Strengths
- CB Insights lists MadeiraMadeira as a $1B private unicorn.
- Company-owned pages show active storefront, marketplace, app, services and guide-shop channels.
- MPMG/Procon-MG public notice verifies a consumer-delivery administrative fine.
Diligence report
MadeiraMadeira
MadeiraMadeira Startup Diligence Report
Proceed only to confirmatory diligence. The investment case depends on proving that broad home-goods assortment, marketplace supply, logistics, services and app/guide-shop channels can generate durable gross margin and repeat demand while controlling delivery/regulatory risk after public restructuring and Procon exposure.
Company profile
MadeiraMadeira Startup Diligence Report
MadeiraMadeira appears eligible for a public-source private-unicorn diligence report: CB Insights lists the company as a current $1B Brazilian Consumer & Retail unicorn, and company/news sources show active ecommerce, marketplace, app, services, logistics and guide-shop operations. Core investment diligence remains unresolved because financials, cap table, unit economics, customer/seller concentration, contracts, HRIS and legal schedules are private.
- Website
- www.madeiramadeira.com.br
- Sector
- Consumer & Retail: Brazilian furniture, home goods, décor, renovation and services ecommerce marketplace
- Geography
- Brazil / Latin America
- Stage
- Private unicorn / growth-stage home-goods marketplace
- Known aliases
- MadeiraMadeira, MadeiraMadeira Comércio Eletrônico S/A, MadeiraMadeira Marketplace, MadeiraMadeira Serviços
- Report version
- 1.0
- Timezone
- UTC
Executive summary
Risks
- Financial quality and valuation support are opaque.
- Marketplace/logistics execution has consumer-law exposure.
- Brazilian home-goods ecommerce competition is intense and promotion-heavy.
Gaps
- Audited financials, GMV/revenue, gross margin, cash/debt, working capital and forecast model.
- Cap table, preferences, debt, option pool and financing documents.
- Customer cohorts, repeat purchase, refunds, seller/supplier concentration and logistics SLA.
- HRIS, attrition, severance, compensation and equity-plan data after reported restructuring.
- Counsel schedules for Procon status, litigation, IP, privacy, insurance and material contracts.
Risk register
R-004: Competitive pricing and assortment pressure
Mobly, Westwing and Tok&Stok publicly offer overlapping furniture/decor categories, while MadeiraMadeira uses discounts, cashback and broad assortment to compete.
Diligence request: Benchmark win/loss, price index, contribution margin by category, CAC, SEO/app mix and competitor promotion intensity.
R-001: Financial quality and valuation support are opaque
Public sources confirm a $1B unicorn-list valuation but do not verify current revenue, GMV, gross margin, cash, debt, burn, cohorts or 2026 valuation support.
Diligence request: Require audited statements, monthly KPI pack, bank/debt schedules, gross-margin bridge, cohort analysis and valuation materials.
R-003: Marketplace/logistics execution can create consumer and regulatory exposure
Public sources show marketplace sellers/logistics complexity and an official Procon-MG fine for non-delivery/offer breach.
Diligence request: Review seller SLAs, delivery KPIs, claims/refunds, supplier contracts, Procon status and fulfillment remediation plan.
R-002: Cap table, preferences and dilution are unknown
Investors and rounds are public, but shareholdings, preferences, warrants, debt and option-pool terms are private.
Diligence request: Request cap table, charter/bylaws, stock purchase agreements, side letters, option plan and debt documents.
R-005: Team restructuring and morale/retention risk
Exame reported a 10% reduction from a 2,000-person team and third workforce cut in 18 months, even as the company hires executives and functions.
Diligence request: Request HRIS headcount, regretted attrition, engagement survey, severance liabilities, key-person retention and hiring plan.
R-006: Services/private-label/superapp expansion execution risk
Public roadmap expands into services, private label, app retention, possible internationalization and larger catalog scale, increasing execution complexity.
Diligence request: Review product roadmap, service-provider contracts, attach rates, unit economics, launch gates and capital allocation.
R-007: Consumer-law and regulatory remediation risk
The Procon-MG fine shows a public regulatory matter connected to delivery and marketplace responsibility.
Diligence request: Obtain counsel status memo, recurrence metrics, regulator correspondence and compliance controls.
R-008: IP, privacy, insurance and material-contract gaps
Legal identity and privacy page are public, but IP extracts, material contracts, insurance and complete litigation schedules were not obtained.
Diligence request: Request official INPI/IP extracts, DPA/LGPD artifacts, contract schedule, insurance policies and litigation/regulatory schedules.
01Financial Information
Public evidence verifies unicorn-list status and historical financing, but financial statements, unit economics, current valuation bridge, debt and cap table are not public.
