Mexico’s Clara secures $60m in equity funding round led by GGV Capital
Clara, a corporate spend management platform operating in Latin America, has secured $60 million in an equity funding round led by GGV Capital.
Clara lands $60m funding
Along with the investment, GGV Capital’s managing partner, Hans Tung, will also join Clara’s board of directors.
The round also saw participation from new investors Acrew Capital, Citius, Citi Ventures, Endeavor Catalyst, Ethos, Commerce Ventures, Goanna Capital, Bayhouse Capital, Fluent Ventures, and LAGO Innovation Fund. Existing backers Monashees, Coatue, Picus Capital, DST Global Partners, Alter Global, and General Catalyst also took part, along with “over a dozen” angel investors.
The fresh funding comes a little over a month since Clara secured up to $90 million in debt financing from Accial Capital.
With the new money, Clara plans to boost the development of its platform, grow its engineering and product teams, and solidify its presence in the Latin American market. The firm has also made five new appointments to its executive team.
Meta’s former engineering manager Raquel Hernandez joins the company as vice president of engineering, and former Nubank executive Eduardo Moore joins as director of product for Clara Brazil.
Alberto Ramos and Nicolas Caccaviello have been named director of operations and revenue and director of fraud and acceptance, respectively. Former chief credit officer at American Express, Tina Reich, also joins the firm as board observer and risk advisor.
With the latest investment, Clara claims to have raised a total of $160 million in equity funding since it began operations over two years ago. The firm says around 10,000 Latin American companies now use its spend management solutions.
