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Riverwood Capital Leads a US$50m Series D Investment in Resultados Digitais (RD Station)

15 August 2019

Riverwood Capital led a US$50m Series D investment in Resultados Digitais, a Brazilian marketing automation platform for small businesses in Latin America, with participation from existing investors DGF Investmentos, Redpoint eventures, TPG Growth and Astella Investmentos. TPG Growth led a US$19m round in 2016. Endeavor Catalyst invested previously.

(Pres Release) RD Station , a leading growth platform for SMBs in emerging markets, today announced a new round of investments (Series D) led by Riverwood Capital. The amount, totaling US$50 million, is the largest funding round raised by a Latin American company in the software-as-a-service (SaaS) industry.

Riverwood Capital joins five other RD Station investors – TPG Growth , DGF Investimentos , RedPoint Eventures , Astella Investimentos and Endeavor Catalyst – to consolidate RD Station’s strong leadership in Brazil and support the expansion to other emerging markets, tapping its unique strengths in acquiring and delivering success to SMBs.

Founded in 2011, RD Station has shown impressive growth so far by hiring more than 700 employees and serving 13,000 customers in 20 countries, while creating a real movement around the company. Its annual conference, RD Summit, attracts more than 12,000 attendees from around the world in the beautiful Florianopolis, a Brazilian island where the company is headquartered and that has become a strong tech hub in the country.

“The new investment is a testament that we’re on the right track for continued growth and that our work has an important economic impact as we develop communities, create jobs and business opportunities. Most SaaS companies in the world ignore the SMBs, especially in emerging markets, due to difficulties with economics. We’ve learned over time that, by educating the market and developing an ecosystem of services and tech partners around our offers, we are able to provide these companies with world-class yet affordable solutions, so that they can grow in a predictable and sustainable manner, ensuring a solid return on investment,” said Eric Santos , CEO, RD Station.

With global expertise and solid understanding of Latin America, Riverwood Capital has a history of supporting the scalability of successful and proven technology companies, such as Druva, GoPro, Nutanix, and Spreadfast, among dozens of others, including a leading franchise in Latin America with investments, such as Globant (IPO in NYSE in 2014) and 99 (sold to Didi in 2018). “We are very excited to join the RD team on its journey to become one of the best software companies out of Brazil and Latin America, helping SMBs leverage digital tools to sell more and scale,” said Francisco Alvarez Demalde , Co-Founding Partner, Managing Partner of Riverwood Capital. “RD Station has enormous growth potential – in Brazil and internationally –, and a history of high performance and a committed team that really caught our attention. We’re confident that this is a company that will create an even greater impact and boost the entire ecosystem,” added Joaquim Lima , Managing Director, Riverwood Capital.

According to Santos, the $50 million investment will support four core pillars of the company’s continued growth:
● Product: Invest in research and development to maintain and evolve the marketing and sales products’ leadership; strengthen the platform and its integration with partners’ applications; and deepen the development of solutions in automation and intelligence using AI and machine learning.
● International Expansion: Reinforce operations in Colombia and Mexico, in addition to the expansion to other emerging markets by replicating the successful business model.
● People: Strengthen and grow the team with the best talent in the market, fostering an environment of collaboration and innovation.
● Customer Experience: Amplify the customer experience with increased investment in education and support for the ecosystem.

In 2018, the company began its expansion into international markets by starting operations in Colombia and Mexico, key markets for the company’s regional growth. Currently, RD Station has more than 600 customers in those markets. Last year the company took another important step by acquiring Plug CRM to incorporate sales into RD Station’s platform.

About Riverwood Capital
Riverwood Capital is a private equity firm that invests in high-growth, middle-market companies primarily in global technology and technology-enabled industries where the use of software, information and digital technologies can contribute to value creation. Riverwood offers a unique combination of operational, strategic, technology, and financial insight to portfolio companies that typically need growth capital and expertise to scale on a global basis. The firm seeks to invest in established businesses with a proven technology and business model, and the proper fit in terms of culture and values, in both minority and control situations. Riverwood has offices in Menlo Park, CA; New York, NY; and Sao Paulo, Brazil. Please visit

About RD Station
Founded in 2011, in Florianópolis, located in the South of Brazil, RD Station is a Latin America leader in software development (SaaS) for medium and small enterprises. Its two products – RD Station Marketing and RD Station CRM – reach more than 13,000 customers in 20 countries. The company has over 700 employees across offices in Florianópolis, São Paulo, Joinville, Bogotá, Mexico City and San Francisco.