Clara, a Brazilian spend management company, has recently had a $60 million equity round led by GGV Capital. The company that launched in 2021 provides an array of financial solutions and has grown rapidly, currently serving 10,000 businesses in Latin America and having an annual run rate of $1 billion.
Clara is largely based in Brazil, Mexico, and Colombia and was first funded by a $3.5 million pre-seed funding in 2021 and prior to that gained $30 million in funding with General Catalyst and a $50 million revolving credit line. In 2021 they raised $70 million in Series B funding led by Coatue and also have commitments of up to $150 million in credit from Goldman Sachs and $90 million from Accial Capital.
Ever since their launch, Gerry Giacomán Colyer the Clara’s co-founder and CEO has been leading their charge. He recently announced $60 million in investments from Acrew Capital, Citius, Citi Ventures, Endeavor Catalyst, Ethos, Commerce Ventures, Goanna Capital, Bayhouse Capital and Fluent Ventures as well as existing investors monashees, Coatue, Picus Capital, DST Global Partners, Alter Global, General Catalyst and angel investors.
The funds are to be used to grow Clara’s industry teams and technology development as well as their leadership team. The new investment supplements Clara’s previous $160 million in total equity financing for which their valuation had reached $130 million in May 2021.
Clara additionally announced that GGV Capital managing director Hans Tung would be joining their board of directors. Clara will use their finance its development of Pix, an instant payment method as well as artificial intelligence applications to further understand customers’ transactional profiles.
For the remainder of the year, Clara has high expectations of seeing their month-over-month growth ranging between 25%-40%.
This is big news for Clara, Latin America, and financial technology alike. The collective hard work is paying off for Clara exponentially, and hopefully the momentum continues for further growth.
