Latin American cross-border eCommerce facilitator nocnoc has secured $14m in Series A funding round led by PayPal Ventures, the venture arm of financial technology company PayPal.
The financing round also saw participation from Quona Capital, Mouro Capital, Caravela Capital, Ignia, and Broadhaven.
PayPal Ventures partner Ian Cox Moya said: “We see significant opportunity in cross-border trade, and believe nocnoc is uniquely positioned to help sellers win in Latin America.
“We are thrilled to be supporting nocnoc founders Ilan Bajarlia, Diego Szilagyi and Joaquín Colella, and the rest of the nocnoc team as they grow and expand the business.”
Headquartered in Uruguay, nocnoc helps brands and retailers to sell their products in 15 marketplaces in less than 48 hours without having to create accounts on each marketplace.
The company connects sellers in global markets with Latin America’s eCommerce platforms.
Nocnoc is said to provide an extensive solution to allow sellers to grow their businesses rapidly.
By maintaining product listings across several marketplaces and creating marketing campaigns based on current trends, the firm maximises product exposure.
Besides, nocnoc manages all communications with consumers, last-mile deliveries, cancellations, and returns.
Nocnoc co-founder and CEO Ilan Bajarlia said: “There is no ‘winner takes all’ player, like Amazon or Walmart in the U.S., or Taobao or JD in China. In this sense, listing, managing and selling on all these platforms at the same time is hard and costly.
“Nocnoc obscures this fragmentation by allowing international sellers to quickly and easily grow their sales in Latin America while preserving their ability to focus on their core sales channels.”
The capital from the funding will be utilised to expand Nocnoc’s reach into new markets and create additional sales channels.
Nocnoc aims to bolster its mission to support global businesses to grow and expand into Latin America with the funding.
Furthermore, nocnoc seeks to use the fund to improve its fulfilment solution for retailers as well as expand payments support to provide a safer and more reliable cross-border eCommerce experience for sellers worldwide.