There is something of a baby boom going on in Brazil’s burgeoning e-commerce sector.
Baby, which is based here, has secured $16.7 million in additional financing to increase its online baby and maternal product business.
Accel Partners led the round, which was stretched out over several months. Tiger Global also participated in the round, which was a follow-on investment for the firm.
While these two firms closed a previous round in February, additional investors — the Valor Capital Group, Menlo Ventures, Greenoaks Capital Management and Chamath Palihapitiya — joined the round’s final phase, which closed last week. Mr. Palihapitiya also invested in the company’s initial round.
The new investment comes on the heels of Baby’s main competitor Bebestore, also based here, recently closing additional financing from Atomico, the London-based venture capital firm started by a Skype co-founder, Niklas Zennstrom.
Bebestore co-founder Leonardo Simão would not disclose the size except to say it exceeded $10 million. It was a follow-on investment to the $3 million Atomico made in the company last December.
Even with Brazil’s overall economy slowing — growth forecasts continue to drop — e-commerce still lures investors, encouraging the country’s start-ups press on.