Morrison & Foerster advised SoftBank Latin America Fund in connection with the Series C US$50 million financing round in GAIA, an e-commerce platform for the sale of furniture and design accessories in Mexico.
GAIA will use the funds to launch a marketplace where it will be able to showcase its more than 300,000 products, in addition to improving its current technology and operational infrastructure. It also plans to use the capital to expand its logistics infrastructure in Mexico City and the 40 largest cities in Mexico by opening several regional distribution centers, further developing its e-commerce ecosystem, and expanding its product portfolio and service offering.
Launched in 2019, SoftBank Latin America Fund is the largest technology fund focused exclusively on the fast-growing Latin American market. The US$5 billion Fund works with a variety of companies and entrepreneurs to accelerate tech-focused innovation and define the future of Latin America.
MoFo also recently advised SoftBank Latin America Fund on a joint venture with WeWork, the leading flexible space provider, that provides SoftBank Latin America Fund with exclusive rights to the WeWork brand in Argentina, Brazil, Chile, Colombia, and Mexico.
The MoFo team representing SoftBank Latin America Fund was led by Miami corporate partners Randy Bullard (also co-chair of MoFo’s Latin America Desk) and Juan Delgado, and associate Axel Miranda.