Clara raises US$60 million in round led by GGV Capital

Clara, the leading digital platform for corporate spend management in Latin America, today announced a new $60 million funding round led by GGV Capital. In addition, Hans Tung, managing partner of GGV, has joined the company’s Board of Directors.

The funds will boost the development of Clara’s technological solutions, in addition to helping consolidate the company’s leadership in the Latin American market. Clara is also strengthening its leadership team with new executive hires in the areas of engineering, product and risk.

“GGV Capital is one of the world’s leading venture capitalists with a truly global mindset. Hans in particular has been an ally of some of the greatest success stories of our generation. We take the opportunity to welcome him to our Board”, said Gerry Giacomán Colyer, CEO and co-founder of Clara.

The company recently announced the hiring of Raquel Hernández , formerly Meta’s Engineering Manager, who has been named VP of Engineering. Eduardo Moore – formerly at Bitso and Nubank, joined as Product Director at Clara Brasil . Alberto Ramos and Nicolas Caccaviello have been appointed Director of Operations and Revenue and Director of Fraud and Acceptance , respectively. Tina Reich , formerly Head of Credit at American Express, joins as Board Observer and Risk Advisor.

Today, around 10,000 companies in Latin America use Clara’s products to simplify and automate their daily operations, saving around 423 days of work for finance teams – through an innovative expense management platform that provides real-time reports to improve decision making.

With more than two years of operations in key Latin American markets, including Brazil, Mexico and Colombia, Clara has secured $160 million in equity financing and has reported more than 5 million transactions with its credit cards equivalent to $ 1 billion.

“Clara’s team is one of the strongest we’ve ever seen,” said Hans Tung, managing partner of GGV Capital. and its team on the mission to become one of the most impactful companies in the region”.

Other new associates also joined the round, including Acrew Capital, Citius, Citi Ventures, Endeavor Catalyst, Ethos, Commerce Ventures, Goanna Capital, Bayhouse Capital, Fluent Ventures and LAGO Innovation Fund. The round also counted with the participation of current Clara investors, such as Monashees, Coatue, Picus Capital, DST Global Partners, Alter Global, General Catalyst and more than a dozen angel investors.