I.A Annual and quarterly financial information for the past three years
not publicly verifiable confidence: low
No audited annual or quarterly financial statements, management accounts, backlog, AR aging, or product/channel/geography gross-profit schedules were public in reviewed sources.
Evidence gaps
- Audited financial statements, monthly KPI pack, AR aging, backlog, gross margin by category/channel/geography.
Hidden risks
- R-001 should remain open until private diligence closes this section.
Follow-up questions
- Provide audited financials and management reporting for FY2023-FY2026 YTD.
I.B Financial Projections
not publicly verifiable confidence: low
Public sources include funding and management cash commentary but no board-approved forecast, scenario model, working-capital plan or external-financing assumptions.
Evidence gaps
- Three-year forecast, scenarios, growth-driver bridge, capex/warehouse/store plan, working-capital assumptions.
Hidden risks
- R-001 should remain open until private diligence closes this section.
Follow-up questions
- Provide the board model, latest budget-to-actuals and downside case.
Valuation points are public-source anchors, not verified transaction documents.
I.C Capital Structure
partially verified confidence: medium
CB Insights and funding articles identify select investors and valuation anchors, but shares, preferences, debt, options, warrants and off-balance-sheet obligations are private.
Evidence gaps
- Current cap table, liquidation preference stack, option pool, debt, warrants, side letters and off-balance-sheet obligations.
Hidden risks
- R-002 should remain open until private diligence closes this section.
Follow-up questions
- Provide cap table and all financing/debt instruments.
| item | public signal | verification status | diligence request |
|---|---|---|---|
| Shareholders/investors | Select investors include Flybridge, SoftBank, Monashees; Series E participants include Dynamo, VELT, Brasil Capital, Lakewood. | partially_verified | Full cap table and security-holder ledger |
| Cash/runway | Exame quoted CEO that roughly 80% of 2021 round remained untouched in Feb. 2024. | partially_verified | Bank statements, cash bridge and burn forecast |
| Revenue/GMV/margin/debt | No audited financials, debt schedule or margin bridge found publicly. | not_publicly_verifiable | Audited statements, KPI pack, debt/off-balance-sheet schedule |
Do not rely on headline unicorn valuation without primary finance materials.
I.D Other financial information
partially verified confidence: medium
Public financing history supports Series D/E valuation anchors, while tax position, revenue-recognition policies and current basis for each security are not public.
Evidence gaps
- Tax returns, accounting policies, revenue recognition memo, financing ledgers and current fair-value support.
Hidden risks
- R-001 should remain open until private diligence closes this section.
- R-002 should remain open until private diligence closes this section.
Follow-up questions
- Provide tax/accounting policy memos and financing history with ownership percentages.
| date | round or signal | amount | valuation | investors or basis | diligence caveat |
|---|---|---|---|---|---|
| 2019 | Series D | US$110M | US$500M previous valuation | SoftBank led; LAVCA summary | Primary financing documents unavailable |
| 2021-01-07 | Series E / unicorn round | US$190M | Over/around US$1B | SoftBank Latin America, Dynamo, VELT, Brasil Capital, Lakewood, Monashees, Flybridge | Ownership, preferences and dilution unavailable |
| 2026-05-23 accessed | CB Insights current unicorn-list row | Not listed in row | US$1B | Flybridge Capital Partners, SoftBank Group, Monashees+ | Market-database row, not a primary valuation report |
Historical financing is public; current cap table and valuation support are not.
02Products
MadeiraMadeira publicly operates a broad home-products platform with marketplace categories, app offers, Madeira Originals/private-label cues and a visible home-services catalog; product economics remain private.
II.A Description of each product
verified confidence: medium
Public pages verify active categories across furniture, décor, renovation/home improvement, app offers, marketplace seller tools and paid services. Market share, growth rates, cost structure and profitability are not public.
Evidence gaps
- SKU-level gross margin, active-SKU count, private-label mix, service attach rate, product roadmap and defect/return rates.
Hidden risks
- R-004 should remain open until private diligence closes this section.
- R-006 should remain open until private diligence closes this section.
Follow-up questions
- Provide SKU/category P&L, roadmap and return/defect dashboards.
