LatAm Tech Weekly
#200: A Story of Discipline, Curiosity, and Community
Weekly writing about what is happening in LatAm tech. By day, I lead the business development team at Itau Unibanco. 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!
200 Weeks Later: A Story of Discipline, Curiosity, and Community
This week marks a very special milestone: the 200th edition of LatAm Tech Weekly.
When I started this newsletter back in 2021, it wasn’t a “project” — it was simply a personal need. We were deep in the pandemic, and tech news was flying by faster than I could process. I created a folder in my email to save the most relevant updates during the week, and every Sunday — usually after a long run — I’d sit down, read everything, and organize my thoughts.
One Sunday, I had an idea: what if I turned this into a newsletter? Not because newsletters were trendy (back then, they weren’t) but because I wanted to learn, share, and create a place where people like me could keep up with the rapid changes shaping tech and venture capital in Latin America. That’s how LatAm Tech Weekly was born.
Fast forward four years and over 13,500 readers later, here we are. Founders, investors, operators, and ecosystem builders from 20+ countries now read these weekly updates. When I look at my mailing list, it is sometimes hard to grasp that these people that I deeply admire - actually read my thoughts every week. Along the way, I’ve done special editions, launched side series like The Next Big Thing LatAm, Startups to Watch and Tech Talents, and built something far bigger than I ever imagined when I hit “send” on that first email.
This newsletter has given me recognition, trust, and incredible connections, but more than anything, it’s been a lesson in discipline and persistence. Every week, without fail (minus two short breaks a year), I’ve shown up — and so have you. I’ve learned something new every single week, and the constant feedback from this community has been one of the most fulfilling parts of the journey.
So, to everyone who reads, shares, and writes back: thank you & OBRIGADA. You’ve made LatAm Tech Weekly what it is today. And here’s to the next 200 editions — because there’s still so much to learn, discover, and build together.
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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.
Starting with some good news, PitchBook’s recent piece highlights that traditional private equity exits may finally be reopening — though, for now, the trend is concentrated mostly in North America. After two challenging years for liquidity, general partners (GPs) are hopeful that exit routes like strategic acquisitions, IPOs, and buyouts are coming back. There are early signs of recovery: so far in 2025, global PE exits have reached US$644.4B, already 73% of 2024’s total. If the pace continues, exits could surpass US$1 trillion by year-end — the first time since 2021. That said, deal volumes remain subdued, with only 1,718 exits recorded this year, less than half of 2024’s level.
As I’ve said several times in this very newsletter, everything is interconnected — global liquidity cycles, exit windows, and capital flows all impact Latin America. This news matters because when U.S. exit markets reopen, it typically unlocks liquidity globally, giving venture and growth investors more confidence (and capital) to deploy. That, in turn, can support fundraising, valuations, and deal activity across the LatAm ecosystem.
Now focusing on venture capital, Carta released its State of Private Markets report for Q2 2025, revealing an interesting shift in dynamics. Deal activity picked up compared to Q1 — with 1,187 new venture rounds closed, up sequentially but still 13% lower YoY. However, average check sizes are shrinking across Series A to D, down between 3% and 9%, reflecting investors’ growing selectivity and startups’ ability to do more with less, especially in the AI-driven era. At the same time, valuations are climbing, particularly at the early stages: the median Series A valuation is up 20% YoY, reaching an all-time high. SaaS and hardware startups stood out, raising $9.7B and growing 91% and 110% respectively over the past two years. Meanwhile, the median time between rounds has stretched to 696 days, signaling more disciplined capital allocation.
Moving on to AI… Bubble or Not?
The question of the week has been impossible to escape: are we in an AI bubble, or not?
This was a week of volatility, paradoxes, and conflicting narratives in the AI world. It started with growing investor anxiety, amplified by a questionable MIT report claiming that 95% of organizations are seeing no measurable ROI from their generative AI investments. The study triggered skepticism about the sustainability of current AI valuations — and markets reacted. On Tuesday, the Nasdaq dropped 1.4%, its sharpest one-day fall since August 1. AI darlings suffered: Nvidia -3%, Palantir -9%, Arm -5%, while SoftBank also plunged -9% in Asia.
Adding fuel to the fire, Sam Altman warned early in the week that we might indeed be in an AI bubble, comparing today’s euphoria to the dot-com era and predicting that “someone will lose a phenomenal amount of money.” But then, in a twist, Altman doubled down on OpenAI’s aggressive expansion, signaling plans to invest trillions in data center infrastructure — showing that, bubble or not, the race isn’t slowing down.
