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SoftBank Is Set to Reinvest in Brazilian E-Commerce Unicorn

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SoftBank Group Corp. is among existing investors in talks to lead a $120 million fund-raising for Brazilian e-commerce company MadeiraMadeira in a transaction that will vault the firm to so-called unicorn status, according to a person with knowledge of the matter.

The funding round could be finalized by year-end and terms could still change, said the person, who requested anonymity because the talks are private. A unicorn is a startup with a valuation of more than $1 billion.