Elenas Raises $20M, Cheering More Latin American Women to Sell Online

October 12, 2022 By Fakun Gram

(Image Credit Google)

According to reports, Elenas, a social commerce network located in Colombia, earned $20 million in Series B funding after gaining $6 million in Series A. This came after the company received $2 million in successful seed fundraising in 2020. As a result, the total amount of money earned now exceeds $28 million. Zach Oschin, the CEO of The New Investment, didn't go into detail, although he did say that Elenas had a higher valuation than in the prior round. Additionally, the company's revenue has multiplied more than five times between rounds. Also Read: Towards 6G in US: The country may not be ready to evolve to the next G DILA Capital, FJ Labs, Endeavor Catalyst, the IDB Lab of the Inter-American Development Bank, Broadhaven Ventures, Mercado Libre, Grupo Bolivar, and Leo Capital all contributed to the funding of this new business. Elenas Raises $20 Million

Alejandro Diez Barroso, managing partner at DILA Capital, claims that Elenas is reinventing the industry by enabling millions of people in the region to sell thousands of items through its digital catalogue. Oschin expected that Mexico would surpass Colombia as the company's biggest market within the ensuing year due to its population, which is three times that of the latter country. In Mexico, the business has already established a "profitable and sustainable growth strategy." Since it launched in Mexico in 2021, Elenas claimed that it took Colombia two and a half years to experience the same degree of growth as Mexico, which means that Mexico currently represents more than a third of its income.

By Fakun Gram

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