But not all agreed with MIT’s interpretation …
While the report shook market confidence, many analysts challenged its conclusions. Critics argue that the study’s methodology is overly simplistic, conflating short-term pilot ROI (which may be low as organizations experiment) with long-term strategic value. They point out that many enterprise AI use cases — like supply chain optimization, predictive maintenance, and personalized healthcare — take time to mature but can deliver transformative returns, especially when combined with AI’s scale effects. For example, internal efficiency gains, cost savings, and productivity boosts may not show up immediately but can compound over quarters and years. Traditional metrics like ROI or payback period may not capture these long-term, qualitative benefits — such as resilience, modular scalability, or new business models enabled by AI. In short, according to many experts, MIT’s snapshot underestimates the true potential of strategic, operational, and innovation-led AI investment.
Back from the Brink by Friday
By Friday, markets staged a powerful comeback, as Fed Chair Jerome Powell’s dovish tone at Jackson Hole rekindled optimism for interest rate cuts. The Dow surged to a record high, the S&P 500 closed 1.5% higher on the week, and the Nasdaq fully erased its losses. It was a reminder that, despite falling valuations and headline risk, investor enthusiasm for AI — especially infrastructure and enterprise enablers — remains intact.
On the Private Side
Meanwhile, private markets stayed active: Manus, an emerging challenger to OpenAI, hit a $90M annual revenue run rate, while DeepSeek released V3.1, an “open-weight, non‑thinking” model designed for lean inference costs, signaling growing experimentation and accessibility in AI tools.
Bottom line: This week was a vivid reminder that AI sentiment remains fragile—and volatility is very much the norm. There’s no question the hype is strong, and short-term ROI remains elusive for many. But under the surface, infrastructure investments, founder ambition, and real innovation continue to propel the ecosystem forward. Bubble or not, the AI transformation is accelerating — and the real story is still being written.
General news:
Brazil’s 2025 inflation forecast dropped to 4.95%, its first sub-5% projection this year, according to the Central Bank’s Focus report. GDP growth is seen at 2.21% in 2025, Selic at 15%, and USD/BRL at R$5.60, as Trump’s tariffs cool activity and ease prices. 🇧🇷🇺🇸
Deals:
Nuvia has acquired DataSaga.ai just four months after raising R$10M, adding a consulting services arm to its proprietary AI platform. The move boosts inbound and outbound sales automation capabilities and positions Nuvia as a leading intelligent prospecting platform in LatAm, mirroring U.S. trends in AI-driven SDR automation. 🇧🇷🇺🇸
Neurogram, led by 25-year-old Daniele de Mari, raised $3M in a seed round led by Headline, bringing total funding to $4.4M. The neurodata startup processed 10K EEGs in Q1 2025 and targets 100K by year-end, consolidating fragmented neurological data into a secure platform and paving the way for AI-powered medical applications. 🇧🇷
Iniciador raised R$32M in a round led by Valor Capital, with participation from big_bets, Alter Global, Actyus, and Norte Ventures. Funds will accelerate scalability, tech development, and product expansion, focusing on banks and Pix solutions. Already powering 60%+ of Pix Automatic ITPs with 95%+ approval rates, Iniciador cements its role in Brazil’s Open Finance infrastructure. 🇧🇷
Inhire, a Brazilian AI-powered recruiting startup, raised R$50M in a round led by DGF and Bridge One, with Endeavor Scale-Up Ventures joining. With 600+ clients and 300% growth last year, Inhire plans to expand into corporates, deepen AI integration, and double revenue in 2025. 🇧🇷
OmniK, a multivendor marketplace platform, raised R$5M in a pre-Series A bridge round led by ABSeed. Revenue grew 5x in 2024, and the company projects tripling in 2025 to reach R$2B GMV. Clients include Picpay, Americanas, Grupo DPSP, and Petlove, with strategic integrations via Totvs, Shopify, Adobe, and Vtex. 🇧🇷
General news:
dLocal launched SmartPix, enabling users to save Pix details for one-click payments, complementing Pix Automático. With clients like Shein, Amazon, and Netflix, the solution targets recurring payments for high-frequency services like Uber and iFood. 🇺🇾🇧🇷
Factorial posted 21% revenue growth and 22% client expansion in Brazil in H1 2025, driven by AI adoption in digital HR. Brazil is now among its top five markets globally, fueling interest in local acquisitions and new product launches, including finance and sales modules. 🇧🇷
