LatAm Tech Weekly
#144- Powered by Nasdaq: NVIDIA, Itau BBA IaaS Summit, deals of the week... and much more!
Happy Sunday!
This edition will be shorter than usual because I got really sick starting this past Thursday. I have to admit, I considered not writing this weekend's newsletter, but since I had already collected news up until Wednesday (and also because I'm a bit crazy and feel bad about skipping it), I decided it was worthwhile.
I know it might come as a surprise, but I do get sick once in a while :) Anyway, I apologize in advance if I missed anything important that happened on Thursday or Friday. Thank you for your understanding and for bearing with me. I'll make it up to you next week!
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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.
The most interesting piece I read this week was from the New York Times, Nvidia Becomes Most Valuable Public Company, Topping Microsoft.
Nvidia has reached a significant milestone, becoming the most valuable company in the world. As of June 2024, its market value has surged past $1 trillion, surpassing competitors like Intel and AMD. This achievement underscores Nvidia's dominance in the graphics processing unit (GPU) market, which is essential for gaming, artificial intelligence (AI), and data centers.
The company's success can be attributed to the increasing demand for AI and machine learning technologies. Nvidia's GPUs are widely used in AI applications, making them a critical component in the technology infrastructure of major companies and research institutions. The demand for these technologies has driven Nvidia's stock price to new heights.
In the first quarter of 2024, Nvidia reported revenues of $8.3 billion, a significant increase from the previous year. This growth is largely due to its data center business, which generated $4.28 billion, accounting for more than half of the company's total revenue. The gaming segment also showed strong performance, contributing $2.24 billion.
Nvidia's strategic investments and innovations have played a crucial role in its success. The company has focused on expanding its capabilities in AI, including the development of advanced GPUs and software platforms that support AI research and applications. Additionally, Nvidia's acquisition of Mellanox Technologies in 2020 has strengthened its position in the data center market.
Jensen Huang, Nvidia's CEO, has been a driving force behind the company's vision and growth. Under his leadership, Nvidia has not only expanded its product offerings but also formed strategic partnerships with leading tech companies, further solidifying its market position.
Overall, Nvidia's rise to become the most valuable semiconductor company highlights its significant impact on the technology sector and its potential for future growth as AI and machine learning continue to advance.
General news:
Natura is launching its first Corporate Venture Capital (CVC) fund, a model where large companies invest in startups whose business models align with their interests. The fund will have an AUM of approximately R$ 100 million, and Vox Capital has been chosen to manage and oversee relationships with the startups.
Deals:
Logistics startup LogShare is receiving a R$ 12 million investment in a seed round. The funding came from existing investors on the startup's cap table, including ONEVC, Niu Ventures, and FJ Labs, with participation from Seedstars, Oxygea, Valutia, Silence, and Rally Cap.
Wayra Brasil, the corporate venture capital arm of Vivo, has announced a new investment in Fiibo, the first multi-platform health and wellness startup in Brazil. The investment aims to accelerate Fiibo's growth, which saw a staggering increase of over 1000% in total transaction value on its platform from 2022 to 2023. This marks Wayra's second investment in 2024. The transaction amount has not been disclosed.
General news:
China recently announced that Tsinghua University in Beijing has developed the world's first artificial intelligence hospital. This innovative establishment aims to facilitate human medical care and the training of new healthcare professionals, representing a significant advancement in the medical field and a historic milestone in the integration of technology and healthcare.
Matera has decided to rebrand in order to reflect the company's evolution over the years, aligning with the changes in the financial market. The company ended 2023 with a 30% growth compared to the previous year. In 2024, it aims to maintain the same growth rate and add an additional 10% to the top line through M&As and international expansion. The company's plan projects a revenue of 500 million by the end of the year.
Shares of Nvidia Corp. surged more than 200% over the past year and one of its most bullish analysts is projecting that the semiconductor giant will extend its rally, pushing its market value to nearly $5 trillion in the coming year.
The Senate's Internal Temporary Commission on Artificial Intelligence in Brazil (CTIA) presented a substitute bill, which regulates the use of artificial intelligence in Brazil. Also known as the Legal Framework for AI, the original text was authored by Senator Rodrigo Pacheco (PSD-MG) and was being processed alongside nine other projects that establish a legal framework for the development and use of AI in the country. According to Senator Eduardo Gomes (PL-TO), the commission's rapporteur, these projects will now be consolidated into the substitute bill, which will undergo a new review by the senators.
