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Brazil’s Netshoes Receives US$170m Investment

6 May 2014

(Reuters) Brazilian online sports goods retailer Netshoes has received a new round of $170 million investment led by Singapore’s sovereign wealth fund GIC.

Other investors include Tiger Global Management, Singapore state investor Temasek Holdings, Iconiq Capital and Kaszek Ventures, GIC said in a statement.

Netshoes is the largest pure play e-commerce company for sporting goods in the world with a presence in Brazil, Argentina, and Mexico, GIC said.

GIC will also have a seat on the board, which is formed by the top executives of the company, members of investment funds and independent advisors such as Paul Tagliabue, the former head of American football’s National Football League.

GIC, one the largest sovereign wealth funds in the world, had announced last month that it had opened an office in Brazil as it looks to increase its investments in Latin America.

Singapore state investor Temasek Holdings Private Ltd [TEM.UL} also has an office in Sao Paolo that it opened in 2008. (Reporting by Saeed Azhar; Editing by Greg Mahlich).