SV Angel, Chamath Palihapitiya, And Others Back Brazil's

337, a e-commerce site in Brazil, has raised a round of funding Tiger Global Management, Monashees Capital, SV Angel, Felicis Ventures, Chamath Palihapitiya and Thrive Capital. This marks SV Angel's and Felicis Venture's first investments in Brazil. The company declined to reveal the amount of the investment. is an e-commerce site that sells all things babies, including toys, strollers, diapers, furniture, clothing and more. The site, which only launched a few weeks ago, is hoping to capitalize on the growth in e-commerce sites in the Brazilian market. in fact, Forrester forecasts the e-commerce industry in Brazil to grow at 18% annually, with total sales expected to reach approximately $22 billion by 2016. The startup was founded by Davis Smith and Kimball Thomas, who previously founded and sold Smith actually spent 13 years living in Latin America, and following business school, quickly saw an opportunity to go back to open an e-commerce business. For now, Smith and Thomas say that their only real competitors in the market are brick and mortar stores, but they are hoping to catch traditional retailers off guard. The site is still young, but is getting impressive traction for only being a few weeks old, says Smith.
Leena Rao

Leena Rao is a Writer at Gigabuzz, focused on covering early-stage startups, especially those with a technology focus and great perks.

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