L Catterton is leading a roughly US$180 million investment in Scanntech, a technology company that monitors supermarket sales in real time. Partners Group and Bradesco are also participating in the round, which was signed on Thursday after almost a year of negotiations. The transaction combines the sale of shares by existing investors with an injection of new capital and gives the new investors a stake close to 30%.
Deal Structure and Valuation
The operation is split nearly evenly between primary and secondary components, with new capital injected into the company and existing shareholders selling part of their positions. The investment values Scanntech at approximately 5.5 times annual revenue. The new investors are expected to hold roughly 30% of the company following the transaction.
Warburg Pincus, which invested US$40 million in Scanntech in 2023, is partially realizing its position through the deal. The firm is selling part of its stake while retaining exposure to future upside. During the process, global private equity funds including General Atlantic, GIC, and Advent also engaged with the company.
Growth and Market Context
Scanntech has been growing at an annual rate of around 30%, although this pace is lower than in previous years. The company combines growth with profitability, which helped attract investors despite a challenging environment for technology exits. Market conditions, including scarce IPOs and limited liquidity, have made private equity firms more selective.
Part of the new funding will support Scanntech's international expansion beyond Brazil, Mexico, and Colombia. The company plans to enter new markets starting next year and is evaluating opportunities in other Latin American countries as well as outside the region. Founder Raúl Polakof will continue to lead the company.
Investor Confidence in Technology
The size of the investment stands out at a time when private equity investors have become more cautious about technology assets. Scanntech's combination of consistent growth, profitability, and future exit optionality helped it draw institutional capital. The company's ability to process real retail data at scale gives it a differentiated position in Latin America's consumer data market.
Business Model and History
Scanntech processes more than R$1 trillion in retail sales per year by capturing transactions at supermarket checkout counters. The company turns this data into commercial intelligence for manufacturers and retailers, covering prices, volumes, market share, and promotion performance. This sell-out visibility helps consumer goods companies and supermarkets refine pricing, inventory, and commercial strategies.
The company was founded in Uruguay in 1992 by Raúl Polakof, Benny Szylkowski, and Soledad Fernández, who developed software that turned computers into cash registers for small merchants. The technology enabled small stores to offer financial services and promotions previously limited to large chains. Scanntech entered Brazil in 2013, which became its main market.
Earlier investors include Sequoia Capital, which made Scanntech its first investment in Latin America with a US$10 million check in 2011 and later exited. Hindiana, the investment vehicle of Alfredo Villela, invested before Warburg Pincus and will remain a shareholder after the transaction. JP Morgan acted as financial advisor to Scanntech on the deal.
The funding round positions Scanntech to accelerate its regional and global expansion while preserving founder leadership and existing investor support. The deal also highlights investor appetite for profitable technology companies with clear data and analytics value in the retail sector. With new capital and strategic backing, Scanntech expects to deepen its intelligence platform and extend its footprint beyond its current markets.
Source: Brazil Journal