LatAm Tech Weekly
#189: BH tech hub, CVCs recalibrates their strategy, rise in M&As, 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!
For my global readers: did you know that Belo Horizonte is one of Brazil’s leading tech hubs? The city boasts over 1,000 information technology companies, making it a significant center for innovation in the country. Prominent tech companies based in Belo Horizonte include Blip, Solides, Hotmart, Méliuz, and Dito. These companies are part of the vibrant startup ecosystem known as Sao Pedro Valley, which encompasses more than 300 startups in the region.
This week, I had the pleasure of participating in a Tech Founders event organized by Itaú BBA in Belo Horizonte. I was honored to be part of a panel alongside Mônica Hauck, founder of Sólides, and Bruno Maimone, Managing Director at Warburg Pincus.
Thank you to the BH founders for the warm welcome and support—I hope to return soon!
A good read this week was PitchBook’s Q1 2025 VC Valuation Report that offers timely insights into how nontraditional investors—such as CVCs and crossover funds—are recalibrating their strategies in the current market.
After expanding into early-stage deals during the pandemic boom, these investors are now pulling back from pre-seed to Series A rounds and shifting their focus to late-stage and pre-IPO companies, especially unicorns valued at $1B+. This change is helping fuel larger deal sizes and rising valuations for mature startups.
Despite doing fewer deals, these investors are contributing a larger share of overall VC dollars compared to early 2024. Private equity firms, in particular, are sitting on significant dry powder and eyeing opportunistic M&A, though market uncertainty makes timing a key variable.
In short: the big money is back to backing the big names—especially those preparing for an eventual exit.
Moving on, another strong read this week came from PitchBook’s latest update on M&A activity in the venture ecosystem. While large-scale deals remain less frequent—held back by elevated interest rates, economic uncertainty, and increased regulatory scrutiny—there are signs of healthy momentum building elsewhere.
Smaller acquisitions are quietly gaining ground. With lower startup valuations, longer time spans between rounds, and fewer IPO paths, M&A is becoming a more viable and even preferred option for liquidity. The median time since last funding reached 2.4 years in Q1 2025, the highest on record—founders and GPs are responding by engaging more actively in strategic discussions.
Though public acquirers have pulled back (dropping from 1,423 in 2021 to 815 in 2024), the environment is still open for targeted and thoughtful transactions. A good example is Google’s recent $32B offer for Wiz, which shows that large deals are still possible—even amid tighter antitrust oversight. While the report focuses in the U.S., I believe this same trend can be seen in Latin America, good examples are the acquisition of Gringo by Corpay and Serasa Experian’s acquisition of Clearsale.
Globally, software continues to lead M&A activity, accounting for more than 50% of deal volume in Q1. Biotech, digital health, and supply chain tech are also seeing steady interest, especially in use cases less affected by global trade dynamics.
Interestingly enough, private equity buyouts, once a smaller slice of the exit pie, are now outpacing public listings. Firms are showing growing appetite for bolt-ons in software, healthcare, and services—supported by solid dry powder and a focus on long-term value creation.
Overall, while the top of the market is still adjusting, there’s steady activity in the middle—and a growing sense that smart, well-aligned deals can thrive in this new landscape.
