Vtex to open Lisbon office
Lisbon has attracted another unicorn to set up following in the footsteps of other overseas startups worth over €1Bn such as Solutions 3 (French) or Xing (German).
The Brazilian Vtex, which develops technology for e-commerce, is expanding its business to Europe and has decided to invest in an office in Lisbon in an investment that has not been revealed.
Vtex markets itself as the “first and only fully integrated commerce, marketplace and OMS solution that offers fastest time-to-revenue and no upgrades .. ever”.
The expansion involves hiring around 10 new staff according to one of the company’s São Paulo-based executives in an interview with Jornal Económico.
“This new operation is crucial. Portugal is one of the securest countries in the world, with a good quality of life and climate in addition to a culture that is similar to that of Brazil. The creation of new technology hubs is extremely important for our accelerated growth,” says Bruno Dias, director of operations and in charge of product and engineering for Vtex in Europe.
Vtex, which has yet to select in which Lisbon district it will open its new office, became one of Brazil’s few select unicorns in 2020 where it is worth an estimated US$1.7Bn.
The multinational company which was founded 20 years ago has enjoyed an average growth of 40% in recent years. It already has offices in the US, UK, Spain, Colombia, Romania, Argentina, Mexico, Italy, Chile and Singapore.