Mandae 2017 (IFC-40729)

  • Brazil
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jan 9, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
The holder of the loan, grant, or other investment.
  • Industry and Trade
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 2.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 2.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 26, 2018

Disclosed by Bank Dec 19, 2017

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Project Description

Mandae Technologies (“Mandae” or the “Company”) is an e-logistics software company that helps small-and medium-sized e-commerce companies obtain more affordable and efficient shipping services. The Company, headquartered in Sao Paulo, Brazil, was founded in 2014 by entrepreneurs Marcelo Fujimoto and Karim Hardane. The proposed IFC investment (“Project”) consists of up to US$2.5 million in equity for a minority stake to support Mandae’s expansion to other cities across Brazil.

People Affected By This Project

- Support the Growth of SMEs: Mandae's services supports the development of SMEs by reducing their freight costs. As the Company grows, it expects to positively impact hundreds of more SMEs across brazil.
- Employment Generation: The Company currently employs 74 people in its direct operations. It intends to keep growing its business and is expected to further increase its workforce over time.

Investment Description
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Mandae Technologies Inc. Client -

Contact Information

For inquiries about this project, contact: Mandae Technologies 
50 Rua Padre Meliton Vigueira Penillos, 132, Vila Leopoldina, São Paulo - SP - 05305-070 



The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at