Who says startup capital has to come from abroad? Certainly not the people at Amo Muito. Brazilian VC fund Ideiasnet has just announced the acquisition of a minority stake in the online retail store for women.
Headquartered in Rio de Janeiro, Amo Muito was founded two years ago. It focuses on digital commerce in women’s accessories and new trends in fashion, even offering its own line of products.
Vanessa Caldas, CEO of Amo Muito, discussed how the investment will be used:
The investment came at a very important time for the company. It will help us to structure and grow the business and enable us to take advantage of the opportunities in this booming marketplace. We are an important player in the accessories segment in the Brazilian market and with Ideiasnet we will expand our reach and invest for the future.
The investment is also highly meaningful for Ideiasnet, which last month announced the opening two new funds worth US$150 million, the capital for which is being raised now. Moving forward, the fund will continue to invest in fast-growing technology companies, striving towards a more dynamic management of its portfolio.
This article previously stated that Ideasnet had closed its investment funds; however, it is currently in the process of raising capital. The information has now been corrected.