LatAM Weekly #172

Happy Sunday!

It’s been a whirlwind week globally, with major events that set the tone for 2025. Donald Trump’s inauguration as the 47th President of the United States took center stage, drawing the "who’s who" of the tech world, including Elon Musk, Satya Nadella, and Tim Cook, highlighting the deepening ties between politics and technology. In a significant move, Elon Musk was appointed as a special advisor for U.S. innovation and infrastructure, underscoring a renewed focus on tech-driven economic growth. Adding to the momentum, the U.S. government announced a groundbreaking partnership with OpenAI, Microsoft, and other tech giants to develop a national AI framework aimed at securing the country’s technological dominance while addressing ethical concerns. Global markets are also buzzing as venture capitalists hint at a promising year ahead, buoyed by stronger public markets and recalibrated private valuations. These seismic shifts remind us how deeply interconnected global events are with LatAm’s tech ecosystem—what happens on the global stage will inevitably ripple through our region…

Follow me on LinkedIn , Instagram or X for daily updates!

Opinions expressed here are solely my own and does not represent those of people, institutions, organizations that I may or may not be associated with in any capacity, unless explicitly stated.

Going to our usual venture market update, a great read this week was Kyle Harrison’s Investing 101 piece titled “Venture Capital Unbundled”. The newsletter discussed the shifting preference for individuals over corporate brands, drawing on insights from David Perell's essay, Naked Brands. Perell highlights that "successful influencers are perceived as genuine, sincere, and most of all, transparent," distinguishing them from the institutional models of the industrial era.

This same evolution is increasingly evident in venture capital. The industry has moved away from the dominance of monolithic brands in its early days and the feudalism of empire funds like a16z and General Catalyst. Instead, a new trend is emerging, driven by what can be termed "Renegades"—individual investors redefining the landscape with their unique approaches and capabilities. These people can be either key investors of these very known funds, or have their own fund. Regardless of the format, we are seeing “key people” being as powerful as “key brands” in venture capital. The bottom line for this phenomenon is that the general public resonates more with individuals than with brands. Therefore the ideal format is when one strong individual represents a strong brand… 

Another good read was Pitchbook’s piece on US VC backed IPO expectations for 2025. IPO activity for VC-backed companies has remained at its lowest levels since 2011, despite strong public market performance over the past two years. While a few notable IPOs in 2024 achieved strong post-market performance, many startups continue to wait on the sidelines. Looking ahead to 2025, IPO activity is expected to pick up in the U.S., but significant challenges remain. Many companies may need to accept lower valuations, as half of non-healthcare unicorn IPOs did in 2024. Additionally, investors are placing greater emphasis on profitability, holding startups to higher standards than in previous years. The IPO pipeline is also becoming increasingly crowded in saturated sectors like technology, AI, fintech, and healthcare, making it harder for startups to differentiate themselves and attract investor interest, especially as public liquidity tightens.

If the Federal Reserve cuts rates as anticipated and the economy maintains its strength, IPO activity could moderately increase in the second half of 2025, with projections of 51 to 61 IPOs for the year. This would inject much-needed liquidity into the VC market. However, uncertainties such as proposed tariffs, political tensions, and the policies of the new U.S. administration add a layer of unpredictability to the market's recovery.

Moving on the LatAm specific data, Sling Hub released its figures for the year. There were 739 rounds in Latin America during the year of 2024, with USD 4.6bn being invested. The figure represents a 23% hike compared to last year, with Brazil being responsible for close to 60% of the total amount invested. The name of the game this year was size - there were important and significant Series C rounds, that thus pushed the overall investment volume. Fintech still dominated the space with 41% of the equity funding volume. Stay tuned for Sling Hub’s webinar on these results and also the report sent out in partnership with Itau BBA.

Finally, if you’re considering starting a company in Brazil or Latin America—or you’re Brazilian/Latino—this is for you. Latitud has just opened applications for their new Fellowship program, and it’s better than ever. All founders in the program will receive a $25K check, participate in a week in San Francisco to meet key founders and investors, and spend 8 weeks working alongside entrepreneurs who’ve built major tech companies in LatAm. Most importantly, you don’t need to have it all figured out yet—that’s what the program is for.

Applications close on February 17th: latitud.com/fellowship.

