In another example of venture capital’s growing interest in Brazil, Intel Capital has announced that it has invested an undisclosed amount in ELike.
ELike is the development company behind My Shopping, a Facebook application that lets retailers operate virtual stores. It helps merchants market and sell their products on Facebook, as well as connect with consumers.
On My Shopping, dozens of brands are aggregated onto one platform. Customers can peruse the store, create shopping carts and wish lists, and make purchases. They can also like and share their activity with friends, receive promotions, and make recommendations.
In brief, My Shopping brings together social media with e-commerce.
While many American businesses are operating in this space, My Shopping operates solely in Brazil with Brazilian brands. The company seeks to capitalize on the country’s growing popularity of social media networks and online shopping, as well as on the country’s emerging technology scene. It already has more than 70,000 users.
In February, Intel Capital put money towards two Brazilian fashion e-commerce sites, Coquelux and Fashion.me. Clearly, the team believes this market is about to explode. Or someone at the firm has a deep and abiding love for Brazilian style. Whatever the case, the fad of investing in fashion e-commerce is going global, and Brazil could be the next big hub for style startups.
Other investors are beginning to take notice of Brazil’s burgeoning market as well. In the past month alone, VC firm Redpoint eVentures established the first ever dedicated fund to the region, and Brazilian company Realtime raised $100M from a local venture firm.
Intel Capital dedicates over half of its funds to companies outside of North America and over the years has made 25 investments in Brazil. With this funding, ELike will strive to add more brands to its platform and develop resources to help them get the most out of their social media presence.
ELike was founded in 2011 by Flavio Berman, Tatiana Albuquerque, and Raphael Lassance in Rio de Janeiro.