Startup Lexter.ai has launched an online course designed to train lawyers in the use of artificial intelligence (AI) in the legal field. The program consists of 27 lessons, each lasting 20 minutes, divided into 4 modules. This comprehensive course aims to equip legal professionals with the knowledge and skills to integrate AI effectively into their practice.
Deals:
Celcoin has just raised R$ 650 million in a funding round that will support the startup's expansion plans for banking as a service, including M&As within and outside Brazil. The Series C round was led by Summit Partners, an American growth equity firm, marking its first investment in Latin America.
UME secures Series A funding from PayPal, shaking up Brazil's credit scene with AI and big data.
Mexicoโs payments startup Clip has raised $100 million from Morgan Stanley Tactical Value and another West Coast investor. The investment will be used to continue growing in its home market of Mexico, said Clip Founder and Chief Executive Officer Adolfo Babatz in an interview. The investment keeps the valuation in line with the Series D round, which valued the company at $2 billion.
OBRB Venture Capital, a fund created in 2023 by BRB bank in partnership with the manager KPTL and Bossa Invest, announces its second investment. The Mato Grosso-based marketplace Gado Certo โ which received an angel investment from Bossa in 2020 โ has now raised an additional R$ 4.25 million for the expansion and development of its business front.
Mercado Diferente, a foodtech subscription service offering healthy foods in personalized boxes, has just completed a new funding round. In what the company referred to as a pre-Series A round, it raised R$ 9 million to bolster its cash reserves. This investment was led by Collaborative Fund, with participation from Caravela Capitalโboth of which had previously invested in the company.
The startup Konsi, which specializes in streamlining the process of obtaining public payroll loans through comparative analysis, announced the completion of its seed investment round, totaling R$ 5.5 million. The round was led by Valutia, with participation from LH Tech Ventures, a fund by Lighthouse.
The Franco-Brazilian startup Morfo, which focuses on reforestation using artificial intelligence and drones, announced the completion of its seed round, raising R$ 23 million. The new funding was led by Teampact Ventures, with participation from RAISE Seed for Good, Demeter, and AFI Ventures. The total round amounted to R$ 64 million.
Chipmaker Nvidia has agreed to acquire Shoreline.io, a startup for software developers founded by former Amazon Web Services executive Anurag Gupta, according to people familiar with the matter .The deal was recently finalized and valued Shoreline at approximately $100 million, according to sources knowledgeable about the negotiations.
General news:
Astella: Two New Partners and a Partnership Model. Ana Rezende and Lina Lisbona are the new partners at the venture capital firm Astella, which has introduced a partnership model inspired by karate belts to promote employees.
Stone&Co is bolstering its M&A team by recruiting a former treasurer of Rede DโOr to lead the team. Victor Bussad joined the company this week.
InfinitePay is now utilizing AI and Open Finance to customize credit card fees. This technology will be used to analyze customer profiles and categorize them into three monthly revenue tiers.
Former Nubank employee creates a platform to support black mothers in the workforce. Thais Lopes founded the startup Mรฃes Negras do Brasil in February 2023. Currently, the community includes 1,300 women from 25 Brazilian states.
As it approaches its second year of operation, Suzano Ventures has already invested in eight companies and has over $50 million remaining to invest in startups worldwide. The corporate venture capital (CVC) arm of Suzano, the Brazilian paper and pulp giant, aims to close three or four more deals by the end of the year. Suzano Ventures is among the companies heavily betting on partnerships with startups to boost their innovation potential.
Deals:
Canary and QED support families in grief: Amparo raises R$ 5 Million for financial and legal Services. In a pre-operational round led by Canary and QED, which also backs FreeWill, the American platform for digitalized wills, Amparo has raised R$ 5 million to provide financial and legal services for families in grief.
Konsi, a Developer of an application software designed to secure loans transparently, raised $1,05M in Seed Round funding lead by Lighthouse Invest.
FUNSES1, the Private Equity Fund created with resources from the Sovereign Fund of the Government of Espรญrito Santo, has just announced its five new investments. The selected companies are Conducco, Global Touch, MVGI, Taxly, and Twiggy. The total investment amounts to approximately R$ 3 million.
Startup Licitei announced today that it has raised an investment of R$ 3.5 million, led by Thompson Participaรงรตes. The solution aims to help SMEs enter the government sales market. By promising technological efficiency and simplicity in a traditionally bureaucratic sector, Licitei seeks to facilitate access for these companies to government sales opportunities.
