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# Uruguay’s Scanntech Raises US$180M Series F Led by L Catterton to Scale Retail Data and AI
- URL: https://www.theinvestorsociety.com/uruguays-scanntech-raises-us-180m-series-f-led-by-l-catterton-to-scale-retail-data-and-ai/
- Published: 2026-11-10T20:58:13.000Z
- Updated: 2026-11-10T20:58:13.000Z
- Author: Katherine Castelán
- Tags: Western Hemisphere

Scanntech, a Montevideo-based retail intelligence company, has raised US$180 million in a Series F round. L Catterton led the round and was later joined as co-lead by Partners Group. 2bCapital (Banco Bradesco’s investment arm) and SPX also participated, alongside existing investors Warburg Pincus, Hindiana, IFC and Endeavor. The company says the capital will support geographic expansion and new AI-based solutions, with the transaction subject to customary closing conditions and regulatory approvals. J.P. Morgan acted as placement agent for Scanntech. 

Scanntech began in Uruguay, when founders Raúl Polakof, Benny Szylkowski and Soledad Fernández built software that turned computers into cash registers for small merchants. Polakof remains CEO. The company converts checkout transactions into sales intelligence for consumer brands and retailers. It works with more than 600 manufacturers, as well as distributors and retailers. The deal was signed after nearly a year of negotiations and splits roughly 50/50 between new capital and the sale of existing shareholders’ stakes. That means about US$90 million goes to the company itself. 

### Market Context

The round gives new shareholders close to 30% of Scanntech at a valuation of about 5.5x annual revenue. It also marks a partial exit for Warburg Pincus, which invested US$40 million in 2023\. Competition for the deal was strong: global private equity firms including General Atlantic, GIC and Advent also engaged in the process over the past year. Investors were drawn by a mix of growth and profitability. Scanntech has been growing about 30% a year, a pace still high but below earlier years. Latin Times puts the valuation at approximately US$600 million. 

The round is large by regional standards. Latin American startups raised US$1.3 billion in all of Q3 2026, up 26% year over year but down 9% from Q2, according to Crunchbase data. Scanntech’s scale shows why investors paid up. In Brazil, its main market, it processes more than R$1 trillion in retail sales a year, tracking “sell-out” data, meaning the sales actually made to consumers, including prices, volumes, market share and promotion performance. The company also has an early pedigree with major investors. Sequoia Capital made its first Latin American investment in Scanntech, US$10 million in 2011, and has since sold its stake. 

### What Stands Out

> **“We have built the most granular view of retail in Latin America.”**  
> — Raúl Polakof, co-founder and CEO, Scanntech

### Regional Relevance

For the United States, the deal is a U.S.-led bet on emerging-market consumer data. L Catterton, the Greenwich, Connecticut–based consumer investor, led the round, J.P. Morgan placed it, and New York law firms advised both sides. U.S. and multinational consumer goods companies selling in Latin America need reliable sell-out data to set prices and manage inventory. The incumbents in retail measurement, including NielsenIQ and Circana, are U.S.-based. A well-funded regional player built on actual checkout transactions rather than samples sharpens that competition. The deal also signals that U.S. growth equity is still willing to write large checks in Latin America when growth and profitability come together.

For Latin America, for Uruguay, Scanntech is one of the country’s few homegrown technology companies operating at regional scale, alongside dLocal. For Brazil, its largest market, Bradesco’s participation ties one of the country’s biggest banks to retail data, which could feed credit and financial services for small merchants. Mexico is a likely priority for the new capital. The company already operates in Mexico and Colombia besides Brazil and plans to enter new markets starting next year. Mexican startups raised US$1.52 billion in the first three quarters of 2026, against US$1.08 billion for Brazil. 

### The Other Side

**How much of the US$180M is really growth capital?** About half is secondary, meaning existing shareholders selling stakes rather than new cash for the company. Effective fresh funding is closer to US$90 million. That is still substantial, but it puts the round’s AI and expansion ambitions on a smaller budget than the headline suggests. It also shows long-time holders taking money off the table at this price.

**Is growth slowing just as expectations rise?** Annual growth near 30% is healthy, but it is below earlier years. Expansion into new countries adds execution risk, because Scanntech’s advantage depends on wiring thousands of independent stores into its network, market by market. That process is slow and capital-intensive compared with selling pure software.

**Where is the exit?** There's a scarcity of IPOs and difficult tech exits as reasons investors have become more selective. Potential paths include a strategic sale, for example to a global measurement firm, or a future listing. Until one materializes, new investors are betting the business can compound value as a private company for several more years.

### Sources & Transparency

- LexLatin — [Scanntech levanta USD 180 millones en una ronda Serie F para expandir su negocio de datos e IA en América Latina](https://lexlatin.com/noticias/scanntech-levanta-usd-180-millones-ronda-serie-f-expandir-negocio-datos-inteligencia-artificial-america-latina-l-catterton-partners?ref=theinvestorsociety.com)
- Brazil Journal — [EXCLUSIVO: Scanntech fecha rodada de US$ 180 milhões; Warburg faz saída parcial](https://braziljournal.com/scanntech-fecha-rodada-de-us-180-milhoes-warburg-faz-saida-parcial/?ref=theinvestorsociety.com)
- Daily Research News Online — [Huge Raise for LatAm Retail Analyst Scanntech](https://www.mrweb.com/drno/news40469.htm?ref=theinvestorsociety.com)
- Latin Times — [Uruguay’s Scanntech raises $180 million to expand its retail data platform across Latin America](https://www.latintimes.com/scanntech-series-f-180-million-valuation-600618?ref=theinvestorsociety.com)
- Value Add VC (Crunchbase data) — [LatAm Startup Funding Jumped 26% In Q3 2026](https://valueaddvc.com/pulse/latam-startup-funding-jumped-26-percent-q3-2026?ref=theinvestorsociety.com)
- Latham & Watkins — [Latham & Watkins Advises Partners Group on Investment in Scanntech](https://www.lw.com/en/news/2026/10/latham-watkins-advises-partners-group-on-investment-in-scanntech?ref=theinvestorsociety.com)