready web applications for global commerce without infrastructure complexity.

The new funding takes VTEX to unicorn status with a valuation of US$1.7 billion, and a total funding of US$365 million. The funding included a US$140 million venture round led by SoftBank’s Latin America Fund last November.

MoFo’s Latin America corporate team previously represented SoftBank in its earlier investments in Brazil, including real estate leasing company QuintoAndar, bus charter online booking service Buser, data science company Cortex, and IDTech pioneer in ID protection solutions Acesso Digital.

The MoFo deal team is led by Miami-based Latin America Desk co-chair Randy Bullard and corporate partner Juan Delgado, together with corporate associate Julia Danforth.



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