General news:
iFood launched a travel booking feature through a partnership with Decolar, offering hotel discounts for loyalty members and expanding its platform beyond food delivery. 🇧🇷
Iriom, a fintech for truckers, is expanding its services to include credit, insurance bundles, and a WhatsApp-based voice assistant. 🇧🇷
Psyche Aerospace paused its drone project and laid off 130 employees to focus on software development for agtech solutions. 🇧🇷
Anthropic revealed ethical risks with its Claude Opus 4 AI model during extreme simulations, though the system is not considered a real-world threat yet. 🇺🇸
Travelier appointed Alexandre Vanzella to lead its Brazil operations and DeÔnibus, signaling deeper LatAm expansion. 🇧🇷
Brazil’s Central Bank will upgrade the Registrato platform in 2026 to include fraud prevention features and new Open Finance tools. 🇧🇷
Foreign investors poured R$21B into Brazil’s B3 stock exchange in 2024 amid U.S. market uncertainty and rate cut optimism. 🇧🇷
Trevo surpassed R$140K in monthly TPV in May — its highest ever — thanks to its atomic network strategy and organic growth via medical clinics. 🇧🇷
Deals:
Receita Previsível acquired B2B Stack to enhance its B2B solutions ecosystem. 🇧🇷
Estoca doubled its valuation to R$470M in a new round led by Astella and Y Combinator; plans include AI-driven freight tools and B2B expansion. 🇧🇷
Circular Brain raised R$20M from Lorene Urban Mining to scale its e-waste management and traceability platform. 🇧🇷
General news:
Itaú unveiled its new laranjinha+ card machine with a touch screen, 40-hour battery, and over 100 integrated apps to help businesses manage operations more efficiently. 🇧🇷
Zig appointed Luciana Inumaru as CHRO to bring a strategic, data-driven approach to HR, focusing on psychological safety and business alignment. 🇧🇷
Rappi is raising weekend courier pay to R$10 per delivery in Brazil, plus R$1.60/km for long trips, in a move to compete with iFood and improve conditions for its riders. 🇧🇷
Visa is launching its ultra-premium Infinite Privilege card in Brazil, offering perks like $1M health insurance and helicopter transfers. Access is invitation-only for clients with $6M+ in assets. 🇧🇷
Deals:
Malga (formerly Plug) raised R$32M in a Series A led by Totvs' CVC to expand its agnostic split payment solution. It targets 5x growth by 2025. 🇧🇷
MyDose raised R$2M in a pre-seed round to grow its wellness platform in Brazil, merging creator economy and health communities. 🇧🇷
Estratz secured R$2M pre-seed funding from Vista Capital founders to grow its offshore asset management platform, with Vista as pilot client. 🇧🇷
Salesforce acquired Informatica for $8B to strengthen data capabilities and AI integration through its Agentforce platform. 🇺🇸
Preventix became the first Latin American investment by Impact Ventures PSM Seed. The Mexican startup offers a patented non-invasive cervical cancer test. 🇲🇽
Upbirk raised funding to expand its AI-powered startup guidance tools globally. Its assistant AMIRA and project tools have already helped thousands of entrepreneurs. 🇨🇱
Fenicio is expanding from Uruguay to Peru with plans to 5x its client base by targeting mid-to-large retailers. 🇺🇾
ClearLeaf, a Costa Rican agtech, raised $3.5M led by Hawthorne Food Ventures to scale its non-toxic crop protection solution globally. 🇨🇷
General News:
Shein will pursue its IPO in Hong Kong after regulatory hurdles blocked previous attempts in London and New York. The move follows its 2022 HQ relocation to Singapore. 🇨🇳
Nvidia posted a record $44B in Q1 revenue, up 69% YoY, driven by $39B in data center sales. It now controls 90% of the AI chip market and could hit $200B in annual revenue. 🇺🇸
xAI (Elon Musk) is investing $300M to integrate Grok into Telegram. The deal includes cash, equity, and 50% of subscription revenue, aiming to scale Grok beyond X. 🇺🇸
Google unveiled Veo 3, a text-to-video AI tool that adds sound and lip-sync. It impressed users with its realism, signaling a potential turnaround after previous AI setbacks. 🇺🇸
Avivatec launched Hai Techfin and Avivalab to help companies deploy AI agents and embedded finance tools. Expansion is planned across LatAm and Europe in 2025. 🇧🇷
BT Créditos scaled to 10K monthly cases using AI to assess legal claims. Since 2019, the lawtech has advanced R$1B and plans to expand beyond labor law. 🇧🇷
Uruguay launched the U+I initiative to enhance innovation, investment, and entrepreneurship. The program connects state, academia, and private sector to drive sustainable development. 🇺🇾
Inventivos began international expansion in Cape Verde, aiming to foster tech talent and entrepreneurship across Portuguese-speaking countries. 🇨🇻
Mercado Pago will apply for a banking license in Argentina to enhance its financial services and solidify its regional position. 🇦🇷
Deals:
Grupo Frente raised $5.5M in a Series A led by Chile’s Magma Partners to scale its international Pix solution. The fintech operates in 10+ countries. 🇧🇷
