Brazil-Based Advolve Acquired by iFood

Gunderson Dettmer represented client Advolve, a Brazilian company specializing in artificial intelligence applied to performance marketing, in its acquisition by iFood.

Advolve’s AI architecture runs simultaneous tests, automatically creates and adjusts creative elements such as text, images and videos and allocates investment based on what is performing best. The company’s ability to generate, analyze, rework and redistribute thousands of marketing pieces, including across external channels, will allow iFood to become a more efficient and comprehensive connection between businesses and users.

In the announcement of the acquisition, Advolve co-founder João Sobreira said, “Together, Advolve and iFood are becoming an increasingly powerful media vehicle, supporting brands and agencies in reaching users. With iFood, we add even more technology and artificial intelligence to a large audience of users who regularly order not only food, but also pharmacy, groceries, and general convenience items.”

The Gunderson deal team was led by corporate partner Christel Moreno and included corporate associates Carolina Zanolo, Eduarda Tavares and Eduardo Espinosa de los Monteros Pereda and tax partner Jace Clegg.

Companies
Advolve
iFood