Founded in 2015, Olist serves small brick-and-mortar retailers, making their products available in virtual "stores" within larger online marketplaces.
Olist Chief Executive and founder Tiago Dalvi said the company plans to use part of the proceeds to expand the number of sellers it serves to 100,000 in two years from the current 7,000.
The deal is the latest in a series by SoftBank, which is investing the proceeds of its $5 billion Latin America fund, launched in March.
Olist "offers a lot of room to grow, as few small retailers are in marketplaces yet," said Paulo Passoni, managing investment partner at SoftBank Group International.
Olist also is responsible for logistics from sellers to consumers.
Dalvi said Olist may add financial products to its platform in the future and is seeking some partnerships with other SoftBank's portfolio companies, such as Colombian delivery app Rappi and Brazilian logistics company Loggi.
SoftBank invested alongside existing investors Redpoint eventures and Valor Capital.
($1 = 4.0733 reais)
(Reporting by Carolina Mandl; Editing by Paul Simao)
By Carolina Mandl
