Elike’s innovative model is unlike any other in Latin America, and we believe there is a big opportunity to further penetrate existing channels while expanding into new markets," said Seth Zalkin of Astor Capital.
Rio de Janeiro (PRWEB) August 10, 2012
Intel Capital, the investment arm of global semiconductor giant Intel, announced that it has completed an investment in Elike, an Astor Capital portfolio company located in Rio de Janeiro.
Founded in July 2011, Elike’s Meu Shopping platform has quickly grown to over 70,000 users and provides social commerce to leading brands and retailers throughout Brazil. Each store is managed independently, and each retailer has full control over the items displayed in the store, promotions and inventory.
For Intel Capital, the innovative profile of the platform, coupled with the rapid growth in the number of Brazilians using Facebook, made Elike a compelling investment opportunity. "We are seeing a great conversion of social platforms in terms of consumption, and Meu Shopping offers a very innovative model that is unlike anything we've seen around the world," said David Thomas, managing director of Intel Capital for Latin America.
With the investment, Elike will invest in innovation and technology and continue to provide new features and tools that help partner brands exploit the commercial potential of social networks.
“We are very excited to welcome Intel Capital to the Elike team and believe their market knowledge and expertise will greatly enhance Elike’s growth and continued success,” added Seth Zalkin, Managing Partner of Astor Capital. “Elike’s innovative model is unlike any other in Latin America, and we believe there is a big opportunity to further penetrate existing channels while expanding into new markets.”
Launched in July 2011, Elike offers leading brands and retailers the opportunity to increase income from social commerce through its proprietary suite of tools. The Meu Shopping platform developed by Elike pioneered the concept of F-Commerce in Brazil and positioned the company as a benchmark by major media outlets in the country. For more information, please visit http://www.elike.com.br/.
About Astor Capital
An affiliate of The Astor Group, Astor Capital invests in innovative technology companies and compelling consumer brands in North and South America. With offices in New York and Rio de Janeiro, Astor Capital partners with outstanding entrepreneurs that have the passion to build successful businesses. For more information, please visit http://www.astorcap.com.
About Intel Capital
Intel Capital concentrates its investments in new companies that seek technological innovation worldwide. Intel Capital invests in a wide range of companies offering hardware, software and services to the business segments, mobility, health, consumer Internet, digital media, semiconductor manufacturing and cleantech. Since 1991, Intel Capital has invested more than $ 10.4 billion in over 1,212 companies in 51 countries. For more information, please visit http://www.intelcapital.com.
For more information about this transaction, please see articles in:
Women’s Wear Daily - http://www.wwd.com/business-news/technology/intel-backs-brazil-web-venture-6151911