The e-commerce startup that provides financing for direct-to-consumer businesses in Latin America raised $225 million in a Series B funding this week, valuing the company at nearly $850 million.

Earlier this year, the accelerator with dual headquarters in Sao Paulo, Brazil and Mexico City, Mexico, secured $100 million in debt financing and $60 million in seed funding.

Sujay Tyle, co-founder and CEO of Merama said in a statement that the investment was “a strong affirmation of Merama’s business model, momentum and the size of the market opportunity.”

Since its creation in December 2020, the company has acquired stakes in 20 brands across Latin America, including beauty and personal care brands.

Latin America’s tech sector has been attracting leading global investors over the past year, in particular firms that power SMEs. One of the most recent investments was Mexican fintech provider Konfío, which raised $110 million in a Series E investment from Soft Bank, one of Merama’s major investors. The company, which specializes in helping small businesses secure loans, raised a total of $235 million, following its $125 million raise in June. Konfío became Mexico’s fourth unicorn with a $1.3 billion valuation.

In June, Brazil-based, payment processing company Ebanx received an injection of $430 million from Advent International, another one of Merama’s leading investors. The company, which is said to be eyeing an IPO for 2022 and boasts clients such as AliExpress, Airbnb, Pipedrive, Spotify, Uber and Wish, hit a billion-dollar valuation in 2019.

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