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GIC leads $170m investment in Brazilian sporting goods company Netshoes

9 May 2014

tennis ballsSingapore sovereign wealth fund GIC has led a $170m investment round in Brazilian sporting goods business Netshoes.

The round was also backed by existing shareholders Temasek, Tiger Global, Iconiq Capital and Kaszek Ventures.

GIC Special Investments senior vice president Wolfgang Schwerdtle said, “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.”

The company achieved consolidated net revenues of BRL965m in 2013, an increase of 21 per cent compared to the previous year.

Founder and CEO Marcio Kumruian said, “Last year, we made significant investments in the expansion of our warehouse in Pernambuco, the arrival of reinforcements to the top executive team, and to support the accelerated growth of our operations in Argentina and Mexico.

“We are building a future on solid foundations.”

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