| offering | public evidence | monetization signal | gap |
|---|---|---|---|
| Furniture/home categories | Homepage lists wardrobes, kitchen furniture, sofas, beds/mattresses, doors/windows, floors/coverings, bathroom, décor, garden, appliances. | Retail/category sales and promotions | Category GMV and gross margin not public |
| Marketplace sellers | Seller page markets 30+ categories, millions of monthly customers and commission-only selling. | Marketplace commission/take-rate implied | Commission rates and seller concentration not public |
| Home services | Services page lists assembly, cleaning, disassembly and impermeabilization with starting prices. | Service fees from R$75/R$99/R$125/R$189+ | Service margin and provider SLA not public |
| App / Clube do APP | App page advertises exclusive offers, coupons, cashback and early campaign access. | Retention and conversion channel | MAU, repeat purchase and app CAC not public |
| signal | public detail | business implication | verification status |
|---|---|---|---|
| Furniture assembly | Montagem de Móveis (21.325) from R$75 in up to 3 interest-free installments. | Services attach-rate opportunity | verified |
| Home cleaning/disassembly/impermeabilization | Cleaning from R$189; disassembly from R$125; impermeabilization from R$99. | Broader services catalog beyond furniture sale | verified |
| Marketplace commission | Seller page says no initial cost and pay only commission on sales. | Take-rate model likely, but rates undisclosed | partially_verified |
| Promotions/cashback/free freight | Homepage/app advertise cashback, coupons, free freight, installments and discounts. | Promotional intensity may pressure margins/CAC | verified |
Public prices are list/promotional signals, not realized AOV or margin.
03Customer Information
Public sources show consumer-scale and seller-scale signals, but no top-customer, retention, revenue concentration, seller concentration or supplier spend file.
III.A Top customers by application
partially verified confidence: medium
For a B2C marketplace, public sources provide aggregate customer claims rather than named top customers or purchasing cohorts.
Evidence gaps
- Top-customer/customer-cohort file, repeat rates, refunds/returns and NPS by cohort.
Hidden risks
- R-001 should remain open until private diligence closes this section.
Follow-up questions
- Provide top customer/cohort analysis and customer-reference plan.
| signal | public evidence | diligence value | gap |
|---|---|---|---|
| Aggregate customers | LinkedIn says more than 3M customers. | Scale signal | Active customers, repeats, NPS and cohort retention |
| Monthly customer visits | Marketplace page tells sellers millions of customers access monthly. | Demand/seller-value proposition | Traffic source, conversion, CAC and GMV |
| Top customers | No named top customers or 5% revenue customers public. | None; B2C concentration not verifiable publicly | Top cohorts, repeat rate, refunds, revenue concentration |
Consumer-scale claims are useful but not sufficient for revenue-quality diligence.
III.B Strategic relationships
partially verified confidence: medium
Public relationships include investors, marketplace sellers, logistics/service providers and integrator/hub ecosystem references; revenue contribution by partner is not public.
Evidence gaps
- Partner revenue, contract terms, exclusivity, service-provider SLAs and integrator dependencies.
Hidden risks
- R-003 should remain open until private diligence closes this section.
Follow-up questions
- Provide strategic partnership and seller-contract schedules.
III.C Revenue by customer
not publicly verifiable confidence: low
No revenue by customer, customer representing 5%+ of revenue, GMV concentration or retention/churn data was public.
Evidence gaps
- Revenue/GMV by customer cohort and concentration, seller contribution and refund exposure.
Hidden risks
- R-001 should remain open until private diligence closes this section.
Follow-up questions
- Provide revenue concentration, cohort retention and seller-concentration reports.
Counts are not revenue weights.
III.D Significant relationships severed within the last two years
not publicly verifiable confidence: low
No public list of severed material customer, partner or supplier relationships was found in reviewed sources.
Evidence gaps
- Severed customer/seller/supplier list and dispute history.
Hidden risks
- R-003 should remain open until private diligence closes this section.
Follow-up questions
- Disclose any material customer, seller, supplier or logistics-provider terminations since 2024.
III.E Top suppliers
partially verified confidence: medium
Marketplace and logistics evidence points to third-party sellers, warehouse/logistics and services-provider dependencies, but supplier purchase amounts and concentration are private.
Evidence gaps
- Top suppliers/sellers for FY2024-FY2026 YTD, spend/GMV, purchase commitments and SLA history.
Hidden risks
- R-003 should remain open until private diligence closes this section.
Follow-up questions
- Provide supplier/seller concentration and logistics contract data.
| relationship | public evidence | risk or gap |
|---|---|---|
| Marketplace sellers | TechCrunch reported >10,000 sellers and 2.5M SKUs in 2021; seller page markets 30+ categories. | Seller concentration, quality and SLA not public |
| Logistics/warehouses/Madeira Envios | TechCrunch reported logistics facilities and warehouse expansion; marketplace page references Madeira Envios. | Delivery SLA and ownership/lease commitments not public |
| Services/provider network | Services catalog and Exame services-growth roadmap after IguanaFix acquisition. | Provider contracts, quality, liability and take-rate not public |
| Suppliers/fabricators/importers | MPMG noted company alleged dependence on importers/manufacturers in non-delivery matter. | Supplier responsibility can flow through to MadeiraMadeira under consumer-law chain liability |
04Competition
MadeiraMadeira faces direct Brazilian furniture/decor ecommerce and omnichannel competitors; public pages show overlap, but market share and win/loss require private diligence.
