Nocnoc, which facilitates cross-border e-commerce between Latin American merchants and global sellers, raised $14 million in Series A funding.
PayPal Ventures led the round and was joined by Mouro Capital, Quona Capital, Caravela Capital, Broadhaven and Ignia. This gives the company $22 million in total venture-backed funding to date.
Ilan Bajarlia, Joaquin Colella and Diego Szilagyi started nocnoc in 2018 to enable businesses to sell in Latin America through 16 marketplaces with a potential reach of nearly 500 million consumers, CEO Bajarlia told TechCrunch.
The company is headquartered in Uruguay with offices in Brazil, Mexico, Argentina, Colombia, China, and Spain.
Online merchants upload their product catalog to nocnoc’s platform and then can start selling on marketplaces, including Amazon, Mercado Libre, Americanas, Carrefour, Walmart, Magazine Luiza, and Coppel. Nocnoc manages the product listings across all of those marketplaces and creates marketing campaigns for the products.
The company also handles communication with consumers, delivery logistics, cancellations, and returns.
When it comes to payments, nocnoc typically pays sellers every 15 days, in their local currency, even if the product has not yet made it to the buyer. This is compared to the 40 to 50 days that sellers typically wait to collect payment for a sale, Bajarlia said.
Nocnoc’s concept has caught on. The company introduced over 180,000 exclusive products to the region from more than 1,200 international sellers. In the past 12 months, gross merchandise volume grew 3x amid the company adding seven new marketplaces, expanding in Mexico, Colombia, and Chile. All of that has made nocnoc “[become] the largest cross-border store in Latin America,” Bajarlia said.
The new funding will go toward helping its business and its customers grow and expand into Latin America.
New features will include additional fulfillment centers and an “Advanced Payments” product that will pay sellers even faster, an average of three to five days, with cancellations and returns covered.
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