PS: Need a referral? Reply to this email

Monday

General news:

• Mate Pencz, co-founder of Brazilian proptech Loft, attended Trump’s inauguration at an exclusive event hosted by Ben Horowitz. Loft, backed by Andreessen Horowitz, is expanding its footprint in Brazil’s real estate market with tech-driven solutions.
• Conta Simples and Visa revealed that 3.5M Brazilian SMEs still use personal credit cards for business expenses. This practice hinders companies from accessing business credit and creates inefficiencies. Corporate cards, however, streamline expenses and improve financial organization.
• Pix payment initiation in Brazil’s Open Finance ecosystem reached R$32B in 2024. Experts anticipate further expansion as more institutions adopt the system, reflecting growing trust in digital financial integration.
• Food To Save offers up to 70% discounts on near-expiry items via surprise bags, aiming to reduce food waste. The app attracted over 1M monthly users and plans to focus on its 12 Brazilian capital markets, expecting revenue to grow from R$72M in 2024 to R$170M in 2025.
• Scantastic, a Chilean startup, uses QR codes to personalize loyalty programs in restaurants, boosting repeat visits by 35%. It plans to expand to Argentina, Brazil, and Mexico in 2025, already serving over 150 establishments.
• Bitcoin reached a new all-time high of $109,000 following optimism about Trump’s pro-crypto policies but later pulled back to $103,558. Analysts expect Bitcoin to rise further, potentially reaching $130,000.

Deals:

• Sem Parar is acquiring Gringo, a Brazilian superapp for drivers, just six months after the startup raised R$70M. Valued at around $163M, the acquisition expands Sem Parar’s mobility ecosystem beyond toll tags. The deal awaits regulatory approval. Gringo was advised by Itau BBA.
• Superlógica raised R$75M through a FIDC to expand its "Inadimplência Zero" product, addressing Brazil’s R$7B condo fee default issue. With nearly 2,000 condominiums onboard, the funding will also support the development of new financial products, moving the company closer to an IPO.
• SoftBank is exiting WeWork’s Brazilian operations by selling its 49% stake to Giorgio de Cerqueira Figueiredo. The sale, part of WeWork’s global restructuring, awaits approval from U.S. creditors. Despite challenges, WeWork continues operations in Brazil, focusing on sustainability.

Tuesday

General news:

• Latitud relaunched its Fellowship program, offering $250K to 10 early-stage startups. Participants receive $25K, mentorship, and networking opportunities across Latin America and the U.S., with a focus on AI-driven ideas. Applications close February 17, 2025.
• Meta will temporarily continue its fact-checking program in Brazil despite ending it in the U.S. Concerns over compliance with national laws and constitutional rights have led to public hearings and potential regulatory measures.
• Humand appointed Felipe D’Arco as Country Manager in Brazil. With 15+ years of experience, he will focus on client relationships and expanding the company’s presence. Humand partners with Amazon, IBM, and Microsoft to enhance HR processes.
• Amazon Brazil has named Juliana Sztrajtman as its new president, succeeding Daniel Mazini. Sztrajtman previously led Amazon's retail division and brings extensive marketing and leadership experience.
• Resolva AI aims to revolutionize customer service by automating consumer-business interactions with AI. Initially focusing on telecom complaints, the platform has resolved 1,500 cases in its first week and plans to expand into aviation, e-commerce, and banking.
• MSW Capital is set to deploy R$80M across 8 startups in energy, agribusiness, and autonomy. The firm paused in 2024 but plans to accelerate investments from its BB Ventures and MultiCorp 2 funds.
• Mercado Libre has updated its selling process, requiring all sellers to register on a new platform. This change aims to streamline operations and improve user experience.
• Autonomy Investments launched 247 Data Centers to develop hyperscale infrastructure for big techs, focusing on cloud and AI processing. The first facilities in São Paulo aim for 100 MW+ capacity by 2026.
• Baaskit, a Chilean fintech, received regulatory approval to operate as a payment card processor. The company plans to expand its offerings to include accounts, loans, and insurance while targeting large enterprises.
• Appmax received a license from Brazil’s Central Bank to operate as a regulated Payment Institution. The fintech plans to expand its AI-powered solutions, targeting marketplaces and franchises.

