New Brazilian e-commerce player Basico has raised US$500,000 for seed funding. The company will now set out to stake its claim as Brazil’s leading online-only luxury basic apparel brand.
The round was led by Initial Capital, the Brazilian/Israeli VC fund that has proven a major proponent of Brazil’s startups as of late.
The fund has previously backed Pitzi and Samba Ads, and Roi Carthy, Managing Partner at Initial, has headed the Brazilian Pavilion initiative at TechCrunch Disrupt in both San Francisco and New York. Brazilian angel investor Guilherme Soarez participated alongside Initial Capital in Basico’s seed round.
Alexandre Veiga, CEO of Basico, told TechCrunch that the company will put the funds towards its impending public launch, which will include t-shirts, polo shirts, tank tops and underwear. Production will take place in Peru. “The idea is to have always the best raw natural materials . . . worked by the best factories in the world,” Veiga said.
Though the market for online premium basics is wide open in Brazilian e-commerce, that may not remain the case for long. Companies like Bonobos, Frank & Oak and Everlane could take their operations international, thus causing a stir for Basico. And the company can’t overlook other local players, like 21212’s Monograme, which is in the process of initiating operations in the same space.