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The company will put the money to work expanding its Latin American base.
Brazilian online apparel retailer Dafiti has secured $65 million in new financing from a trio of Boston, New Jersey and Swedish investment banking firms.
Dafiti, No. 34 in the Internet Retailer 2012 Top 300 Latin America, will receive $32 million in funding from Quadrant Capital Advisors, a Fairfield, NJ, investment banking firm, and additional undisclosed amounts of funding from Summit Partners, based near Boston, and Stockholm-based AB Kinnevik.
Dafiti, which is based in Brazil, will use the new funding to expand in its core market and in surrounding Latin American countries such as Argentina, Chile, Colombia and Mexico where it already has established web stores. “Led by Brazil, Latin America is one of the fastest-growing regions in the world,” says Dafiti co-founder Philipp Povel. “As Brazil's leading fashion online retailer, with strong operations in Colombia, Mexico, Chile and Argentina, Dafiti is uniquely poised to take advantage of this growing market.”
Dafiti was launched in January 2011 and generated Internet Retailer-estimated web sales of about $88.4 million in its first year of operation. The retailer carries an online inventory of more than 80,000 products.
The company also is drawing significant amounts of capital from international investors. Dafiti’s initial $50 million in funding was provided by Rocket Internet, a Berlin-based investment company, and another $45 million came from JP Morgan Chase & Co. in New York.
Alejandro Santo Domingo, managing director of Quadrant Capital Advisors, echoed the sentiment, saying, “We have been impressed with the success Dafiti has achieved in less than two years, driven by its commitment to operational excellence and customer satisfaction. For these reasons and others, we believe the company is well-poised to go from strength to strength, not just in Brazil, but throughout Latin America.”