General news:
In its latest move, iFood has launched its digital bank, aiming to establish itself as the "bank of restaurants." As with all things related to iFood, this initiative is starting big: there are already 140,000 accounts transacting R$ 70 billion, a credit portfolio of R$ 1.5 billion, and 700 people involved in the operation, including employees from Zoop. The BaaS fintech previously owned by Movile was brought under the iFood Pago umbrella with the acquisition of the remaining 20% stake in the business. Zoop continues to operate as a separate company serving the market.
Marcelo Claure and BTG Pactual are in the process of setting up a fund with Saudi investors to invest in infrastructure in Brazil. Discussions began last year with the Saudi Arabian Ministry of Investments (Misa), which may contribute around $3.5 billion (R$ 18 billion).
Deals:
Judit secures R$ 4 Million investment from angel investors. With around 60 companies in its client portfolio, Judit has been making significant strides in the market and has just raised R$ 4 million from a group of angel investors. This round includes executives from multinational companies such as Mastercard, PayPal, and Visa. To launch the product into the market, the platform initially relied on a little over R$ 1 million of the partners' own capital.
General news:
After investing in Mottu and dozens of other startups, Allievo Capital is now seeking R$ 200 million for a search fund. Founded by Matheus Baldi and Guilherme Queiroz, Allievo Capital, which currently manages R$ 300 million, is the latest firm to bet on search funds, an asset class that is beginning to gain traction in Brazil.
ClickBus announces significant changes in the leadership of its Marketing & Growth, Product, and Data teams. The three new directors are set to strengthen the companyโs strategic pillars, as well as advance technology and new solutions for the bus transportation sector. Michelle Xavier, formerly with iFood, Claro, Oi, TIM, Shell, and Som Livre, joins as Director of Marketing & Growth. Caio Tozzini, who brings international experience from Booking.com and Remote.com, has been hired as Director of Product. To further establish itself as a leader in Data, Artificial Intelligence, and Technology, ClickBus welcomes Cesar Carvalho.
Sicredi, the cooperative system with 8 million members, has announced two new functionalities related to Open Finance. Members can now authorize the sharing of their financial history via WhatsApp. Additionally, they can transfer funds from another financial institution through the app using payment initiation
The combined TPV of institutions belonging to the Brazilian Association of Payment Institutions (Abipag) in the card market grew by more than 40% from 2021 to 2023, reaching over R$ 560 billion. This growth rate was 15% higher than the overall industry growth, which moved over R$ 3.5 trillion last year.
Captable, one of the leading equity crowdfunding platforms in the country, may soon find another market as its main business: the offering of securitized debt papers, such as CRIs (Real Estate Receivables Certificates) and CRAs (Agribusiness Receivables Certificates). The platform distributed its first real estate papers in the past 30 days and is preparing to structure its first sale of agribusiness securities. Although still in its early stages, this segment has already raised twice as much this year (R$ 13 million) compared to equity for startups (R$ 5.5 million).
Redarbor, a multinational in the digital solutions and job site segments for Human Resources, has announced a significant move to bolster its presence in Latin America. The company, already owning popular sites such as Computrabajo and Infojobs Brazil, has now acquired the Catho portal in Brazil and OCC in Mexico.
All events held in the calendar year of 2024
Itau BBA IaaS Summit
Dates: June 24
Location: Sao Paulo, Cubo Itau
Description: This is the first event in Brazil's BaaS sector, kicking off Febraban Tech week. Itaรบ BBA is hosting their very first BaaS event, bringing together key clients, partners, and influential market players to discuss about the current landscape and future of the "as a service" economy. It's a great opportunity for networking with top industry names. I was supposed to be one of the speakers, but due to my current conditions, will not be able to attend :( Nevertheless, I am sure the event will be great with top names, including CEO & Founder of QI Tech and BMP Money Plus, and the head of tech within Itau BBAโs IB division, Thiago Maceira.
More Info (+ Registration)
Building Bridges Between Colombia and Brazil | Colombia Tech Week Breakfast in Sรฃo Paulo
Date: June 27
Location: Sao Paulo
Description: This year Brazil is the guest country at Colombia Tech Week, an event that aims to attract over 20,000 attendees and 150 global VCs. Julia Salles (Principal at Kaszek) and Rodrigo Hamburger (Partner at Monashees) Ricardo Silvarolli, investor at Riverwood Capital, will be the panelists, during this breakfast which will tell why you should attend Colombia Tech Week.
