RC Law acted as counsel for Falabella Ventures in connection with the acquisition of an equity interest in Simetrik’s $55 million funding round led by Goldman Sachs. Falabella Ventures is the venture capital arm of Falabella, a major multinational company known for its retail, real estate, financial services, and home improvement sectors. Senior Associate Ignacio C. Furfaro led the transaction and was supported by an RC Law team based in its Miami office.
Press Release: Reuters
LatAm’s Simetrik raises $55 million in Goldman Sachs-led funding round
Feb 21 (Reuters) – Colombian-founded Simetrik, a startup offering business-to-business services to streamline complex financial tasks, raised $55 million in a funding round led by Goldman Sachs (GS.N), which two executives said will be mainly used to boost activity beyond the region.
Simetrik’s financial and accounting services are aimed at companies that make more than $150 million in sales every year and currently handles close to $150 billion in transactions annually, the startup’s Chief Executive Alejandro Casas and Chief Operating Officer Santiago Gomez told Reuters in a video interview.
The company operates in over 35 countries, but 80% of its workforce is located in Latin America.
Simetrik has smaller-scale operations in Asia and Africa due to the global reach of such clients as U.S.-listed dLocal (DLO.O), and it is now seeking to expand further.
“One of the reasons Goldman Sachs invested in us is due to our global reach. We already have clients with operations in Asia, Africa and Europe, and we are implementing an aggressive expansion as we have already proven our model works everywhere,” Simetrik’s Casas said.
Falabella Ventures, Endeavor Catalyst and MercadoLibre fund are among the other investors in Simetrik’s Series B round. The company declined to say what total value was implied by the latest fundraising round.
Mexican bottler and retailer Femsa (FEMSAUBD.MX), Brazilian bank Itau Unibanco (ITUB4.SA), and Argentina’s MercadoLibre (MELI.O) are among the startup’s clients.
Source: LatAm’s Simetrik raises $55 million in Goldman Sachs-led funding round | Reuters