Startups > Merama

Merama

Merama invests in and operates Latin American direct-to-consumer e-commerce brands.
Series A $430M total Founded 2020 Mexico City, Distrito Federal
Merama is a holding company that acquires majority stakes in high-growth, direct-to-consumer e-commerce brands across Latin America and the U.S., while allowing founders to retain ownership and operational control. The company provides acquired brands with working capital, e-commerce expertise, and proprietary technology tools to accelerate growth and expansion. Having evolved from an e-commerce aggregator model, Merama now operates as a more focused holding company managing a curated portfolio of six major brands rather than dozens. The company has raised over $430M in equity and debt financing since its December 2020 founding.
Problem solved
High-growth DTC brands in Latin America lack access to growth capital, operational expertise, and proprietary technology infrastructure needed to scale internationally.
Target customer
Founder-led, profitable direct-to-consumer e-commerce brands in Latin America and the U.S. generating multi-million dollar revenues
Website LinkedIn Crunchbase
Founders
S
Sujay Tyle
CEO & Co-Founder
Co-founded Frontier Car Group (sold to OLX/Naspers for ~$700M in 2019); currently venture partner at Balderton Capital.
O
Olivier Scialom
Co-Founder
Co-founder & COO of Petsy.mx (acquired by Maskota 2018); early regional marketing lead at Rocket Internet's Linio; MSc Management from London School of Economics.
F
Felipe Delgado
Co-Founder, CFO & President
Previously CEO of Beetmann Energy.
R
Renato Andrade
Co-Founder, Current CEO
Former associate partner at McKinsey & Company.
G
Guilherme Nosralla
Co-Founder
Former head of growth at Wildlife Studios.
Funding history
Seed/Series A $60M equity + $100M debt April 2021 Led by Valor Capital, Monashees Capital, Balderton Capital · TriplePoint Capital, CEOs of Uala, Loggi, Rappi, Madeira Madeira
Series B $225M September 2021 Led by Advent International, SoftBank Group · Globo Ventures, Monashees, Valor Capital, Balderton Capital, MAYA Capital
Series B Follow-On $60M December 2021 Led by Advent International, SoftBank
Debt Financing $80M April 2024 Led by J.P. Morgan
Series C / Recent Equity $45M equity + $170M debt facility April 2025 Led by Advent International, SoftBank (equity); BTG Pactual, Citi, Itaú (debt) · Marcel Telles (3G Founder), Monashees, Valor Capital, Balderton Capital
Total raised: $430M
Industries
E-Commerce Finance Consumer Goods Retail
Pricing
Not publicly available. Merama operates on an equity acquisition model rather than SaaS pricing.
Notable customers
20+ e-commerce brands across Mexico, Brazil, Chile, Peru, Colombia, and the U.S.
Integrations
Not publicly disclosed. Merama builds proprietary technology tools for acquired brands rather than integrating third-party platforms.
Website
merama.io/
Competitors
Thrasio
U.S.-focused e-commerce aggregator that filed for bankruptcy in March 2023; Merama learned from Thrasio's model and pivoted to a holding company approach with fewer, larger brands.
Bamboo
Similar Latin American e-commerce aggregator model; focuses on acquiring and scaling brands but with different operational structure.
JUGGERNAUT
Competitor in brand aggregation space with focus on consumer brands; Merama differentiates through proprietary technology suite.
Why this matters: Merama represents a evolved approach to e-commerce aggregation in Latin America, raising $430M+ despite learning from Thrasio's bankruptcy. The company's shift from aggregator to holding company, focus on founder alignment, and $1.2B+ valuation within 12 months of founding demonstrate institutional confidence in the Latin American DTC growth opportunity.
Best for: Profitable, founder-led DTC e-commerce brands in Latin America seeking growth capital, operational support, and technology infrastructure to expand regionally and internationally.
Use cases
Regional Expansion for Established DTC Brands
A successful Mexico-based online fashion brand generating $5M+ annual revenue can partner with Merama to access working capital and cross-border expertise to expand into Brazil, Colombia, and the U.S. without diluting founder control or operational independence.
Technology Infrastructure for Scaling Operations
A high-growth home goods brand rapidly expanding across Latin America can leverage Merama's proprietary e-commerce automation and data tools to optimize supply chain, logistics, and customer acquisition—capabilities not available from standalone vendors.
Founder Liquidity with Operational Continuity
Founders of a successful, bootstrapped brand can sell a majority stake to Merama, achieve partial liquidity, and remain as operators of their business while the company scales operations and geographic footprint with institutional backing.
Alternatives
Thrasio U.S.-focused aggregator; filed for bankruptcy in 2023, making it a cautionary tale rather than active alternative.
Traditional Private Equity Firms General private equity provides capital but lacks deep e-commerce expertise and proprietary technology suite specific to DTC brands.
Strategic Corporate Buyers Direct acquisition by large retailers or conglomerates typically results in loss of founder control and operational independence.
FAQ
What does Merama do? +
Merama acquires majority stakes in profitable direct-to-consumer e-commerce brands across Latin America and the U.S., providing growth capital, operational expertise from e-commerce specialists, and proprietary technology tools. Founders retain ownership and continue operating the business independently while Merama supports expansion and scaling efforts.
How much does Merama cost? +
Merama operates on an equity acquisition model rather than subscription pricing. Specific terms vary by brand but typically involve acquisition of a majority stake with founder retention agreements.
What are alternatives to Merama? +
Alternatives include other e-commerce aggregators like Bamboo and JUGGERNAUT (similar model but different geographies/focus), traditional private equity firms (less specialized in DTC), or strategic corporate acquisitions by larger retailers (less founder-friendly).
Who uses Merama? +
Merama partners with founder-led, profitable direct-to-consumer e-commerce brands generating multi-million dollar revenues in Latin America. Current portfolio includes 6 major brands across fashion, home goods, beauty, and other consumer categories.
How does Merama compare to Thrasio? +
Merama learned from Thrasio's collapse (March 2023) and evolved from a pure aggregator model to a holding company focused on fewer, larger brands with stronger unit economics. Merama emphasizes founder retention, operational independence, and proprietary technology—areas where Thrasio struggled.
Tags
e-commerce aggregation brand acquisition Latin America holding company DTC scaling working capital growth capital