IFC provides Uruguayan retail tech firm with expansion funding

The International Finance Corporation (IFC) – a member of the World Bank Group – has invested in Uruguay-based retail solutions firm Scanntech's international expansion plans, the former said in a release.

Scanntech's technology platform connects independent retail stores with global consumer product companies and financial and telecom firms, as well as government services.

The company aims to professionalize emerging markets' retail sectors, and increase integration with providers by making information more accessible and transparent throughout the supply chain.

After starting its international expansion program in 2010, Scanntech is currently present in Argentina, Chile, Paraguay, Brazil and Peru, and has plans to add Colombia to the list, according to the release.

However, the firm is ultimately hoping to extend its reach beyond Latin America.

Scanntech CEO Raul Polakof said: "This investment is a major step along Scanntech's path towards a global presence."

Silicon Valley venture capital firm Sequoia Capital, which invested in Scanntech in 2011, also participated in this funding round, as well as other undisclosed investors, IFC said.

The amount provided by the investors was not disclosed.