IV.A Competitive landscape by market segment
verified confidence: medium
Mobly, Westwing and Tok&Stok publicly operate overlapping furniture/decor/home categories; MadeiraMadeira competes through breadth, marketplace supply, logistics, price/promotions, app and services.
Evidence gaps
- Market share, traffic mix, CAC, price index, win/loss and contribution margin versus competitors.
Hidden risks
- R-004 should remain open until private diligence closes this section.
Follow-up questions
- Provide competitor benchmark, traffic/CAC by channel and category-level margin comparison.
| company | segment | public overlap | source signal | diligence question |
|---|---|---|---|---|
| MadeiraMadeira | Home marketplace, ecommerce, services and guide shops | Target company | Broad categories, marketplace, app, services and guide shops | Can assortment/logistics generate durable margin? |
| Mobly | Online furniture and décor retailer | Furniture/decor ecommerce and app/free-freight offers | Homepage: Loja de Móveis e Artigos de Decoração | Price index, delivery SLA and assortment overlap |
| Westwing Brasil | Decor/furniture and curated home goods | Décor, furniture, tableware, rugs | Homepage: Loja de Decoração, Mesa Posta e Tapetes | Premium/curated segment overlap and margin pressure |
| Tok&Stok | Omnichannel furniture, décor and accessories | Furniture/decor/ambiences and delivery | Homepage: Loja de Móveis, Decorações e Acessórios | Offline showroom/store competition |
Competitor matrix is based on public category overlap, not revenue market share.
| axis | madeiramadeira public position | competitor pressure | diligence test |
|---|---|---|---|
| Assortment breadth | Homepage categories plus LinkedIn >2M products and TechCrunch 2.5M SKUs historical. | Mobly/Tok&Stok/Westwing all offer overlapping home categories. | Active SKU count, SKU productivity and seller/vendor quality |
| Price/promotions | Cashback, coupons, free freight, installments and app benefits. | Competitor pages also advertise offers/free freight/app channels. | Price index, discount rate, gross margin and CAC payback |
| Logistics/service quality | Warehouse/logistics expansion, Madeira Envios and services catalog. | Tok&Stok and Mobly emphasize delivery/home retail; consumer fine shows risk. | On-time delivery, cancellations, refund rate, Procon/Reclame trend |
Scores are qualitative analyst coding, not market share.
05Marketing, Sales, and Distribution
The GTM model includes ecommerce, app promotions, marketplace sellers, guide shops, WhatsApp/televendas and services; budget, CAC/payback and sales productivity are not public.
V.A Strategy and implementation
verified confidence: medium
Public channels include website, app club, marketplace seller onboarding, physical guide shops, WhatsApp/televendas and services.
Evidence gaps
- Marketing budget, CAC, payback, store P&L, app retention and channel mix by GMV/revenue.
Hidden risks
- R-003 should remain open until private diligence closes this section.
- R-004 should remain open until private diligence closes this section.
Follow-up questions
- Provide channel P&L, CAC/payback and marketing-budget waterfall.
| channel | public evidence | role | gap |
|---|---|---|---|
| Website ecommerce | Active home-products storefront and promotions. | Primary transaction/discovery channel | Traffic, conversion and CAC |
| Mobile app / Clube do APP | Exclusive offers, coupons, cashback and early access. | Retention and repeat purchase channel | MAU, retention, app GMV and CAC |
| Physical guide shops | Store locator and guide-shop flow to test/choose/buy/receive at home. | Offline discovery and assisted purchase | Store P&L, leases and conversion |
| Marketplace seller onboarding | Seller page offers onboarding and integrated channels. | Supply acquisition and assortment expansion | Seller acquisition cost, activation and churn |
| WhatsApp/televendas/services | Marketplace page header includes WhatsApp/televendas; services page sells home services. | Assisted sales and service attach | Attach rate, labor/provider economics |
| signal | evidence | risk or question |
|---|---|---|
| Cashback/coupons/free freight | Homepage and app pages promote cashback, coupons, free freight and discounts. | Promotional dependency and margin pressure |
| Seller value proposition | Marketplace page claims largest platform, millions of monthly customers and commission-only start. | Seller acquisition, take-rate and seller profitability |
| Restructuring/efficiency narrative | Exame describes layoffs, new VPs, cash discipline and superapp ambitions. | Whether marketing/product ambitions fit budget and team capacity |
Not a true revenue mix because public channel weights are unavailable.
V.B Major Customers
not publicly verifiable confidence: low
No major-customer relationship status, future growth plan or pipeline analysis is public for the B2C customer base.
Evidence gaps
- Major account/customer cohort trends and pipeline.
Hidden risks
- R-001 should remain open until private diligence closes this section.
Follow-up questions
- Provide cohort/pipeline analysis and reference customers.
V.C Principal avenues for generating new business
verified confidence: medium
Website promotions, app-club benefits, guide shops, marketplace partners and services are visible acquisition/retention avenues.
