(Bloomberg) SoftBank-backed 2TM Participacoes SA has raised $50 million as it seeks to expand its offerings in the rest of Latin American markets.
2TM financiers included US private equity 10T Holdings which focuses on digital firms and San Francisco venture capital fund Tribe Capital. Brazilian venture firm PIPO Capital Gestao de Investimentos Ltda, Endeavor Brasil, and TC Traders Club SA also participated.
The company will use the funds to launch new products and support expansion in countries that include Argentina, Mexico, Chile, and Colombia.
Co-founder, Gustavo Chamati, says the funding comes after a lot of convincing about the company’s potential in Latin American markets.
The Brazilian crypto unicorn aims to become the leading provider of blockchain technology in Latin America and targets another round of investment before listing in public markets.
2TM was valued at $2.15 billion in July in a $200 million capitalization launched by SoftBank in Latin America. The company has acquired several Brazilian companies, raising the total number to 700 in 2021 from 200.
