LatAm Tech Weekly
#187: Itau takes New York, State of Private Markets by Carta, Events radar updated, deals of the week... and much more!
Weekly writing about what is happening in LatAm tech. By day, I work at Itau BBA advising mid-sized technology companies in their next strategic transaction. By night, I am reading and learning about technology in general (now, with a focus on AI). During the weekends, I’m writing the LatAm Tech Weekly.
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Happy Sunday!
What a week it’s been in New York. Itaú BBA hosted a full lineup of events, and it was truly rewarding to be part of such an exceptional team.
We kicked things off with the second edition of Itaú BBA Next 100 Years—an event I’m honored to help organize. The lineup was simply world-class: Bill Ackman, General David Petraeus, Marc Rowan, Dan Tapiero, Fabricio Bloisi, Martín Escobari, and none other than Michael Bloomberg, who closed the day with a remarkable speech. Our CEO, Milton Maluhy, also opened the event on a high note, setting the tone for what was to come.
The next day marked the start of our flagship event: the 18th LatAm CEO Conference, which ran through Thursday and featured names like Tamara Klink, Alex Honnold, and Tarcísio de Freitas. On Tuesday, we also proudly hosted the Itaú BBA Tech Summit—already in its fifth edition. It’s incredible to see how far it has come: from a small gathering of 40 people to a must-attend event for Latin American founders and global sponsors. Seeing months of planning come to life through impactful discussions and decision-makers on stage is always deeply fulfilling. Below you can see some key take aways of the last panel with Fabrício Bloisi (CEO of Prosus - Founder of IFood), Hernán Kazah (co-founder of Mercado Libre and Kaszek) and Cristiano Guimaraes (Global Head of IB, Fixed Income and Equities at Itau BBA). Thanks for the notes Marcella Falcao!
Start small, think big: When iFood had just 20 employees, Bloisi publicly set the goal of building a $1B company. Early bold visions instill a growth mindset that scales with the business.
Experiment fast, learn always: Constant testing and adaptation were key in the early days of both iFood and Mercado Libre. Ambition alone isn’t enough—execution and iteration are what drive results.
Let dreams power performance: At iFood, employees write their personal dreams on a “dream wall,” reinforcing motivation, ownership, and a sense of shared purpose.
Excellence isn’t optional: Both leaders stressed that “good enough” doesn’t cut it. Latin American entrepreneurs must strive for global best-in-class—excellence is a mindset, not a luxury.
Drop the underdog story: The belief that “we’re not good enough” because we’re from Latin America is self-limiting. To unlock our full potential, we must stop playing small and fully own our seat at the global table.
Wednesday brought another important moment: our Women Leaders gathering, creating space for dialogue and connection in a still male-dominated industry (Wooooh. Yes, we felt the intensity of the week!)
Beyond that, I also had a series of private sessions with NYC-based growth and VC funds to dive into market outlooks—more on that below.
Here’s a snapshot of what the week looked like:
300+ CEOs from public, private, and tech companies
550 global investors
1,500 one-on-one meetings
Shifting gears and also commenting on a report I had the chance to read this week (on the airplane, on the way back of NYC). Carta released on May 13 its most recent State of Private Markets for Q1 2025.
VC Trends: Selective Capital, But Strong Signals
The latest Carta data for Q1 2025 reflects what I heard repeatedly in conversations with growth and VC funds in New York last week: the bar for raising capital is high—but for companies that meet it, there's appetite.
Investors are more discerning than ever, and the market has clearly shifted toward quality over quantity. That said, competition for top-tier startups remains strong, which is driving a steady rise in valuations—even as the overall number of deals continues to drop.
Some key trends stood out:
Valuations are climbing: Median pre-money valuations rose across nearly every stage. Seed rounds hit $16M (up 18% YoY), while Series A climbed to $48M (up 9%). Even though investors are being very selective, once a startup does pass their due diligence (i.e., proves it has solid metrics, traction, team, and potential), there’s real competition among investors to get into the deal. And that competition often allows the startup to raise money at a stronger valuation with relatively favorable terms. Thus, the general rise in valuation.
Fewer rounds, more selectivity: Seed activity dropped 28% YoY in volume and 37% in capital raised. Series A deals also declined 10%. The message is clear: getting funded is tougher, but not impossible—especially for founders who’ve built lean and metrics-driven operations.
Dilution is down: Founders are retaining more ownership. Median dilution in Series A fell from 20.9% to 17.9%, with similar drops across other stages. In a capital-scarce environment, preserving equity becomes even more meaningful—another point echoed during fund meetings.
Patience is a virtue: The average time between Series A and B stretched to 2.8 years—the longest ever. With fewer checks being written, startups are optimizing for runway and discipline over speed. This slower cadence seems to be part of a broader rebalancing.
Q1 is typically quiet—but funding held steady: While Q1 2025 saw just 1,122 new rounds (the slowest Q1 since 2018), startups still raised $21B—roughly in line with Q1 last year. Historically, Q1 tends to be the lightest quarter, with activity picking up over the year. (Note that these figures only reflect data on Carta, not the overall industry)
Down rounds remain common, but stable: About 19% of Q1 rounds were down rounds—consistent with recent quarters, but higher than pre-2023 norms. It's a reflection of the post-2021 correction still playing out, especially for companies that last raised at peak valuations.