Evidence gaps
- Attribution by channel, SEO/SEM spend, affiliate economics and app cohort retention.
Hidden risks
- R-004 should remain open until private diligence closes this section.
Follow-up questions
- Provide channel attribution and funnel metrics.
V.D Sales force productivity model
not publicly verifiable confidence: low
Sales compensation, quota, sales cycle and new-hire productivity are not public; LinkedIn posts show retail sales roles for guide shops.
Evidence gaps
- Quota, compensation, store staffing, ramp and productivity dashboards.
Hidden risks
- R-005 should remain open until private diligence closes this section.
Follow-up questions
- Provide salesforce productivity model and store-staffing plan.
V.E Ability to implement marketing plan with current and projected budgets
not publicly verifiable confidence: low
Public sources show promotions and hiring but not marketing budget, ROI, liquidity allocated to GTM or forecast capacity.
Evidence gaps
- Marketing budget, ROAS, CAC/payback, forecast and cash allocation.
Hidden risks
- R-001 should remain open until private diligence closes this section.
- R-004 should remain open until private diligence closes this section.
Follow-up questions
- Provide GTM budget, forecast and ROI evidence.
06Research and Development
Public evidence shows technology/logistics/product-development functions and a roadmap around private label, services, superapp, catalog expansion and possible internationalization; R&D spend and delivery risk remain private.
VI.A Description of R&D organization
partially verified confidence: medium
Public team signals include technology, logistics, product development and product-manager hiring, but no R&D org chart, budget or architecture documents are public.
Evidence gaps
- R&D budget, roadmap resourcing, architecture/security reviews and engineering productivity.
Hidden risks
- R-005 should remain open until private diligence closes this section.
- R-006 should remain open until private diligence closes this section.
Follow-up questions
- Provide R&D org chart, roadmap, budget and incident/technical-debt backlog.
| capability | public signal | diligence gap |
|---|---|---|
| Technology/product development | TechCrunch says majority of 1,300 employees focused on technology, logistics and product development in 2021; LinkedIn shows tech Product Manager role. | Current engineering headcount, roadmap velocity and architecture quality |
| Logistics operations | Exame names Nilton Pereira Sampaio as VP of Operações logísticas; LinkedIn posts logistics roles. | SLA, network design and logistics tech stack |
| Private label and market intelligence | Exame names VP of Private Label and VP of Marketing/Market Intelligence hires. | Private-label sourcing, quality and margin controls |
VI.B New Product Pipeline
partially verified confidence: medium
Public roadmap signals include logistics expansion, private label, services growth, superapp ambition, possible internationalization and financial-services/product-manager hiring.
Evidence gaps
- Board-approved roadmap, milestones, budget, critical dependencies and launch metrics.
Hidden risks
- R-006 should remain open until private diligence closes this section.
Follow-up questions
- Provide product pipeline with owners, budget, milestones, KPIs and kill criteria.
| initiative | public status | evidence | risk |
|---|---|---|---|
| Private label / Madeira Originals | Publicly merchandised and Exame reports VP of Private Label. | Homepage Madeira Originals and Exame hire. | Inventory, quality, sourcing and margin risk |
| Services consolidation | Services catalog live; Exame reports 600% growth vs 2022 and continuing ambitions. | Services page and Exame. | Provider quality, attachment, liability |
| Superapp / 5M items | Exame-reported ambition. | Exame title/body. | Focus, UX, catalog quality and working capital |
| Internationalization and financial-services product work | Exame says internationalization horizon two to three years; LinkedIn shows financial-services Product Manager role. | Exame and LinkedIn. | Regulatory, localization and capital allocation |
Roadmap claims are public signals; require board roadmap and financial model.
07Management and Personnel
Public sources identify founders, senior hires, LinkedIn headcount signals, open roles and restructuring; complete org chart, compensation and turnover are private.
VII.A Organization Chart
partially verified confidence: medium
No complete reporting-line org chart is public; public sources identify founders and selected 2024 VP hires.
Evidence gaps
- Full org chart, reporting lines and span-of-control metrics.
Hidden risks
- R-005 should remain open until private diligence closes this section.
Follow-up questions
- Provide current org chart and leadership succession plan.
VII.B Historical and projected headcount by function and location
partially verified confidence: medium
Public anchors include over 1,300 employees in 2021, a 2,000-person team before a 10% 2024 cut, LinkedIn 2,178 employee profiles, and open roles across logistics, sales, marketing and tech.
Evidence gaps
- HRIS headcount by function/location, forecast, attrition and hiring plan.
Hidden risks
- R-005 should remain open until private diligence closes this section.
