Brazilian startup software provider Logcomex SA completed a financing round led by Riverwood Capital at a higher valuation than its first capital raise two years ago.

The Curitiba-based company raised $33 million in the “growth round” to finance an expansion of products and services to other parts of Latin America, co-founder and Chief Executive Officer Helmuth Hofstatter said in an interview. He declined to say exactly what the valuation was beyond the fact that the firm hasn’t reached unicorn status — the term for startups worth $1 billion or more.

Logcomex helps companies with real-time data on imports and exports, including logistics and freight forwarding. Brazil has about $1 trillion of global trade a year with an opportunity to increase exports a lot, co-founder and Chief Operating Officer Carlos Souza said. 

Mexico and Colombia are attractive markets for expansion, especially the former which has global trade twice the size of Brazil given its proximity to the US, the executives said.

“The supply chain market in Latin America is very inefficient, especially given the lack of infrastructure,” Hofstatter said.

Founded in 2016, Logcomex’s business skyrocketed during the pandemic as supply chains snarled due to a series of disruptions and high demand, he said. It employs 300 people with operations in 11 countries.

Endeavor Catalyst, Igah Ventures, Alexia Ventures and Caravela Capital also participated in the round. Riverwood’s Gustavo Pinheiro will join the board.