The big picture? Capital is still flowing, but it's flowing toward companies with sharp execution, real efficiency, and a clear path to value. The mood from New York matches the data: while the venture landscape remains challenging, it's far from closed. If anything, it's being reshaped—and the best founders are navigating that shift with purpose.
General news:
Patria Investimentos launched Omnia, a $1B hyperscale data center platform targeting Brazil, Mexico, and Chile over the next 24 months, with a focus on cloud and AI demand. 🇧🇷🇲🇽🇨🇱
Catálise launched a R$100M fund for tokenized credit assets in southern Brazil, using smart contracts and blockchain for automation and transparency. 🇧🇷
Fitch upgraded Argentina’s credit rating to CCC+, citing economic reforms, IMF support, and plunging inflation—but warned of long-term structural risks. 🇦🇷
Brazil’s Congress is revisiting AI regulation, aiming to replace broad frameworks with sector-specific rules. Industry players argue this will better balance innovation and legal security. 🇧🇷
Brazilian founders are accelerating expansion to the U.S., with over 5,000 attending Brazil Money Week in NYC to explore cross-border growth and hedge geopolitical risks. 🇧🇷🇺🇸
Deals:
Makasí raised R$240M to support small and midsize homebuilders through credit lines for Minha Casa, Minha Vida projects—targeting 10,000 new housing units. 🇧🇷
Vórtx acquired Grafeno Pagamentos, integrating 15,000 accounts and strengthening its banking-as-a-service infrastructure with API-native solutions. 🇧🇷
Classiq raised $110M in a Series C round led by HPE and Samsung NEXT to scale its quantum software development tools globally. 🇮🇱
VMetrix raised $3.2M to expand its AI-driven financial operations platform into Colombia, Peru, and Brazil. 🇨🇱
Datlo raised R$4M to scale its AI-powered go-to-market analytics platform, with backing from Hiker Ventures. 🇧🇷
Mileto raised R$1.2M to help Gen Z students from technical high schools access mentorship and job opportunities. 🇧🇷
Pilar, a Brazilian luxury real estate platform, raised $6.5M in a Series A led by Alexia Ventures to expand across major cities. 🇧🇷
General news:
Meituan is entering Brazil’s food delivery market with Keeta, planning a $1B investment over five years. With 100k couriers and 1k hires, it aims to challenge iFood’s dominance—but success in this competitive market remains uncertain. 🇧🇷🇨🇳
a16z partners say no one really knows what AI agents are yet—most current models are still glorified prompts lacking true autonomy. 🇺🇸
Bemobi posted its fifth consecutive quarter of growth, with EBITDA up 22% and revenue reaching R$167M, marking recovery after challenges in 2023. 🇧🇷
Uberlândia launched the Innovation Pact, aligning companies, universities, and government to turn the city into a global innovation hub. 🇧🇷
Google introduced the AI Futures Fund to support startups using DeepMind models, offering capital, mentorship, and early tech access. 🇺🇸
SoftBank posted its first annual profit in four years—$7.78B—driven by AI and late-stage startup investments, including ByteDance and Coupang. 🇯🇵
Airbnb is launching a global verified service marketplace for chefs, guides, and trainers—Brazil included in 2025 rollouts. 🇺🇸
China announced R$27B in new Brazilian investments across energy, EVs, mining, and logistics, strengthening Belt and Road ties. 🇧🇷🇨🇳
ProntoPaga unveiled Yol1, a neobank launching in 2026 to serve Brazil, Chile, Peru, and beyond, with $40M in total planned funding. 🇨🇱🇧🇷🇵🇪
Cabo Verde inaugurated TechPark, a €50M digital hub aiming to connect Africa, Europe, and LatAm through innovation and training. 🇨🇻
Pinterest is expanding its Inclusion Fund to Brazil, Mexico, Colombia, and Argentina, offering creators and small brands financial support and free tools. 🇧🇷🇲🇽🇨🇴🇦🇷
Entrypoint Ventures launched a R$40M debut fund focused on pre-seed B2B startups in Brazil, with a localized model prioritizing early exits and operational support. 🇧🇷
General News:
Uber and iFood announced a partnership to integrate their apps in Brazil, allowing users to order rides and food from a single interface. 🇧🇷
Vivo is accelerating its digital transformation with 85% of services now digitized. The company is investing R$130M in startups and innovation through Wayra and Vivo Ventures. 🇧🇷
Apple was ordered by Brazil’s antitrust authority to modify iOS in-app payment rules or face a daily R$250,000 fine, following a complaint from Mercado Livre. 🇧🇷
Dotz is leaning into its fintech arm, now accounting for nearly half of revenue. Its BNPL service Dotz Parcela grew 40%, and a new partnership with Americanas is underway. 🇧🇷
General news:
Méliuz converted nearly all its cash into bitcoin, acquiring R$160.8M worth and becoming a ‘bitcoin treasury company.’ 🇧🇷
Uber and 99 received judicial approval to continue offering motorcycle ride services in São Paulo, despite municipal efforts to ban them. 🇧🇷
Lula asked Xi Jinping to send an envoy to discuss TikTok regulation in Brazil, citing sovereignty and harmful content concerns. 🇧🇷🇨🇳
Iaris Ventures said 90% of startups applying to its program are AI-driven. The firm prioritizes real business fundamentals over AI hype. 🇧🇷
Deals:
Sororitê Ventures made its second investment in Silverguard, a female-led fraud protection startup supporting victims and helping banks comply with BCB 589. 🇧🇷
SumUp raised R$350M via a new FIDC to expand receivables anticipation for small businesses. 🇧🇷
eToro surged 29% on its Nasdaq debut, signaling a possible reopening of the tech IPO window. 🇮🇱🇺🇸 (Not LatAm, but good news indeed - keep them coming!!!)