Follow-up questions
- Provide HRIS roll-forward and approved hiring plan.
| period | signal | source | diligence caveat |
|---|---|---|---|
| 2021 | Over 1,300 employees; majority focused on technology, logistics and product development. | TechCrunch | Historical article, not current HRIS |
| 2024 | 10% cut from 2,000-person team; third cut in 18 months; more than 250 professionals reduced. | Exame | Need HRIS/attrition and severance liabilities |
| 2026 accessed | LinkedIn shows 2,178 employee profiles and company size 1,001-5,000. | LinkedIn profiles are not payroll data | |
| 2026 accessed | Open roles/posts in logistics, sales, marketing and tech/Product Manager. | Open postings do not prove hiring budget or fill rates |
2024 post-cut point is a simple public-article arithmetic estimate.
VII.C Senior management biographies
verified confidence: medium
TechCrunch names founders Daniel Scandian, Marcelo Scandian and Robson Privado; Exame names 2024 VP hires in revenue, logistics, private label and marketing/market intelligence.
Evidence gaps
- Complete leadership bios, tenure, employment agreements and background checks.
Hidden risks
- R-005 should remain open until private diligence closes this section.
Follow-up questions
- Provide senior-management biographies and employment agreements.
| name | role or public position | source signal | diligence gap |
|---|---|---|---|
| Daniel Scandian | CEO and co-founder | Founded in 2009 by Daniel Scandian, Marcelo Scandian and Robson Privado; Exame quotes Daniel as CEO. | Employment agreement, board role, key-person risk |
| Marcelo Scandian | Co-founder | TechCrunch and Exame founder references. | Current operating role and equity/vesting |
| Robson Privado | Co-founder | TechCrunch and Exame founder references. | Current operating role and equity/vesting |
| Fabio Fadel | Chief Revenue Officer (CRO) | Exame reports 2024 hire with Pernambucanas/Dafiti background. | Revenue mandate, compensation and ramp KPIs |
| Nilton Pereira Sampaio | VP of logistics operations | Exame reports ex-Ambev hire. | Logistics KPIs and network remediation plan |
| Erica Lima / Thais Galli | VP Private Label / VP Marketing & Market Intelligence | Exame reports 2024 hires. | Private-label and marketing plans, budget and KPIs |
Roster is limited to public evidence; confirm current roles with management.
VII.D Compensation arrangements
not publicly verifiable confidence: low
Key employment agreements, compensation arrangements and benefits are not public.
Evidence gaps
- Employment agreements, bonus plans, severance obligations and benefits plan documents.
Hidden risks
- R-005 should remain open until private diligence closes this section.
Follow-up questions
- Provide compensation and benefits plan schedules.
VII.E Incentive stock plans
not publicly verifiable confidence: low
Option pool, equity plans and incentive stock arrangements are not public.
Evidence gaps
- Stock plan, option grants, vesting, strike prices and refresh policy.
Hidden risks
- R-002 should remain open until private diligence closes this section.
- R-005 should remain open until private diligence closes this section.
Follow-up questions
- Provide equity incentive plan and grant ledger.
VII.F Significant employee relations problems, past or present
inconclusive confidence: low
No public employee-relations docket was reviewed; layoffs/restructuring are public and warrant HR diligence.
Evidence gaps
- Employee relations claims, labor lawsuits, union matters, severance, complaints and engagement surveys.
Hidden risks
- R-005 should remain open until private diligence closes this section.
Follow-up questions
- Provide employee-relations and labor-litigation schedule.
VII.G Personnel Turnover
partially verified confidence: medium
Exame reported three cuts in 18 months totaling more than 250 professionals, but voluntary/involuntary turnover rates and retention programs are not public.
Evidence gaps
- Turnover rates by function/location, regretted attrition and retention plan.
Hidden risks
- R-005 should remain open until private diligence closes this section.
Follow-up questions
- Provide 24-month turnover dashboard and key-person retention plan.
08Legal and Related Matters
Public legal diligence identifies the company legal entity/privacy page and a Procon-MG administrative fine; comprehensive lawsuits, IP, contracts, insurance and regulatory correspondence require counsel/data-room evidence.
VIII.A Pending lawsuits against the Company
inconclusive confidence: medium
No comprehensive pending-litigation docket was obtained; the official public regulatory/consumer-protection fine is a known matter requiring status confirmation.
Evidence gaps
- Complete litigation docket, claims amounts, counsel, status and reserves.
Hidden risks
- R-007 should remain open until private diligence closes this section.
- R-008 should remain open until private diligence closes this section.
