To the Wood Wood, furniture marketplace founded in 2009, the Logistics it is the heart of the business. The company has been making investments since 2018 to improve the quality of its deliveries, after all, it is not easy to transport sofas, tables and wardrobes across the country. It’s not a surprise, then, that the first acquisition of the company’s history is in this area. This Wednesday, the unicorn Brazilian announces having purchased 100% of startup logistics iTrack Brasil. The transaction amount was not disclosed.
The intention to invest more in logistics had already been revealed by Daniel Scandian, co-founder and president of MadeiraMadeira, when the company announced the funding of its E series, in January this year. At the time, the company was valued at more than $1 billion, winning the unicorn title, in a $190 million round led by SoftBank and Dynamo.
In an interview with EXAME IN, Scandian says the decision to acquire iTrack came from a logistical partnership. After six months using the startup’s delivery routing, order tracking and collection services, the MadeiraMadeira team realized that it could leverage the technological development of the partner, which had no institutional investors, with an acquisition.
“We need people who solve and make our problems simpler. In the case of iTrack, the saint hit. We immediately had great empathy for their story and saw an opportunity to accelerate the core of our business with people who share our values,” says Scandian.
Founded in 2017 by Daniel Drapac, iTrack Brasil offers its logistics intelligence services and access to its marketplace with more than 46,000 self-employed drivers to around 200 Brazilian companies. The company’s operation grew 42% last year and, in 2021, it projects a 60% increase.
Even with the acquisition, the founder and 20 employees remain in the business, which will continue to serve other customers normally. “This operation is a recognition that we are on the right path by providing solutions that, in fact, solve problems and bring the supply chain closer together. Being part of the MadeiraMadeira group makes us very excited to continue building an even more promising future,” he says. Drap
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