Brazil’s Congress advances an AI bill eliminating import taxes on data center equipment starting 2026. The MP also adds a 2% fee to fund tech development through BNDES and targets R$2T in investments over the next decade. 🇧🇷
Deals:
Asaas raised R$100M via its third FIDC to expand SME credit and strengthen its product portfolio. Managed by Kanastra with Itaú BBA as lead coordinator, the fund boosts liquidity and supports scaling payments and lending. After a R$820M Series C in 2024, Asaas now serves 210K+ clients and targets R$1B+ annual revenue by 2026. 🇧🇷
Firecrawl raised R$81M in a round led by Nexus VP with follow-on from Y Combinator and participation from Shopify’s CEO. The open-source API transforms unstructured web pages into AI-ready data, serving 6,500+ global clients including Shopify, PwC, and Zapier. Over 1,000 Brazilian companies already use the platform. 🇧🇷🇺🇸
Incode acquired AuthenticID to strengthen its position in the $116B global digital ID market. Together, they processed 4B+ verifications in 2024 and aim to fortify fraud detection and regulatory compliance amid rising AI-driven threats like deepfakes and voice synthesis. 🇲🇽🇺🇸
Mahta, a Brazilian foodtech using Amazonian ingredients, raised R$20M from the Amazon Biodiversity Fund, backed by BNDES, Soros Fund, and L’Oréal. Funds will expand R&D, grow its supplier network, and launch retail sales, aligning environmental impact with financial sustainability. 🇧🇷🌎
BID Lab made its first venture debt deal in LatAm, investing $1.5M in Mexican fintech Aviva. Aviva operates AI-powered kiosks offering microloans under seven minutes and plans to expand from 70+ kiosks today to 150 by year-end. 🇲🇽
AlphaGo, a Brazilian SaaS for data-driven marketing management, raised $2M in a pre-seed round led by Black Mamba Holding. The funds will integrate AlphaGo into Black Mamba’s portfolio companies to enhance personalization and creative automation. 🇧🇷
Intel secured a $2B investment from SoftBank for a 2% stake, signaling confidence in its semiconductor comeback. Shares surged 6% amid speculation over a potential 10% U.S. government stake tied to the CHIPS Act. 🇺🇸🇯🇵
General News:
inDrive launched inDrive.Money in Brazil, offering in-app loans up to R$3K to drivers, repaid directly via trip earnings. Partnering with fintech Emprex, it aims to reach 30–40% of Brazil’s 1.6M drivers within 8 months and gradually evolve into a regional super app. 🇷🇺🇧🇷
Brazil’s Congress is debating a bill to create a Strategic Bitcoin Reserve, allowing up to 5% of Brazil’s US$328B reserves (~US$16B) in BTC. The move supports asset diversification, Drex adoption, and blockchain growth. Decision expected Aug 20. 🇧🇷
Credit Rights Investment Funds (FIDCs) doubled assets since 2022 to R$690B, becoming the fastest-growing fund class in Brazil. They now represent 6.9% of the market, surpassing equity funds, with annual growth projected above 15% and potential R$1T AUM within three years. 🇧🇷
Prosus plans to raise $2B by selling assets and focusing on lifestyle e-commerce under CEO Fabricio Bloisi. The company has already secured $780M from divestments, including part of its Meituan stake, while upcoming IPOs aim to double its market value by 2028. 🇳🇱
Deals:
AgendaPro, a Chilean SaaS platform, secured $35M in a growth round led by Riverwood Capital with Kayyak Ventures. It offers tools for bookings, payments, and marketing, recently launching Julia, an AI-powered receptionist for after-hours scheduling. 🇨🇱
Digitt, a Mexican fintech focused on consumer well-being, raised $10M Series A led by Yolo Investments, with IGNIA Partners and Capria Ventures participating. Notable angels Renaud Laplanche and Nino Fanlo joined, with Fanlo taking a board seat. Funds accelerate growth and strengthen Digitt’s role in reshaping personal finance in LatAm. 🇲🇽
SRE.ai, founded by ex-Google and DeepMind engineers, raised $7.2M seed funding led by Salesforce Ventures and Crane Venture Partners after Y Combinator’s Fall ’24 batch. It builds natural language DevOps agents automating pipelines, monitoring, and security tasks across AWS, Azure, GCP, and Salesforce. 🇺🇸
Angra Partners invested R$15M in Bioma Genetics, a genomic testing startup focused on oncology, fertility, pharmacogenetics, neuropsychiatry, and rare diseases. The capital supports R&D, governance, and scaling local genomic tests to compete against foreign labs. 🇧🇷
Musique, a Brazilian AI-driven audio platform, raised funding from HiPartners’ Retail Tech fund. It creates sound logos, geo-targeted audio ads, and royalty-free playlists for brands like Volvo, BMW, and RiHappy, boosting client NPS by 12% and cutting costs up to R$1M annually. 🇧🇷
