Brazilian group buying site ClickOn has received financing from local multi-stage investment firm Mosaico, the companies said in a press release without providing specific figures.
Mosaico, a company of Brazilian media group Organizações Globo, now owns 40% of ClickOn.
According to the companies, Brazil's group buying market is expected to exceed US$700mn in sales during 2011 and is one of the fastest growing business models in the local internet landscape.
Mosaico CEO Guilherme Pacheco said the group buying business model is changing growth possibilities for e-commerce in the region and has "incredible" potential to expand.
ClickOn is Mosaico's fourth investment. Pacheco said the partnership will give ClickOn competitive advantages, increased traffic and sales. ClickOn CEO Marcelo Macedo said the new investment will help accelerate the company's expansion plans.
ClickOn currently has more than 7mn users, who have taken advantage of over 5,000 offers with the purchase of more than 1.5mn coupons. With a presence in more than 42 cities, the company is aiming for a national leadership position as it competes for the top spot in key markets like São Paulo, Macedo said.
Launched in May 2010, ClickOn currently has more than 300 employees.
Mosaico provides capital and strategic support for internet companies from the early to late stages of development. Prior to ClickOn, the firm had invested in travel site Mundi, game developer Gazeus and soon-to-be-launched price comparison site Zoom.