GIC leads $170m investment in Brazil's Netshoes

The round also included the founders and existing backers Tiger Global Management, Temasek Holdings, Iconiq Capital and Kaszek Ventures.

Founded in 2000, Netshoes claims to be one of the largest e-commerce players for sporting goods globally. The business began with one store in São Paulo before launching an online store covering the whole of Latin America two years later.

Today, the business is completely online and also operates the official online stores of the Brazilian national football team, Ultimate Fighting Championship, National Basketball Association, National Football League, and number of other major sporting brands and football teams.

The new capital will be used to strengthen the company's capital structure and maintain its focus on innovation and growth.

"We believe that Netshoes is one of the strongest e-commerce players in the world. We are very excited to back an outstanding management team and feel privileged to partner with a stellar group of investors with deep experience in the technology and e-commerce space", said Wolfgang Schwerdtle, senior vice president with GIC Special Investments, in a statement.

In 2013, the company achieved consolidated net revenues of BRL965 million ($436 million), an increase of 21% compared to 2012.

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• Topics
• Technology
• Consumer
• Expansion
• GIC Private
• LatinAmerica
• Growth capital
• Temasek Holdings
• Consumer
• Technology