SoftBank-backed MadeiraMadeira raises $190 mln in new funding round

SAO PAULO, Jan 7 (Reuters) - Brazilian online home goods platform MadeiraMadeira has raised $190 million in a new funding round that valued it above $1 billion, the company said on Thursday.

Existing investor Japan’s SoftBank Group Corp and Dynamo led this fifth funding round, which also included Flybridge, Velt Partners, Brasil Capital, Lakewood Capital and Monashees.

The company will use the proceeds to expand the business as sales outpaced expectations last year after the coronavirus pandemic boosted online shopping, CEO and co-founder Daniel Scandian said in an interview with Reuters.

Still, MadeiraMadeira also plans to open additional brick-and-mortar stores, increasing its physical footprint. Currently, the company has nine stores.

Scandian said MadeiraMadeira would launch new own-brand products in its stores to add to the 400 currently available, while also eyeing international expansion. (Reporting by Aluisio Alves Writing by Carolina Mandl Editing by Mark Potter)