Follow-up questions
- Provide counsel-prepared litigation schedule and Procon case status.
| matter | forum | status or public detail | diligence request |
|---|---|---|---|
| Procon-MG administrative fine for offer breach/non-delivery | MPMG / Procon-MG | R$346,116.25 fine; recurrent delay/non-delivery and chain-of-supplier responsibility cited. | Case docket, appeal/payment status, reserves and remediation plan |
| Pending lawsuits against company | Public web search; no complete docket obtained | Not publicly verifiable in this run. | Counsel-prepared litigation schedule with claims/reserves |
| Consumer complaints/reputation | Reclame Aqui/consumer sources were search-visible but access-controlled pages were not usable as evidence | Evidence gap, not a quantified finding. | Complaint volumes, root causes, refund/cancellation trend and regulator correspondence |
Do not infer absence of litigation from absence of public docket evidence.
VIII.B Pending lawsuits initiated by Company
not publicly verifiable confidence: low
No public schedule of company-initiated litigation was found in reviewed sources.
Evidence gaps
- Company-initiated litigation, collections, IP enforcement and supplier disputes.
Hidden risks
- R-008 should remain open until private diligence closes this section.
Follow-up questions
- Provide all company-initiated litigation and threatened claims.
| category | public signal | verification status | request |
|---|---|---|---|
| Company-initiated lawsuits | No verified public schedule found. | not_publicly_verifiable | List all initiated lawsuits, collections, supplier disputes and IP enforcement. |
| Marketplace/seller contracts | Seller page indicates commission-only and Madeira Envios model. | partially_verified | Standard seller agreement, top seller contracts, SLA, indemnity and termination terms. |
| Logistics/store/service contracts | Public sources show logistics, guide shops and services operations. | partially_verified | Warehouse leases, carrier agreements, guide-shop leases and service-provider MSAs. |
VIII.C Environmental and employee safety issues and liabilities
inconclusive confidence: low
No public environmental or worker-safety matters were verified; privacy/data processing is public and logistics/store operations warrant safety diligence.
Evidence gaps
- Occupational safety records, warehouse/store incident logs, environmental compliance and LGPD artifacts.
Hidden risks
- R-008 should remain open until private diligence closes this section.
Follow-up questions
- Provide EHS/safety logs and LGPD compliance file.
VIII.D Material patents, copyrights, licenses, and trademarks
not publicly verifiable confidence: low
No company-specific IP extract was obtained; INPI/TMview public tooling exists but official trademark/patent schedules must be requested.
Evidence gaps
- INPI trademark/patent extracts, software/license inventory and IP assignment agreements.
Hidden risks
- R-008 should remain open until private diligence closes this section.
Follow-up questions
- Provide IP portfolio, licenses and employee/contractor IP assignment evidence.
| asset or area | public evidence | status | diligence request |
|---|---|---|---|
| Legal entity and privacy policy | Privacy page identifies MadeiraMadeira Comércio Eletrônico S/A, CNPJ and cookies/personal-data language. | verified for public statement | LGPD records, DPAs, DPIAs, incident history and privacy counsel memo |
| Trademarks/brand | INPI/TMview search tooling exists, but no company-specific extract was obtained. | not_publicly_verifiable | Official INPI trademark extracts and brand-license schedule |
| Software/content/IP assignments | No public software license, open-source, copyright or IP-assignment schedule found. | not_publicly_verifiable | IP assignment agreements, OSS/SaaS inventory and license compliance review |
VIII.E Insurance coverage and material exposures
not publicly verifiable confidence: low
Insurance policies, coverage limits, deductibles and claims history are not public.
Evidence gaps
- Insurance policies and claims history for cyber, D&O, E&O, general liability, cargo/warehouse and labor.
Hidden risks
- R-008 should remain open until private diligence closes this section.
Follow-up questions
- Provide insurance schedule, claims history and broker letter.
VIII.F Material contracts
not publicly verifiable confidence: low
Material seller, supplier, logistics, service-provider, lease, financing and software contracts are private.
Evidence gaps
- Material contracts, change-of-control provisions, minimum commitments and termination rights.
Hidden risks
- R-003 should remain open until private diligence closes this section.
- R-008 should remain open until private diligence closes this section.
Follow-up questions
- Provide material-contract schedule and top agreements.
VIII.G Regulatory agency problems
verified confidence: high
The MPMG/Procon-MG fine is a verified public regulatory issue; complete regulatory correspondence and remediation evidence are not public.
Evidence gaps
- Appeal/payment status, remediation plan, recurrence metrics, other regulator matters.
Hidden risks
- R-003 should remain open until private diligence closes this section.
- R-007 should remain open until private diligence closes this section.
- R-008 should remain open until private diligence closes this section.