Deals:

• Caccao, a Brazilian fintech targeting financial influencers, raised R$2.2M from Domo.VC, A2 Capital, and angel investors. The startup simplifies access to financial products by embedding links in influencer content.
• Brasil TecPar secured a R$300M investment from Australia’s Macquarie Capital to expand its fiber-optic network. The company, serving 820K customers, aims to become a top-5 telecom player by 2027.
• Qlik acquired Upsolver to enhance real-time data ingestion and AI-driven insights. This move strengthens Qlik’s position in open data lakehouses, improving data scalability and analytics for enterprises.
• Lumo Robotics raised R$1M to scale its solar panel cleaning robots. Backed by Gera Climate Ventures, the startup targets Brazil’s growing solar market and plans nationwide expansion.

Wednesday

General News:

• Banco BV is strengthening innovation through BVx, connecting with 250 startups and maintaining 40 active contracts. The bank focuses on Open Finance, digital assets, and AI, refining its strategy around four innovation pillars in 2024. It was recognized in the TOP 100 Open Corps for the second consecutive year.
• ViperX, a cybersecurity startup under Grupo Dfense, appointed Marcos Castro as partner and CISO. With 25+ years of experience and top certifications, Castro will lead partnerships, product development, and service enhancements, bolstering ViperX's position in the offensive security market.
• Est.31, a creative studio for startups, is now offering equity-based compensation to align its success with clients. Working with companies like Justos and Alice, Est.31 aims to become Latin America’s top creative venture studio within five years.
• Syonet, a Brazilian CRM software leader, is expanding into Mexico. The company targets 100 dealerships and aims to grow revenue by 33% in 2025. After a successful pilot, Syonet plans to triple operations, enhancing its AI-powered SaaS platform.
• Wellhub (formerly Gympass) named Ricardo Guerra, who has been in the company for 8+ years, to lead its operations in Brazil, aiming to reach 10M users. The company grew its global subscribers to 4M in 2024, offering services in fitness, mindfulness, and nutrition through 65,000 providers worldwide.
• Field Capital, spun off from Buriti, is targeting R$500M in 2024 for agribusiness investment funds. The firm specializes in structured operations like CRA and CDCA to optimize rural credit allocation.
• Petrobras is exploring Bitcoin mining using excess gas from oil extraction to reduce environmental impact and create new revenue streams. The initiative includes tokenization to optimize energy use, aligning with global blockchain trends.
• Sicoob has grown into one of Brazil’s largest financial institutions, with R$180B in assets and 8M members. Its focus on financial inclusion and digital solutions reflects the rising demand for cooperative finance.
• Brazil’s government plans to introduce a new law to regulate financial registrars. The reform, led by Finance Minister Fernando Haddad, aims to improve market transparency, strengthen oversight, and foster competition.
• Credicuotas, part of Argentina’s Grupo BIND, issued its first $18.2M USD debt offering to diversify funding and expand its investor base. The move aims to reduce costs and unlock growth opportunities.
• PitchBook and Morningstar launched the Morningstar PitchBook Unicorn 30 Index to track financial performance of private unicorns valued over $1B. The index includes companies like SpaceX, OpenAI, and Databricks, reflecting the growing importance of private markets.

Deals:

• Paytrack, a corporate expense fintech, raised R$240M in a Series B round led by Riverwood Capital. The funds will fuel product development and international expansion, with a focus on Mexico and Colombia. Paytrack was advised by Itau BBA in the round.
• Databricks secured $15.3B in funding at a $62B valuation, with $10B in equity and $5.25B in debt. Meta joined as a strategic investor to support AI product development, acquisitions, and global expansion. An IPO is unlikely before 2025.
• Music Al, creator of the Moises app, raised $40M in a Series A round led by Connect Ventures. The app, used by 50M users globally, will use $30M for AI and product expansion, while $10M allowed early investors to cash out.
• Company Hero acquired Duca Saúde and Segure.Me, adding health plans, insurance, and benefits to its PJ Hero platform. Serving 32,000 clients, the company surpassed R$35M in revenue in 2024 and aims for further growth through acquisitions.
• Google invested an additional $1B in Anthropic, an AI startup and OpenAI rival, bringing its total investment to over $2B. The move strengthens Google's AI capabilities as the U.S. government pushes for $500B in private sector AI investments.