Sellera.AI secured R$18M to grow its AI-powered sales automation platform for mid-sized businesses. Backers include IBM and Google. 🇧🇷
Selfless.chat raised R$5.6M at a R$80M valuation to expand its AI customer service platform into Mexico and Portugal. 🇧🇷
Palla closed a $14.5M Series A led by Revolution Ventures to expand its real-time cross-border payments platform. 🇺🇸
General news:
Gilgamesh Ventures closed its $20M Fund II focused on fintechs, with one-third of the portfolio targeting Brazil. 🇧🇷
Appmax launched Max, an AI-powered digital bank for SMBs, expanding beyond payments. 🇧🇷
Nascent closed a $15M first close for Fund II to back early-stage LatAm startups in fintech, proptech, e-commerce, and AI. 🌎
ProntoPaga plans to launch its cross-border neobank YOL1 in 2026, targeting 50M monthly transactions. 🇨🇱
Brazil’s Chamber of Deputies approved raising the startup annual revenue cap from R$16M to R$50M. 🇧🇷
Teltec Solutions named a new Head of Cloud & Architecture to align governance and commercial teams. 🇧🇷
Elon Musk stepped down from the U.S. Department of Government Efficiency after 130 days. 🇺🇸
Zulu, a LatAm paytech, passed the $250M milestone in processed cross-border payments. 🇨🇴
Brazil’s Central Bank will open public consultation on capping credit card interchange fees. 🇧🇷
Ambience Healthcare’s AI, backed by OpenAI, now outperforms doctors in clinical documentation accuracy. 🇺🇸
Global VC fundraising hit its weakest Q1 since 2017 at $26B; Brazil outperformed regional peers despite local challenges. 🌎
Deals:
Acrisure raised $2.1B in convertible preferred stock led by Bain Capital, strengthening its LatAm footprint. 🇧🇷
Neuralink raised $600M at a $9B valuation; its brain implant has been tested in 3 patients. 🇺🇸
Selfless.chat, an AI startup for automated service, raised R$5.6M to expand to Mexico and Portugal. 🇧🇷
Sellera.AI raised R$18M to scale its AI-enabled sales automation for mid-sized companies. 🇧🇷
MyDose raised R$2M to grow its wellness platform built around creator-led health journeys. 🇧🇷
General news:
The New York Times licensed its content to Amazon’s Alexa and AI models, even as it sues OpenAI and Microsoft. 🇺🇸
Zippi hired Bruno Dias (ex-VTEX) as Head of Engineering to scale its SMB credit platform. 🇧🇷
Magazine Luiza raised $50M from IDB Invest to expand tech in marketplace, fintech, ads, and fulfillment. 🇧🇷
Idea Maker CEO says nearly 50% of Brazilian startups failed between 2015–2024 and emphasizes governance and team culture as key to survival. 🇧🇷
Nomad received a U.S. broker-dealer license and opened a Miami office, deepening its U.S. expansion. 🇺🇸
Pix receivables as loan collateral are now expected to launch only in 2027, per Brazil’s Central Bank. 🇧🇷
Creditas posted record revenue of R$548.6M in Q1 2025, growing 13% YoY with a 44% jump in origination. 🇧🇷
Deals:
Méliuz plans to raise R$150M in a new share offering to buy Bitcoin for its treasury. 🇧🇷
Huna raised $1.5M to scale its AI platform that uses blood tests to detect early signs of cancer. 🇧🇷
Agibank raised R$2B via FIDC to expand credit for underserved Brazilians. 🇧🇷
Hera.Build launched its first round to fund customizable AI agents that automate tasks. 🇧🇷
Straloo and Lovel raised R$1.15M in non-repayable funding to scale digital health and AI recruiting tools. 🇧🇷
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!
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.
Gramado Summit
Date: June 4–6, 2025
Location: Gramado, Rio Grande do Sul, Brazil
Description: Gramado Summit is a prominent event in entrepreneurship and innovation held annually in southern Brazil. Focused on startups, technology, and business, it gathers entrepreneurs, investors, and industry leaders to share knowledge, foster connections, and drive the innovation ecosystem. It also includes a business expo where startups showcase their solutions and explore partnership and investment opportunities.
More InfoABVCAP 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
America Is In A Late Republic Stage Like Rome - Noema Mag
The State of Talent Report 2025 by SignalFire
- Entry-level hiring is collapsing
- A generational hiring shift is leaving new graduates behind
- Elite AI labs are locking in top talent, and retaining them
- Geographic power centers are evolving fast
Identifying and scaling AI use cases - by Open AI
A central aspect of the document are the six primary uses or "primitives" of use cases:
1. Content creation: generation and editing of documents, campaigns, and visual materials
2. Automation: execution of repetitive tasks such as reports and updates
3. Research: search and analysis of internal and external information
4. Coding: assistance in development, debugging, and code conversion
5. Data analysis: identification of patterns and insights without advanced skills
6. Ideation and strategy: brainstorming and structuring of business initiatives
“There is no free lunch” - Common Knowledge