Limeira- KaBuM!, the leading independent Brazilian online retailer of consumer electronics and technology goods, today announced a minority investment led by Insight Venture Partners. The funds will be used to accelerate growth within Brazil, as well as fuel expansion to neighboring markets in South America. As part of the transaction, Nnamdi Okike, a vice president at Insight Venture Partners will join the Board of Directors, along with co-founder and chief executive officer, Leandro Ramos. "We are pleased to announce our partnership with Insight in this rapidly growing market and to secure an investment that will enable us to build additional inventory, deepen our catalog of products and improve customer service," said Leandro Ramos, co-founder and CEO of KaBuM! "We are aggressively growing in Brazil to strengthen our leadership position and already planning KaBuM!s expansion into neighboring geographies."
Since founding in 2003, KaBuM! has quickly grown to be Brazil's largest independent e-commerce provider of technology goods, including computers, computer components, and other consumer electronics. The business has a strong focus on direct consumer sales, servicing more than 600,000 users, as well as a growing small-medium business division that currently supplies over 25,000 businesses across the country.
"KaBuM! is one of the fastest-growing online retailers that we have seen. We believe that KaBuM! has the ability, the team, and the strategy to be the leader in Brazil and other South American markets," said Nnamdi Okike, Vice President at Insight Venture Partners.
KaBuM! uses its proprietary price comparison engine to obtain competitive prices on its inventory, passing savings of up to 30% on select goods to its consumers. KaBuM!'s team of 130 employees based in Limeira, Brazil provide next-day shipping and nationally recognized customer support. KaBuM! was also recently recognized in Brazil's INFO Exame magazine as the 15th best rated internet retailer in Brazil. The company is profitable and has sustained impressive growth over the past several years.
KaBuM! is a leading Brazilian ecommerce provider offering consumer electronics and technology products at competitive prices to consumers and small-businesses. In 2010, KaBuM! was named the 15th best internet retailer in Brazil by INFO Exame magazine. The company was founded in 2003, by brothers Leandro and Thiago Ramos and is located in Limeira, Brazil.
About Insight Venture Partners
Founded in New York in 1995, Insight Venture Partners is a leading growth-oriented, entrepreneur-focused private equity and venture capital firm focused on expansion and late stage investments in the global software, Internet and data services industries. Insight's team is composed of experienced investors and operating executives with more than 150 years of collective experience in its focal industries. With over $4.5 billion raised since inception and a large network of technology experts, Insight provides strong support to its portfolio companies. In 2009, Insight was named among the Top Ten VCs Globally by Red Herring Magazine.
NEWS SOURCE: www.kabum.com.br