Brazilian trading platform ZAX raises $ 6 million in funds
Brazilian business-to-business (B2B) trading platform ZAX has raised $ 6 million in Series A funding round led by Atlantico, with participation from FJ Labs, Caravela Capital, GFC and Canary, bringing capital The startup’s total raised to $ 8.3 million, TechCrunch reported. .
With the aim of developing a platform to bring together freight, delivery and payments while connecting buyers with sellers, ZAX initially launched as a wholesale apparel platform before expanding. to include shoes, electronics, toys, accessories and beauty items.
Launched in SÃ£o Paulo in 2019 by Bruno Ballardie, who is CEO, and Fernando Zanatta, CTO (CTO), the company strives to surpass the Brazilian market by 2.4 trillion reais ($ 445.6 billion) and develop in Latin America.
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âWe saw a huge opportunity to help people make a great business,â Ballardie said. âThe market was lagging behind – there’s only 7% e-commerce penetration, and in the wholesale industry it’s 1% or less. The whole area was underdeveloped in terms of logistics, payments and product discovery, so we created a tool for that.
The startup is currently working with more than 700 suppliers. Since March 2020, the company has seen its revenue increase 10 times as more than 50,000 buyers accessed the platform. ZAX employs 65 people.
The new injection of capital will be used to grow in two additional regions in Brazil and hire more talent in technology and product development. ZAX is also considering opportunities in financial services and testing buy-now and on-payment initiatives while seeking financial partners to provide working capital to its clients.
Currently, ZAX is expanding a 30 day capital line and point of sale (POS) system with tracking plans for a digital wallet and other payment tools.