LatAm Tech Weekly #182

Happy Sunday!

As noted last week, tariffs have moved from background risk to a central market driver. Rising uncertainty is now affecting a broad range of sectors.

Although smartphones and computers were granted a 90-day exemption, Commerce Secretary Howard Lutnick announced plans to move forward with new tariffs on Chinese-made electronics, including iPhones and laptops. The measures—expected within two months—are part of a broader push to strengthen domestic production in key areas such as semiconductors and pharmaceuticals.

In response, China raised tariffs on U.S. goods to 125% and is weighing further non-tariff actions, including company blacklists and export restrictions on rare earth minerals.

Markets have reacted with volatility. The S&P 500 is down more than 10% since Trump’s inauguration, and some economists have begun to warn of heightened recession risks if tensions continue to escalate…

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A good read this week: PitchBook’s piece on how tariffs are already reshaping the private equity landscape. Dealmakers are pulling back, especially in manufacturing and other tariff-sensitive sectors. Ongoing uncertainty has led many PE firms to pause transactions, delay expansion plans, and increase scrutiny on supply chains.

Several sale processes have been suspended, and diligence now routinely includes tariff exposure assessments. Some portfolio companies are preordering inventory or exploring “tariff engineering” to reduce costs, while others are simply waiting for clarity.

Still, not all sectors are equally affected. Service-based businesses—like enterprise software, AI, and healthcare consulting—remain active, as they’re largely shielded from the direct impact of tariffs, for now.

Moreover, PitchBook’s Q2 2025 analyst note entitled “Tariffs Dim Expectations of IPO Window” highlights how tariff-related volatility is reshaping IPO expectations—but not closing the door entirely. While rising geopolitical tensions and market swings have led some high-profile companies like Klarna, Chime, eToro, MNTN, and StubHub to delay listings, the window for IPOs hasn’t shut. Rather, it’s narrowed.

The year began with cautious optimism, and although projections for IPO activity have been revised downward, there’s still room for selective listings—particularly for companies with strong fundamentals and resilient business models. The shift has pushed many startups to reevaluate timing and financing strategy, with a growing number opting for alternative routes such as venture debt. In fact, venture lenders deployed roughly $59 billion in 2024 alone, helping late-stage companies extend their runway while waiting for more favorable market conditions.

Valuation resets and tighter investor terms are also contributing to a more disciplined environment—potentially setting the stage for stronger, more sustainable public market debuts when confidence returns. 

Moving on—CB Insights just released The State of Venture for Q1 2025, and the headline is clear: funding is back, even if deals are fewer. Global venture funding reached $121 billion last quarter, the highest total since Q2 2022. OpenAI’s $40 billion raise alone accounted for a third of that amount, reinforcing what’s becoming increasingly evident—there’s the world of AI, and then everything else.

AI now represents 20% of all global venture deals, the highest share ever recorded. That’s double the level from just three years ago, when OpenAI launched ChatGPT. The exit environment also showed signs of strength. There were 12 billion-dollar M&A deals in Q1—more than any previous quarter—including Google’s $33 billion acquisition of Wiz, now the largest M&A transaction ever for a private, VC-backed company. Together, these 12 deals generated $56 billion in value.

In Latin America, Q1 brought in $900 million in venture funding. Fintech continues to lead, capturing $600 million of the total. Early-stage deals made up 64% of the region’s activity, and the largest round went to Mexico’s Plata, which raised $160 million. Brazil remained the most active market with $400 million raised, followed by Mexico at $275 million.

Monday

General news:

• FitBank received authorization from Brazil’s Central Bank to operate as a Direct Credit Society (SCD). Through its new vehicle, EasyCrédito, the company can now issue credit directly. 🇧🇷
• Sul Ventures, a R$100M fund launched by Primus Ventures (formerly Catarina Capital), will focus on early-stage startups in southern Brazil. 🇧🇷
• inDrive expanded its fintech arm, inDrive Money, to Peru. The solution offers income-based loans for drivers and is backed by a $150M debt facility. Brazil and Chile are next on the radar. 🇵🇪
• Nequi is accelerating expansion in Central America, targeting 100,000 users in El Salvador by year-end. After entering Guatemala, the wallet is eyeing the remittance market in partnership with Payoneer. 🇸🇻
• Meta unveiled Llama 4, its new open-source AI model. With variants Scout and Maverick, it claims to outperform GPT-4o and Gemini Flash on key benchmarks. 🇺🇸
• Robotic Process Automation (RPA) is booming, with a projected annual growth rate of 29.7% through 2029. Companies are adopting RPA to drive efficiency and reduce costs, though challenges remain. 🌍
• TerraMagna launched TM Digital, a risk management platform for agribusiness credit. The goal is to manage R$18B in exposure through tech-enabled analysis, monitoring, and liquidity tools. 🇧🇷
• Jeitto appointed Gabriel Nóbrega as its new CFO. With a background in M&A and fundraising, he’ll lead financial strategy as the company expands credit access in Brazil. 🇧🇷

