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The company plans to use the $140 million round to expand its operations in new geographies;; improve its product;; and boost its research-and-development spend. VTEX provides back-end e-commerce services for retail giants such as Walmart and Coca-Cola;; handling aspects such as order management and the online checkout process. \"Previously we were allergic to external funding because we were doing well without;; but now we know how to scale and see the opportunity;;\" Mariano Gomide;; the co-CEO of VTEX;; told Business Insider in an interview. Click here for more BI Prime stories.", "slideCount": 24, "companyName": "Vtex", "description": "The London-based e-commerce infrastructure company VTEX recently raised its first major fundraising round from SoftBank's Latin America fund and two major Brazilian investors. The company plans to use the $140 million round to expand its operations in new geographies;; improve its product;; and boost its research-and-development spend. VTEX provides back-end e-commerce services for retail giants such as Walmart and Coca-Cola;; handling aspects such as order management and the online checkout process. \"Previously we were allergic to external funding because we were doing well without;; but now we know how to scale and see the opportunity;;\" Mariano Gomide;; the co-CEO of VTEX;; told Business Insider in an interview. Click here for more BI Prime stories. Two Brazilian entrepreneurs spent years shunning external funding as they grew their business before deciding to take on SoftBank cash in a bid to take the company to the next level. VTEX;; a London-based e-commerce business;; raised $140 million in venture funding from SoftBank's Latin America fund plus the prominent Brazilian investors Gávea Investimentos and Constellation Asset Management. The company;; which counts brands including Coca-Cola and Walmart among its clients;; provides back-end e-commerce software. The firm wants to expand its operations deeper into the US and Europe. Founded in 1999;; VTEX has generally avoided taking big capital. \"I think it's a big mistake from entrepreneurs to think of a big funding round as an end goal;;\" VTEX co-CEO Mariano Gomide told Business Insider in an interview. \"We were allergic to investment until we found the best way to apply that money wisely to scale;; and now we have our playbook for growth.\" The company met with SoftBank;; famous for its $100 billion Vision Fund;; which drove growth at Uber and WeWork;; 14 months ago after Gomide and his co-CEO;; Geraldo Thomaz;; were fishing in Mexico and decided to ramp up operations. The draw of SoftBank was the fact that the company's Latin America fund was built out by entrepreneurs who understood the VTEX founders' desire to keep control of the company while scaling. VTEX met with some 50 investors;; Gomide says;; before settling on SoftBank at a \"good\" valuation with plans to go public in place in the next three to four years. The firm wants to build out its artificial-intelligence offering;; up its research-and-development spend;; and expand internationally. Despite being headquartered in London;; VTEX does not have a large UK presence and will launch in Britain in the first quarter of next year;; Gomide says. Earlier this year;; VTEX purchased UniteU;; an e-commerce platform based in the US. The company has bought numerous businesses in the past 10 years as it looks to gain greater reach and experience in specific markets. 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