Follow-up questions
- Provide Procon case docket/status, remediation plan and all regulator correspondence.
| agency or area | action or signal | severity | open questions |
|---|---|---|---|
| Procon-MG / MPMG | Administrative fine R$346,116.25 for offer breach/non-delivery. | medium | Appeal/payment status, recurrence, reserves and remediation. |
| LGPD/privacy | Privacy policy and cookies statement public; no ANPD/enforcement record reviewed. | unknown | Data inventory, DPAs, incidents and regulator correspondence. |
| Consumer/logistics chain liability | MPMG explicitly notes responsibility in supplier chain even when not seller of fact. | high | Seller indemnities, customer remediation and SLA controls. |
Evidence
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | CB Insights lists MadeiraMadeira as a current private unicorn with a $1B valuation, 2021-01-07 date joined, Brazil/Curitiba location, Consumer & Retail industry, and select investors Flybridge Capital Partners, SoftBank Group and Monashees+. | verified high | SRC-001 |
| EC-002 | TechCrunch reported that MadeiraMadeira raised $190M at a valuation over $1B, operated a home-products marketplace with roughly 300,000 products, more than 10,000 sellers, about 2.5M SKUs, showrooms, logistics facilities and over 1,300 employees in 2021. | verified high | SRC-002 |
| EC-003 | LAVCA reported SoftBank Group and Dynamo led a US$190M Series E with VELT Partners, Brasil Capital, Lakewood, Monashees and Flybridge participation, and cited a prior US$110M Series D at a US$500M valuation. | verified medium | SRC-003 |
| EC-004 | The MadeiraMadeira storefront is active and merchandises furniture, décor, renovation/home-improvement categories, app cashback, free-freight/coupon campaigns, Madeira Originals and services. | verified medium | SRC-004 |
| EC-005 | MadeiraMadeira markets itself to sellers as the largest Casa & Decoração platform in Brazil, with more than 30 categories, millions of monthly customers, commission-only selling, Madeira Envios and reach across online, physical stores and integrated channels. | partially verified medium | SRC-005 |
| EC-006 | MadeiraMadeira publicly sells home services including furniture assembly from R$75, cleaning, disassembly and sofa/chair impermeabilization, with several service tiles showing review/order counts. | verified medium | SRC-006 |
| EC-007 | MadeiraMadeira operates physical guide shops where customers can test products, choose, purchase with assistance and receive products at home. | verified medium | SRC-007 |
| EC-008 | The app channel is actively marketed via Clube do APP with exclusive offers, coupons, differentiated cashback and early access to campaigns. | verified medium | SRC-008 |
| EC-009 | LinkedIn lists MadeiraMadeira as retail furniture/home furnishings in Curitiba with 214,549 followers, 2,178 employee profiles, company size 1,001-5,000, over 3M clients, over 2M offered products, marketplace and guide shops, plus open roles in logistics, sales, marketing and tech. | partially verified medium | SRC-009 |
| EC-010 | Exame reported in February 2024 that MadeiraMadeira cut 10% of a 2,000-person team, the third cut in 18 months with more than 250 professionals reduced, while the CEO said about 80% of the 2021 fundraising remained untouched and the company was adding experienced VPs for revenue, logistics, private label and marketing/market intelligence. | partially verified medium | SRC-010 |
| EC-011 | Procon-MG/MPMG fined MadeiraMadeira Comércio Eletrônico R$346,116.25 for offer breach and non-delivery of products, citing recurrent delays/non-delivery and supplier-chain responsibility. | verified high | SRC-011 |
| EC-012 | The privacy page identifies MadeiraMadeira Comércio Eletrônico S/A, CNPJ 10.490.181/0001-35, Curitiba address, and states privacy, personal-data and cookie practices. | verified medium | SRC-012 |
| EC-013 | Mobly, Westwing Brasil and Tok&Stok publicly sell overlapping furniture, décor and home categories in Brazil, indicating a crowded competitive market. | verified medium | SRC-013SRC-014SRC-015 |
| EC-014 | Audited financial statements, revenue/GMV, gross margin, cohorts, customer concentration, AR aging, debt, cash, cap table and projections were not available in reviewed public sources. | not publicly verifiable medium | SRC-001SRC-002SRC-003SRC-010 |
| EC-015 | No company-specific patent/trademark extract, material contract schedule, insurance schedule, comprehensive litigation docket, or regulator correspondence was obtained publicly in this run; INPI public tooling exists but requires extract-level follow-up. | not publicly verifiable low | SRC-017SRC-011SRC-012 |
| EC-016 | Nearshore Americas corroborated the US$190M unicorn financing and reported MadeiraMadeira would bolster logistics, expand beyond Brazil, had own warehouse/shipping facilities and nine brick-and-mortar stores in 2021. | partially verified medium | SRC-016 |
| EC-017 | Public materials do not identify top customers, revenue by customer, churn, NPS, cohort retention, seller concentration or supplier purchase amounts. | not publicly verifiable medium | SRC-005SRC-009 |
| EC-018 | Exame reported strategic pipeline ambitions including superapp positioning, services consolidation, 600% services growth versus 2022, possible internationalization in two to three years, and a goal around 5M items. | partially verified medium | SRC-010 |
Disclaimer
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.