Direito e Tecnologia: novas fronteiras do Direito โ CESA Jovem
Date: June 25
Location: Online
Description: This event focuses on the use of new technologies and AI especially in law firms and skills needed by lawyers in this transformation context, focusing on young lawyers. We will rely on the expertise of Paulo Silvestre, author of the book "Direito em Transformaรงรฃo" (Law in Transformation) and responsible for implementing the "Kira" audit tool and the internal chatgpt "Insights" at Machado Meyer Advogados.
Tech Trends Sao Paulo 2024
Dates: June 25-26
Location: Expo Center Norte - Sรฃo Paulo-SPย
Description:ย The Tech Trends Sรฃo Paulo 2024 is the meeting point for those looking to turn ideas into actions through technology and innovation. The event integrates the entire innovation ecosystem, bringing together government, market, startups, investors, and academia. Connections, business opportunities, and high-quality content all in one place! Learn more:
Febraban Tech
Date: June 25-26
Location: Sรฃo Paulo
Description: FEBRABAN Tech is a premier event focused on the intersection of technology and the financial sector. It serves as a critical meeting point for professionals and innovators in banking and finance. The event showcases the latest advancements, trends, and solutions in financial technology, providing a platform for networking, knowledge sharing, and collaboration.
LAVCA Tech Brasil 2024
Date: August 21
Location: Google HQ na Faria Lima
Description: LAVCA Tech Brasil is an annual meeting of LAVCA's network of Brazil-focused VCs and tech investors in Sรฃo Paulo. This year's meeting will include keynote fireside chats, breakout sessions and networking opportunities designed to build meaningful relationships amongst investors active in the region.
Brazil Tech Summit:
Date: August 9
Location: Sรฃo Paulo
Description: This international summit features 100 global speakers and focuses on catalyzing entrepreneurial and business ecosystems in emerging markets. It includes panels on trends and opportunities in Brazil, industries of disruption, and the role of technologies like AI and blockchain.
Digitalks Expo:
Date: August 23-24
Location: Sรฃo Paulo
Description: A major event that brings together professionals from various tech sectors to discuss digital transformation, innovation, and technology trends.
Colombia Tech Week:
Dates: August 26 - September 3
Location: Bogotรก and CaliOverview: Colombia Tech Week 2024 is set to be a major event in the Latin American tech scene, bringing together startups, venture capitalists (VCs), accelerators, corporates, and international tech communities. The event aims to position Colombia as a hub for investment and innovation, with a focus on fostering connections and creating business opportunities across the region.
Sao Paulo Tech Week
Dates: Sept 16-22
Location: Sรฃo Paulo
Description: Several events focused in LatAm Tech taking place in the city.
Bossa Summit 2024
Dates: Sept 25-26
Location: Sรฃo Paulo
Description: his event is a major gathering for the Venture Capital market, featuring over 400 speakers, extensive networking opportunities, and a range of workshops and mentoring sessions. It's designed to bring together more than 10,000 attendees, offering around 200 hours of content on business and innovation.
LAVCA Week 2024
Date: 8-11 de Outubro
Location: Conrad NY Downtown
Description: LAVCA Week convenes leading private capital investors from Latin America and around the globe each year for a series of meaningful discussions and private meetings covering the latest trends in private equity, venture capital and other private capital strategies. Participation at LAVCA Week is carefully curated and capped. LAVCA Members, non-member private capital investors and qualified institutional investors are invited to attend. LAVCA Members have access to special early bird rates through 29 August 2024.
#fswk24 - O Momento Atual dos VCs na Saรบde
Date: November 6
Location: Rio de Janeiro
Description: This event focuses on the current landscape and opportunities for venture capital investments in the healthcare sector. Attendees will gain insights into the latest trends, challenges, and strategies for investing in health tech startups and innovative healthcare solutions.
Other events:
Product to the Rescue (donations directed to the South of Brazil) LETโS HELP!
MMA INNOVATE BRASIL 2024, Fintech View, Score Summit, Roga DX
PS: If you want to be featured here, please send me an e-mail with your event following the format above: title, date, location, description, link for more info.
SITUATIONAL AWARENESS: The Decade Ahead - Leopold Aschenbrenner, June 2024
The state of A2A payments worldwide and its future in Latin America - Uri Tintore (Co-CEO & Co-Founder at Belvo)
"Success is not just about having the right idea at the right time. It's about executing it with passion, persistence, and adaptability."
โ Martin Escobari