Thursday

General news:

• Unicred do Brasil has appointed Alexandre da Silveira as its new CTO to drive digital transformation in its healthcare-focused financial cooperative. With over 25 years in IT, Silveira will implement scalable solutions using cloud, APIs, and AI.
• Endeavor is raising its largest investment fund yet, targeting $300M for its fifth vehicle. Nearly 40% of its global investments are in Latin America, including Creditas and Ebanx. Endeavor aims to strengthen the “multiplier effect” of entrepreneurial mentorship.
• Startups are transforming real estate financing in 2025 by offering tech-driven credit solutions for small and mid-sized developers. Fintechs like Makasí are leveraging AI and machine learning for better project tracking and risk assessment.
• Bossa Invest unveiled its 2025 strategy focusing on AI, sustainability, and emerging hubs beyond São Paulo-Rio. Key sectors include climate tech, fintech, and digital infrastructure, aiming to foster decentralization and global partnerships.
• PagBank, Inter, C6 Bank, and 99Pay led Brazil’s Q4 2024 customer complaint rankings. Common issues included payroll loan portability restrictions and account security concerns.
• Bruno Diniz has been elected as the second independent board member for Brazil’s Open Finance governance. He joins Rubens Vidigal Neto to oversee the system's development.
• Standard & Poor's maintained Colombia’s credit rating at BB+ with a negative outlook, citing fiscal challenges and investor uncertainty. A downgrade could occur if fiscal deficits persist.
• Central Bank of Brazil is advancing financial registrar regulation to improve market transparency and efficiency. The reforms aim to reduce competitive disparities and strengthen oversight.

Deals:

• Rocketbot, a Chilean automation scale-up, secured a $900K grant from CORFO’s Innova Alta Tecnología fund. The funding will support R&D for self-healing bots and enhance security through partnerships with leading universities.
• Neko Health, founded by Spotify's Daniel Ek, raised $260M in a Series B round led by Lightspeed Ventures, valuing the company at $1.8B. Funds will support U.S. expansion and the refinement of its AI-driven preventive health technology.
• Alper Seguros completed its 71st acquisition, purchasing SF7 Seguros. This strengthens its corporate insurance portfolio, focusing on São Paulo and Rio de Janeiro, with plans for continued M&A activity.

Friday

General news:

• Stargate, the $500B AI infrastructure project announced by Trump, will exclusively serve OpenAI but lacks full funding. Backed by OpenAI, SoftBank, and Oracle, the initiative faces uncertainty over financial commitments. Elon Musk criticized its feasibility, prompting OpenAI CEO Sam Altman to respond.
• IBM launched the Sphere program in partnership with Streamline Brasil and TD Synnex, offering scale-ups access to advanced tech, market expansion, and investor connections. Operating from IBM's São Paulo headquarters, the program includes a Center of Excellence to support strategic growth.
• Meta plans to invest up to $65B in AI infrastructure in 2025, up from $40B in 2024. The investment includes a 2-gigawatt data center and 1.3M Nvidia GPUs. Zuckerberg aims to serve 1B users with Meta’s AI assistant and advance the open-source Llama 4 model.
• PagBrasil, now a regulated payment institution, plans to offer Pix-based cash withdrawals abroad and introduce Pix Automático. The fintech enables Pix payments for Brazilian tourists in countries like Argentina, Chile, and Spain and is working on NFC-enabled payments.
• Calice, an agtech multinational, entered the Brazilian market with its AI-powered NODES platform. Backed by $1.5M in funding, the company targets seed and agribusiness firms, leveraging predictive modeling to optimize crop resilience and R&D.
• Yuno appointed Miguel Duarte Fernandes as SVP of Growth for Europe to strengthen its global expansion strategy. With 300+ payment methods, Yuno aims to tap into Europe’s booming e-commerce market, following its success in LatAm.
• Skipo, a Chilean crypto startup, introduced a zero-fee model for buying, selling, and spending cryptocurrencies online and in stores. Backed by $800K in funding, Skipo offers crypto-based solutions like payroll and remittances, focusing on financial inclusion in LatAm.
• Raio Capital plans to invest R$100M in Brazilian startups by July 2025. Targeting early-stage ventures, the fund will provide R$1.5M initial investments and up to R$10M for top-performing startups in sectors with high growth potential.
• Finance Minister Fernando Haddad stated that enabling meal voucher portability could lower food prices by boosting competition among providers. The measure aims to increase purchasing power and reduce costs for companies and workers.

Deals:

• Jota, a Brazilian fintech, raised $8.9M in a Seed round led by MAYA Capital. The funding will enhance its AI-driven financial assistant for SMEs, offering instant payments via WhatsApp. Investors include HOF Capital, BigBets, and notable angels.
• Voxtom, a free event creation platform, secured R$4.5M to scale operations. Serving 10K users in 74 countries, the funding will improve the platform’s app and user experience.

