The Ontario Teachers’ Pension Plan has backed The Dafiti Group with $70m, which is the largest investment received by the Latin American fashion e-commerce company.
The Canadian pension fund’s investment brings Dafiti’s fundraising total to $255m. other major investors in the company, which was launched two years ago, include JP Morgan, Quadrant Capital Advisors and Mexico’s Leon Group.
Dafiti currently operates in Argentina, Brazil, Chile, Colombia, and Mexico. In Brazil, the company has more than 800 brands and 100,000 apparel, shoes, accessories, beauty, home and décor products.
Brazil’s e-commerce sector is expected to grow 25 per cent this year after adding 10m new e-consumers in 2012, according to eMarketer. By 2015, 39 per cent of internet users, or 31.6m people, will have made at least one purchase online.
Senior vice-president of public equities at Ontario Teachers Wayne Kozun said, “Supported by a growing middle class, huge consumption potential and significant growth in online and mobile access, Dafiti is well positioned to succeed in online retail in Brazil and Latin America.
“We look forward to partnering with Dafiti’s successful management team.”
Dafiti raised a $60m round led by Quadrant Capital Advisors in December last year.
Copyright © 2013 AltAssets