SAO PAULO (Reuters) - Softbank Group Corp said on Friday its Latin American fund is investing 580 million reais (8 million) in e-commerce software provider VTEX, together with Brazilian funds Gavea Investimentos and Constellation Asset Management.
VTEX provides e-commerce support in Latin America for clients including cosmetics brand Boticario, cellphone maker Motorola (NYSE:MSI) and appliance maker Electrolux.
Its founder and CEO, Geraldo Thomaz, said in a statement that the proceeds will be used to expand research and development, including new artificial intelligence software for e-commerce.
The investment is the latest in a series of bets on Latin American technology startups from Argentina to Mexico by SoftBank's billion fund dedicated to the region.
In addition to the three new investors, Riverwood Capital, which first invested in VTEX in 2014, continues to be a shareholder, the companies said.