Thrive Capital is doubling down on Databricks, leading a Series K that could value the AI and data giant at $100B. Andreessen Horowitz, Insight Partners, and Wellington Capital joined. With 50% YoY growth and projected $3.7B revenue, Databricks cements its pre-IPO status. Thrive builds on its $10B round in December and the $6.5B OpenAI raise. 🇺🇸
General news:
iFood & Mottu launched a partnership to offer motorcycle rentals from R$19/day plus R$350 monthly bonuses to delivery riders. The pilot starts with 5,000 bikes in São Paulo before scaling nationwide, aiming for affordable ownership after three years. 🇧🇷
Plug and Play launched a $50M LatAm fund, allocating 70% to Brazil. Target sectors include energy, fintech, and agribusiness, with early-stage checks between $50K–$2M. The accelerator aims to invest in 10 Brazilian startups annually. 🇺🇸
Deals:
Mercado de Recebíveis raised a new round led by Headline, boosting its valuation from R$200M to R$300M just months after its last deal. Funds will expand sales and tech teams, enhance its Visa-backed credit card, and prepare for entry into duplicatas. Already breakeven since May, the fintech targets R$10B TPV next year, with Headline also providing strategic access to key markets. 🇧🇷
VAAS, founded by Decora’s $100M-exit trio, raised R$20M to scale its fraud prevention and risk management platform. Serving 30+ major clients like Raízen and Stellantis, VAAS expects ARR to grow from R$12M today to R$45M by 2026, charging per transaction for predictable revenue. 🇧🇷
Tako, an HR tech founded by Rappi’s Sebastián Mejía, raised $19M Series A led by Ribbit, with a16z and ONEVC participating. Its AI payroll agents automate processing under Brazilian labor laws, cutting timelines from weeks to hours. With R$1B+ processed since launch, funds will open a San Francisco office while keeping Brazil as its core market. 🇧🇷
Rappi secured a $100M senior loan from Kirkoswald Private Credit and Santander. Funds will support growth, refinancing, and working capital as it expands across LatAm. Competing with iFood and Meituan’s Keeta in Brazil, Rappi aims to double 2025 revenue after hitting R$2.5B last year. 🇨🇴
Evertec, a Puerto Rican fintech, will acquire 75% of Brazil’s Tecnobank for US$144M via its local arm. Tecnobank manages 12M+ vehicle financing contracts and expands Evertec’s reach after acquiring Sinqia, PaySmart, and Granadata. The deal awaits Cade approval. 🇵🇷
General news:
Meta has signed a $10B+ six-year deal with Google Cloud, one of Alphabet’s largest ever, to boost AI computing power. The move marks a shift to a multicloud strategy, renting capacity from AWS, Azure, Oracle, and CoreWeave. Competitive pricing could support Llama’s AI training, while Google Cloud’s Q2 revenue hit $13.6B, up 32%. Meta historically relied on its own data centers but is now partnering to scale AI globally. 🇺🇸
Peru’s banking watchdog received its first fully digital bank application — a historic milestone for the country’s financial system. Operating entirely via apps and online platforms, the model removes branches, cuts costs, and improves inclusion, especially in remote regions. A special Open Banking committee will oversee security and compliance, marking a key step in modernizing Peru’s financial sector. 🇵🇪
Deals:
Starian, a Softplan spin-off, secured R$640M (~$120M) from General Atlantic to drive M&A growth. GA now holds a significant minority stake, while founders retain control. Starian projects R$530M 2024 revenue, with 34% growth and 22% EBITDA margin. Funds will fuel acquisitions and expansion into new verticals beyond construction and legal software. 🇧🇷
Marisa.Care, a Brazilian healthtech, raised R$8M in a pre-seed round led by Afya’s CVC arm. Its AI agents automate patient care via voice/WhatsApp, analyze clinical data, and consolidate insights for providers. Already impacting 5M+ lives, the funds will expand operations and strengthen its role in digital healthcare. 🇧🇷
You will see below an updated list of events. If I forgot your event, and you want to include it - please sure to send those my way asap!
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 infoMoney 20/20 USA 2025
Date: October 26–29, 2025
Location: Las Vegas, NV
Description: One of the world’s leading fintech and payments conferences, Money 20/20 gathers global leaders across banking, payments, tech, and startups to explore the future of money and financial services.
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
“The only discipline that lasts is self‑discipline.” – Bum Phillips
Congratulations for the 200th edition! Keep doing it!