Mexico’s Clara Raised $60 Million in Equity Round Led by GGV Capital

The Latin American Spend-Management Platform Operates in Brazil, Mexico and Colombia

Clara, Mexico corporate spend management platform operating in Latin America, raised $60 million from GGV Capital .

Along with the investment, GGV Capital’s managing partner, Hans Tung, will also join Clara’s board of directors.

According to CEO and Co-founder Gerry Giacomán, “GGV Capital is one of the world’s greatest venture capitalists, with a truly global mindset since its inception. Hans, in particular, has been an ally of some of the greatest business successes of our generation. We have not passed up the opportunity to give him welcome to our Board.”

Despite a market downturn in Latin America investments and across the board, the round also saw the participation from new investors Acrew Capital, Citius, Citi Ventures, Endeavor Catalyst, Ethos, Commerce Ventures, Goanna Capital, Bayhouse Capital, Fluent Ventures, and LAGO Innovation Fund. Existing backers Monashees, Coatue, Picus Capital, DST Global Partners, Alter Global, and General Catalyst also took part, along with “over a dozen” angel investors.

The fresh funding comes a little over a month since Mexican unicorn Clara raised a $90 million in debt financing from Accial Capital.

Next Step After Clara raise of $60 Million from GGV

As Mexico Clara raised $60 Million from GGV and other investors, Clara stated that it plans to boost the development of its platform, grow its engineering and product teams, and solidify its presence in the Latin American market. The firm says around 10,000 Latin American companies now use its spend management solutions.

The firm has also made five new appointments to its executive team.

Meta’s former engineering manager Raquel Hernandez joins the company as vice president of engineering, and former Nubank executive Eduardo Moore joins as director of product for Clara Brazil. Alberto Ramos and Nicolas Caccaviello have been named director of operations and revenue and director of fraud and acceptance, respectively. Former chief credit officer at American Express, Tina Reich, also joins the firm as board observer and risk advisor.

The Esquires and the Firms Behind the Deal

Foley & Lardner LLP acted as U.S. and international legal counsel to GGV. 

The author of  Latin America’s Investment Boom and the Pitfalls of American Jurisdiction Silicon Valley partner Andre Thiollier and Mexico partner Fernando Camarena Cardona represented GGV, and led the Foley’s legal deal transaction team structuring the U.S. and international aspects of the transaction with contribution from New York associate Talita Duarte and Mexico associate Aline Silva.

The Am Law 50 and Chambers Global Foley & Lardner is a US-based full service global law firm with over 26 offices around the globe. The firm is also highly recognized as a top U.S. law firm for its work in Latin America.

Gunderson Dettmer acted as legal counsel to Clara.

The Gunderson deal team was led by Silicon Valley partners Dan M. Green and Bradley D. Krack with contribution from associate Daniel Gallo Mainero.

Gunderson Dettmer is a full service law firm with nine offices around the globe. The firm is also highly recognized as a top U.S. law firm for its work in Latin America.