Databricks acquired database startup Neon for $1B to strengthen its AI-native application development infrastructure. 🇺🇸
General news:
Unimed-BH launched a R$60M initiative with Abertta Saúde to invest in healthtechs focused on AI, mental health, and chronic disease management, through its Horizontes Hub. 🇧🇷
Wood Chat uses AI to combat Amazon deforestation, with tools like a WhatsApp-based assistant and photo-based wood species detection, aiming to support conservation efforts. 🇧🇷
XP Investimentos suffered a data breach affecting over 100,000 clients, raising renewed attention on the demand for cyber insurance in Brazil. 🇧🇷
Trela and Raizs are standing out in food e-commerce after others folded post-COVID, focusing on precision, logistics, and niche consumer needs over scale-at-all-costs. 🇧🇷
Sem Parar Empresas named Wagner Gramigna as CEO to lead its next growth phase, targeting 20% operational growth and R$1.2B in revenue by 2025. 🇧🇷
Deals:
Rindegastos joined Visma to expand its financial automation solutions across Latin America, while maintaining its brand and team. 🇨🇱🇪🇺
The Simple Gym received backing from Rebels Ventures, marking the fund’s first investment in wellness-focused lifestyle brands. 🇧🇷
You will see below an updated list of events, including for the second half of the year. If I forgot your event, and you want to include it - please sure to send those my way asap!
Spectra Private Markets Conference 2025
Date: May 20, 2025
Location: São Paulo, SP
Description: The fourth edition of the Spectra Private Markets Conference (SPMC) will bring together key players in the financial market to connect with leading private companies. The event will feature 40 standout companies from Spectra’s portfolio across various sectors to share insights, experiences, and perspectives on their business models and the industries in which they operate.
More infoAI Summit Brasil 2025
Date: May 29–30, 2025
Location: Florianópolis, SC
Description: One of the largest artificial intelligence events in Latin America, AI Summit brings together experts, companies, and professionals to discuss the safe, ethical, and innovative development of AI. It fosters high-level networking and showcases cutting-edge trends.
More infoVTEX 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.
ABVCAP Experience 2025
Location: São Paulo, SP
Date: June 9–12, 2025
Description: Brazil’s premier private capital event, ABVCAP Experience brings together over a thousand delegates, including national and international LPs, for networking and discussions on the latest trends in private equity and venture capital. The event features LP Day, investment rounds, and panels on industry developments.
More infoFEBRABAN 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.
Cubo Conecta 2025
Date: September 2025 (exact dates to be announced)
Location: São Paulo, SP
Description: Celebrating its 10th anniversary, Cubo Conecta is the flagship event of Cubo Itaú, bringing together thousands of entrepreneurs, investors, and innovation leaders from across Latin America. The event offers over 90 hours of content and facilitates more than 5,000 digital connections, highlighting the potential of the technology and innovation ecosystem in the region.
Brazil Climate Summit 2025
Date: September 13–14, 2025
Location: New York, NY, USA
Description: The Brazil Climate Summit focuses on Brazil's role in the global green transition, emphasizing the importance of private sector involvement and international capital to accelerate low-carbon businesses. The event gathers leaders from various sectors to discuss sustainable development strategies.
More infoGartner CIO & IT Executive Conference 2025
Date: September 22–24, 2025
Location: São Paulo, SP
Description: A gathering of CIOs and IT leaders to discuss digital transformation, organizational leadership, and innovation strategies across industries.
More infoWeb Summit Lisbon 2025
Date: November 10–13, 2025
Location: Lisbon, Portugal
Description: One of the world’s most influential tech conferences, Web Summit Lisbon connects 70,000+ attendees from startups, enterprises, and media to discuss trends shaping the tech industry.
More infoBrazil Tech Summit 2025
Date: December 9, 2025
Location: São Paulo, SP
Description: Part of the Global Startup Ecosystem Series, Brazil Tech Summit brings together entrepreneurs, government leaders, and investors to foster tech-driven innovation across Latin America.
More info
Carta State of Venture Q1 2025
Random Hip Hop music while I run - and EVERYTHING about the Diddy trial! (Yes, I am that addicted to the hip hop world)
"It’s not that I’m so smart, it’s just that I stay with problems longer."
— Albert Einstein