Deals:

• Tarken, a Brazilian agtech startup, raised a second funding round from Monashees, Mandi, and MAYA Capital. It aims to grow its platform, expand internationally, and launch new financial products. 🇧🇷
• Yeda, a Uruguayan personalized medicine startup, raised $300K from OurCrowd Latam Labs in its first Uruguayan deal. The AI-powered company targets nutrition-based glucose control and expansion in Brazil. 🇺🇾
• Typcal, a foodtech focused on mushroom-based protein, invested R$5M in a new fermentation facility in Curitiba. The plant will support production of up to 5 tons/month and B2B sales across the food industry. 🇧🇷

Tuesday

General news:

• Itaú tops LinkedIn’s ranking of best companies to grow your career in Brazil for the 7th year in a row, followed by Bradesco, Vale, Mercado Livre, and Dow. 🇧🇷
• Mottu hit R$1B in ARR with over 100,000 rented motorcycles and positive cash flow. It's expanding into credit and prepping for global growth. 🇧🇷
• Nazca and Bridge, two leading Mexican VCs, are merging to expand early-stage coverage across Latin America. With $320M AUM, they plan to launch Nazca Fund IV in 2024, targeting fintech, healthtech, and e-commerce. 🇲🇽
• Mercado Libre will invest $470M in Colombia in 2025 to expand logistics and double its tech workforce. The company opened a new office in Bogotá as it accelerates regional growth. 🇨🇴
• Google launched AI Studio, a free browser-based tool for building generative AI apps. It supports Gemini models, multimodal inputs, and code-free prototyping aimed at developers and creators. 🇺🇸
• Visa reports that fewer than half of Brazilians use cards abroad due to high fees and fraud concerns. Pix adoption and digital purchases abroad are on the rise, despite security anxieties. 🇧🇷
• Colombian banks have canceled a planned merger of ACH, Redeban, and Credibanco due to regulatory concerns over competition and innovation. 🇨🇴
• Chile brought 15 startups to StartCo 2025 in Colombia, showcasing growth sectors like AI, healthtech, and IoT at one of LatAm’s biggest innovation events. 🇨🇱
• Cassio von Gal has been appointed chairman of Brazil’s banking association ABBC for the 2025–2027 term, bringing decades of experience in the financial sector. 🇧🇷
• Mercado Livre will invest R$34B in Brazil in 2025—its largest commitment to date. Funds will go toward tech, logistics, and 14,000 new jobs. 🇧🇷
• Celular Seguro, Brazil’s anti-theft phone program, now includes Total Lock and Recovery Mode—two tools to block or locate stolen devices remotely. 🇧🇷

Deals:

• Beeviral raised R$2M to upgrade its referral marketing platform and invest in AI and commercial expansion. Clients include iFood, PicPay, and Boticário. 🇧🇷
• BS2 acquired a minority stake in payment fintech Paag, with an option for full acquisition. The deal supports BS2’s strategy in regulated digital payments. 🇧🇷
• Ripple is acquiring crypto prime broker Hidden Road for $1.25B in cash, XRP, and equity, targeting institutional clients and integrating its RLUSD stablecoin. 🇺🇸
• Mombak secured R$100M from Brazil’s Climate Fund to scale reforestation efforts in the Amazon. It's the first startup backed by the initiative. 🇧🇷
• Gopass raised $8M from Qualcomm Ventures and Kfund to expand its mobility superapp into Mexico, enabling seamless toll and service payments. 🇨🇴
• Smart Compass raised R$100M from Itajubá Capital to grow its distressed asset operations. The fintech targets acquiring R$1.5B in NPLs by 2025. 🇧🇷
• Minehr launched a R$1.2M funding round on EqSeed to expand its AI-based HR analytics platform and triple its client base. 🇧🇷

Wednesday

General News:

• Nomad hit R$500M in annual recurring revenue and reached breakeven for the first time. Now, it's doubling down on Brazil with plans to expand its local product suite. 🇧🇷
• Trump Media has launched Truth+ TV in Mexico and Canada—expanding its social and streaming platforms. The app offers what the company calls a “free speech” alternative to mainstream media. 🇺🇸
• Inter launched Forum, a built-in social network for its app, integrating community, shopping, and financial tools. With 10M users at launch, the platform rewards engagement via its Loop program. 🇧🇷
• A16z in talks to raise $20B—more capital than VCs have raised so far this year🌎
• ZeroQ is starting 2025 with a 32% growth target after expanding in Peru and Colombia. Its self-service solutions drove $2.5M in 2024 revenue and strong AI adoption. 🇨🇴
• Minds Digital reached breakeven in 2024 with 60% revenue growth. The voice biometrics startup is scaling its AI-based anti-fraud tools to prevent R$1.5B in losses by 2027. 🇧🇷
• Warren laid off 40 employees—around 10% of its team—in a move to streamline operations. The firm says the restructuring won’t impact its growth trajectory. 🇧🇷

Deals:

• Confi, the new venture from Clearsale’s founder, received a R$20M founder investment. It offers AI-based sales insights through consumer behavior data and aims to scale 10x faster than Clearsale. 🇧🇷
• Aztro raised R$3M in a pre-seed round backed by influencers with 400M+ followers. The zero-sugar energy drink brand is targeting the gaming community with AI-powered growth strategies. 🇧🇷

Thursday

General news:

• Itaú Unibanco launched a nonprofit research center in partnership with top global universities including MIT, Stanford, and USP. The institute will focus on AI, quantum computing, robotics, neuroscience, and more—with 50 active projects already underway. 🇧🇷
• Brazilian banks plan to invest R$47.8B in tech in 2025, prioritizing AI, Pix, and Open Finance. Generative AI is already boosting efficiency by over 11% at most institutions. 🇧🇷
• General Atlantic plans to increase investments in Latin America in 2025, citing low valuations and mature startups. Others like Riverwood and Endeavor agree, though caution remains. 🌎
• iFood appointed Cesario Martins as CEO of Zoop, its embedded finance unit. The fintech surpassed R$30B in TPV and aims for R$500M in revenue in 2025. 🇧🇷
• Moody’s warned that Colombia may breach its fiscal rule in 2025, citing weak revenues and rising debt. It remains the only agency granting the country investment-grade status. 🇨🇴
• Yango Ventures launched a $20M fund to back high-potential startups in Peru, focusing on fintech, e-commerce, and O2O models. 🇵🇪
• Caroline Takita Levy, a Liv Up partner, is launching a VC fund focused on climate tech, set to debut at COP 30. A venture studio for early-stage solutions is also in the works. 🇧🇷

Deals:

• Juspay raised $60M in a Series D led by Kedaara Capital to scale its global payments platform, with a new office in São Paulo targeting LatAm growth. 🇮🇳
• FindUP secured a new investment from DOMO.VC and Gulf Capital. The AI-powered tech support platform is targeting 80% growth and expansion into Europe and healthcare. 🇧🇷
• Alô Chefia, a WhatsApp-based platform for restaurant operations, raised funding from STAMINA Ventures to expand its tech and team. Revenue has tripled in six months. 🇧🇷
• Blend360 acquired Colombian AI company Nuvu to make Colombia its LatAm AI hub. It plans to scale from 100 to 1,000 local employees. 🇨🇴
• Finaktiva raised 40B COP from BBVA Spark to expand credit and factoring services for SMEs. The Colombian fintech plans to launch in Peru next. 🇨🇴

Friday

General news:

• Einstein is strengthening its innovation ecosystem through Eretz.bio, which has supported over 150 startups and integrated 27 technologies into healthcare. Its VC arm, Arava, manages R$140M and focuses on scalable AI and SUS-targeted solutions. 🇧🇷
• Arvo, a healthtech that has processed over R$100B in claims, hired Donald Neumann as Chief Data & Analytics Officer and Ricardo Ramires as GM of New Ventures. The hires support its rapid scaling and fraud prevention strategy. 🇧🇷
• Netspaces highlighted Brazil’s global leadership in asset tokenization at South Summit 2025. With 76 properties already on-chain, Porto Alegre is pioneering blockchain-based real estate.  🇧🇷
• Distrito released its AI Agents Report 2025, showing 100% of adopters in Brazil saw major efficiency gains. Top use cases include customer service, automation, and data intelligence. 🇧🇷
• Kueski issued 800,000 loans to seniors in Mexico, boosting financial inclusion. The fintech is addressing digital access gaps for a segment expected to reach 20% of the population by 2050. 🇲🇽
• Sebastian Mejia is stepping down as President of Rappi, remaining on the board after nearly a decade of leadership. The company hasn’t announced a successor yet. 🇨🇴

Deals:

• Start Carreiras raised R$13M in a Seed round to scale its employability platform for university students. With 700K users, the HRtech is aiming to lead Gen Z recruiting in LatAm. 🇧🇷

Tech Events Radar

I have asked you again 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.

On the events front, I had the pleasure of speaking at South Summit last week alongside my co-writer in the Next Big Thing Latam, Lucas Abreu. We discussed key trends such as AI and what is happening in the Creator Economy.

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

APIX

Date: May 15

Location: São Paulo

Description: Over the last decade, APIX has become one of the most anticipated global events focused on APIs and Integrations and its role on business strategies. A dynamic day filled with knowledge sharing and networking for professionals seeking new connections, global trends, partnership opportunities, and valuable technical and business insights regarding Open Finance, Partner Ecosystems, Legacy Modernization and Digital Experiences.

MORE INFO SOON!!!

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, 16 events by StartSe, DeepTech Days (March), Argentina Tech Week (May)

What am i Reading?

• CB Insights State of Venture Q1 2025

What am i listening to? What am i watching?

• 20 Minute VC with Microsoft CTO Kevin Scott

Quote of the week:

“Best time to be alive if you are an entrepreneur” - Kevin Scott, Microsoft CTO