Tech Events Rador

I have asked you again this week on LinkedIn what tech events do you suggest for this year, here is a selection of your responses curated by me for the first half of the year. If you want to see the full list click here.

AI Salon - Rio de Janeiro

Dates: February 4

Location: Rio de Janeiro, Brazil

Description: Inaugural AI Salon in Rio de Janeiro, part of a global network connecting AI founders, builders, investors, and partners. AI Salon is your gateway to innovation, collaboration, and growth within the AI ecosystem.

​AI Salon was created by Jeff Abbott, founding partner at Blitzcaling Ventures in Silicon Valley, and is now present in 37 cities worldwide; our community has hosted over 3,300 participants and supported 190+ startups.

More info

SXSW (South by Southwest)

Dates: March 7-15

Location: Austin, Texas

Description: South by Southwest® dedicates itself to helping creative people achieve their goals. Founded in 1987 in Austin, Texas, SXSW® is best known for its conference and festivals that celebrate the convergence of tech, film, music, education, and culture

More info

South Summit

Dates: April 9-11

Location: Porto Alegre, Brazil

Overview: South Summit Brasil is one of the main innovation and technology events in Latin America, bringing together startups, investors, companies and global leaders to foster connections and explore business opportunities. Held annually in Porto Alegre, the event is an extension of the original South Summit, started in Madrid, and highlights the potential of the Brazilian and Latin American innovation ecosystem. With a program that includes lectures, panels and startup competitions, South Summit Brasil promotes the exchange of ideas, drives innovation and puts Brazil on the global technology map.

More info

Brazil at Silicon Valley

Date: April 21-23

Location: Sunnyvale, California

Overview: Brazil at Silicon Valley is an annual conference organized by Brazilian students from Stanford and Berkeley universities, with the aim of connecting the most influential Brazilian leaders and Silicon Valley. Held in California, the event brings together entrepreneurs, investors and academics to discuss the future of innovation and development in Brazil, addressing topics such as technology, sustainability and digital transformation, promoting dialogue between the Brazilian ecosystem and global trends.

INVITE ONLY

Latin American Forum by Riverwood

Dates: April 24-25

Location: Miami

Description: off the record gathering with the main stakeholders, founders, and service providers of the tech ecosystem in Latin America, organized by Riverwood.

INVITE ONLY

Web Summit Rio

Date: April 27-30

Location: Rio de Janeiro, Brazil

Web Summit Rio is the Brazilian edition of one of the largest global technology and innovation events, known for bringing together startups, investors, company leaders and sector enthusiasts. With a program that includes lectures from renowned experts, panels on emerging trends and networking opportunities, Web Summit Rio has established itself as a strategic space to boost ideas, promote partnerships and connect the global innovation ecosystem.

More info

Itau BBA Fifth Annual Tech Summit

Date: May 13

Location: New York

Description: An afternoon in New York with the main founders & funders of LatAm with panels and 1:1 sessions.

INVITE ONLY

VTEX Day

Date: June 2-3

Location: São Paulo

Description: Considered one of the largest digital commerce events in the world, VTEX Day brings together big names in retail, including customers, suppliers and influencers, in an environment dedicated to innovation and knowledge. The event is an opportunity to explore solutions, discuss trends, strengthen connections and gain valuable insights to boost business.

More info

FEBRABAN Tech

Date: June 10-12

Location: São Paulo

Description: FEBRABAN Tech is a fundamental event for the financial sector, bringing together banks, fintechs, financial institutions and experts to debate the innovations that are shaping the future of the market. Held annually by the Brazilian Federation of Banks (FEBRABAN), the event reached a record of 55 thousand visitors in 2024.

More info

Others: Canary Summit 2025, H4Results 2025, AI Health Frontiers at Cubo (Sao Paulo), 16 events by StartSe, DeepTech Days (March), Argentina Tech Week (May)

WHAT AM I READING?

• David Perell: Naked Brands
• Redfin News: More Than One-Third of Homeowners Say They’ll Never Sell

WHAT AM I LISTENING TO? WHAT AM I WATCHING?

• Joe Rogan Experience - Interview with Mark Zuckerberg
• Strictly VC Podcast: Fifth Wall’s Brendan Wallace on wildfires, insurance, and the unquenchable demand for data centers

QUOTE OF THE WEEK:

“Some people don’t like change, but you need to embrace change if the alternative is disaster.”  - Elon Musk