End-to-end spend management solution for LatAm firms Clara has scored $60m in a recent round of equity financing.
The round was led by GGV Capital. In addition, GGV Managing Partner Hans Tung will join the company’s Board of Directors.
New investors to the round included Acrew Capital, Citius, Citi Ventures, Endeavor Catalyst, Ethos, Commerce Ventures, Goanna Capital, Bayhouse Capital, Fluent Ventures, and LAGO Innovation Fund. Existing early investors including monashees, Coatue, Picus Capital, DST Global Partners, Alter Global and General Catalyst also took part.
Today, about 10,000 companies in Latin America are using Clara’s product suite to automate and simplify their daily operations, while taking advantage of its spend management software that provides real-time reports for better financial decision-making.
Clara claims it exists to empower customers by simplifying an otherwise complex topic – spend management – such that it becomes one less thing to think about. So that companies can focus all their energy on unlocking their true value and unleashing their competitiveness.
The additional capital will be used to boost the technological development of its spend management and payment platform and consolidate its market leadership throughout Latin America. Clara is also deepening its leadership bench with new executive hires across its engineering, product, and risk functions.
Clara CEO and co-founder Gerry Giacomán Colyer said, “GGV Capital is one of the world’s great venture investors, with a truly global mindset since inception. Hans, in particular, has been an ally to some of the greatest success stories of our generation. We jumped at the opportunity to welcome him to our Board.”
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