Cencosud Ventures invests in Mimo, a Brazilian live shopping startup

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• The investment aligns with Cencosud Ventures' purpose of investing in startups that add value and synergy to Cencosud's various areas and businesses, accelerating its digital and cultural evolution.

Santiago, May 3, 2023.- Cencosud Ventures, the Corporate Venture Capital unit of Cencosud, announced the investment and entry into the ownership of Mimo Live Sales, a leading live shopping platform of Brazilian origin in Latin America, which will be integrated into Cencosud's digital sales channels to offer a spontaneous, fast and interactive shopping experience, combining entertainment with E-Commerce.

Live Shopping is an online sales strategy where influencers showcase products and services through the brand's e-commerce, allowing the audience or customer to add products to the shopping cart in real time. It is a trend that has been increasing in popularity over the past few years and, in the case of Cencosud, complements the value proposition of its brands associated with the Supermarkets, Department Stores, and Home Improvement segments in Latin America.

Cencosud's entry into ownership took place within the framework of a Pre-Series A investment round financed by Cencosud Ventures and the CVC of Locaweb (LW Ventures), a Brazilian technology holding company. This will allow, on the one hand, to contribute to the financing of the different strategic projects of the live shopping platform and, on the other hand, to incorporate into Cencosud different technological and innovation attributes of the startup, generating benefits for millions of customers in the region.

Following the announcement, the Corporate Manager of Cencosud Ventures, José Antonio Pascual, stated:

"This investment aligns with the purpose of our business unit, which is to invest in those startups that add value and synergy to the different areas and businesses of the company, accelerating its digital and cultural evolution". In this regard, he added, "Mimo's technology and digital solutions will allow Cencosud to optimize its own e-commerce platforms and, consequently, the shopping experience of its customers".

For her part, the Executive Director and Co-founder of Mimo, Monique Lima, indicated that this agreement represents a new step for the scale of Mimo's business.

"We will focus on new products to provide more autonomy and scale to our customers. Also, we will improve our data automation, which has always been at the core of our product".

Currently, Mimo works with brands in different segments such as fashion, beauty, food and beverages, electronics, housing and construction, and even real estate. Among the most relevant brands that are currently part of its portfolio are Wella, Michael Kors, Bauducco, Max Mara, Pague Menos, and Cencosud, among others.

Since its creation, Cencosud Ventures has collaborated with different companies and has developed different internal projects with the purpose of enhancing an innovation ecosystem with a portfolio that focuses on specific areas such as Retail Media, Logistics, E-Commerce, retail services, thus linking with the company's main businesses.

About Mimo

Founded in June 2020, Mimo Live Sales is a live shopping startup that combines e-commerce and live streaming in a single experience. Mimo is a White Label SAAS (Software as a Service) in which brands use technology to sell live on their own website or app. This type of shopping interaction, which began in China in 2016 and is becoming popular in Brazil, converts up to 30 times more than traditional e-commerce.

The company, whose name means "Make Incredible Moments Online" in English, is a pioneer in Live Shopping in Latin America and already has a list of renowned investors including advertiser Nizan Guanaes, presenter Sabrina Sato, presenter Luciano Huck, Felipe Neto, and shopping experts. In 2022, Mimo conducted an institutional investment round with the CVCs of Locaweb (LW Ventures) and Cencosud.

Currently, more than 180 brands have conducted Live Shopping through the platform. Companies such as Bauducco, Michael Kors, Blue Bird Shoes, Whirlpool, Philips, and Bayer are some of the brands that have already adhered to the innovation offered by Mimo Live Sales.