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GIC invests in Brazil sporting goods e-commerce firm

Singapore sovereign wealth fund GIC has invested in Netshoes -- the world's largest pure play e-commerce company for sporting goods.

SINGAPORE: Singapore sovereign wealth fund GIC has invested in Netshoes -- the world's largest pure play e-commerce company for sporting goods.

In a joint statement with GIC on Tuesday, Netshoes -- a Brazilian company -- said it has obtained a new round of funding totalling some US$170 million.

GIC was the lead investor, and the other investors included founders and current shareholders such as Tiger Global Management, Singapore's Temasek Holdings, Iconiq Capital and Kaszek Ventures.

"We are very excited to back an outstanding management team and feel privileged to partner with a stellar group of investors with deep experience in the technology and e-commerce space," Wolfgang Schwerdtle, senior vice president at GIC Special Investments, said in the joint statement.

"We believe that Netshoes is one of the strongest e-commerce players in the world," he added.

Founded in 2000 by Marcio Kumruian, Netshoes started with one store in the city of Sao Paulo.

It launched the first sporting goods online store in Latin America two years later, and is now present in Brazil, Argentina and Mexico.

GIC -- which manages Singapore's foreign reserves -- employs more than 1,200 people across offices in Singapore, Beijing, London, Mumbai, New York, San Francisco, Sao Paulo, Seoul, Shanghai and Tokyo.  

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