Peter Thiel, co-founder of PayPal, is apparently joining the list of American entrepreneurs interested in Latin America. His early stage venture firm, Valar Ventures, announced today that they are co-investing (along with Brazil-based Monashees Capital, among several others) in Oppa, a Brazilian startup company that manufactures furniture, as part of a $13M financing round.
Oppa, a sort of Brazilian IKEA, was started by Max Reichel, a former McKinsey consultant and Harvard Business School graduate, in 2011, and has grown quickly to be a force in the furniture industry in Latin America. The company focuses on low-cost, high quality design, with its slogan “design for everyone.”
It’s worth noting that Oppa has had funding from the very beginning, with Monashees, Kaszek, Thrive and others providing startup money. The new round should allow Oppa to cement its place in the market going forward.
For all the people talking about the decline of Brazil, this should be a reminder — it is still Latin America’s largest commercial market and it also has a substantial number of VC firms that have international connections. Don’t write Brazil off yet.
Hat tip: startups.ig.com.br