Brazil's startup Contabilizei raises $63 million investment led by Softbank

Aluisio Alves
1 min read
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By Aluisio Alves

SAO PAULO, March 10 (Reuters) - Brazil's online accounting platform Contabilizei raised 320 million reais ($63.23 million) in a funding round led by Japan's Softbank that also included Goldman Sachs and PruVen Capital, the accounting company said on Thursday.

Created in 2013 with headquarters in the southern city of Curitiba, the startup provides accounting services to companies with annual revenue of up to 4.8 million reais and helps them deal with tax bureaucracy.

The investment in new acquisitions and expansion comes about 14 months after Contabilizei concluded another round, also led by Softbank, of an undisclosed amount, to invest in the provision of accounts payable and payroll services.

According to its president and founder Vitor Torres, part of the new resources should go to acquisitions and expansion.

"The investment will also be used to expand the team," said Torres, that currently has about 900 employees. This number is expected to rise to more than 1,300 by the end of the year.

The company, which claims to have more than 30,000 customers across more than 60 municipalities in the country, has recently added physical units to its portfolio, with other six to be opened this year.

Torres declined to disclose the company's current valuation, but said Contabilizei plans to be a listed company in the coming years.

($1 = 5.0612 reais) (Reporting by Aluisio Alves; Writing by Carolina Pulice; Editing by Aurora Ellis)

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