Weekly Tech Update
#38 - Hashdex, Bybit and Coinbase - deals of the week & new job post section!!!
Happy Sunday!
I have been repeating myself in the past weeks about the signs that tech and VC is cooling off worldwide – and in LatAm. This week, I brought two opposing views. Lavca released an interesting graph on the VC investment in LatAm, and we clearly see a decrease this past quarter in both number of deals and capital invested.
On the other hand, I read an interesting piece on CB Insights saying that although investors tapped the brakes in Q1’22, valuations for emerging startups have continued to take off. Median valuations of early-stage startups increased 21% to $34M in the first quarter compared to full-year 2021. Mid-stage startups have seen median valuations trend up to $343M. At the same time, the public market cooldown may be trickling down — late-stage startups saw a 4% dip in median valuations (to $1.05B) as mega-round financings ($100M+ deals) dropped 30% QoQ.
As I already mentioned, I think the correction we are seeing is part of the game in any maturing market. Let’s wait and see for the data looking ahead..
On another note – I have decided to include a new section in my newsletter!!!! The type of messages I receive the most – both from founders and from VC partners – are about job opportunities. Asking, in essence, if I have someone to refer to X or Y job. In the benefit of the ecosystem, I have decided to include a section of job opportunities in LatAm Tech companies below. So, if you are a VC or tech company looking for a certain position, and want to be posted below – please send me a note. If you are a job applicant, I am happy to make the connection with the startup in question and/or you can reach out directly. With this, everyone wins! Let me know if you like it, and feedbacks are most welcome.
Now – let’s go ahead to the week’s news… Please bear in mind that these are strictly my opinion, based on my background and personal interests. Feel free to share this newsletter with anyone who might be interested – to subscribe, just click on the link below!
PS: Of course I read about Twitter and Elon Musk - will mention it below. Please bear in mind that this is a LatAm Tech Newsletter, and while the move of course impacts the entire world (including LatAm) it is not my focus. There are several articles about the transaction and many people much more informed than myself on the matter writing opinions. This piece from the New York Times, for me, was specifically interesting.
Recent study showed that by 2026, 25% of people will spend at least an hour a day in the metaverse – whether it's working, shopping, studying, orchatting with friends.
Elon Musk strikes deal to buy Twitter for USD 44bn.
Brazilian Crypto Asset Manager Hashdex approved to list ETPs in Switzerland
The company is currently recruiting teams in London, Zurich, Paris and Lisbon to meet its expansion plans.
Itau BBA announced 45 days ago the creation of a venture debt fund with +BRL 300mm. The Bank already made 8 investments - ideal check size will be between BRL5 mm- BRL30 mm. At the moment, the bank is talking to ~25 startups, and have invested in names such as Winnin, CargoBR, SouSmile and Sanar.
ABSeed, Brazilian VC Fund, just raised BRL 100 mm for its second fund with the thesis of investing in a specific niche: SaaS, B2B, early stage.
According to a recent study, Brazil was the fourth country that carried out the most real time transactions last year, following India, China and Thailand. There were 8.7 billion transactions, which represented 5% of the operations carried out in the country.
Brazilian foodtech NoMoo, that makes 100% plant-based dairy that is lactose, gluten, and soy free announced they will start selling in the Middle East and Asia - after an international expansion to Europe and the United States.
Inventa, Brazilian B2B marketplace and wholesale platform that helps retailers find and buy unique wholesale merchandise for their stores while helping brands and producers reach local retailers announced a BRL 55mm Series B round with investors such as A16z, Founders Fund and Tiger Global.
Hashdex announces it will launch the first ETF based on the Metaverse. META11 will offer diversified exposure to blockchain platforms. The offering starts May 9 for Brazilian investors.
Bogota-based payments infrastructure startup Minka has raised $24 million in a funding round co-led by Tiger Global Management and Kaszek.
Singapore crypto giant Bybit has chosen Brazil to mark its expansion across the Americas as it intends to invest at least BRL 250 mm in the country. The group is setting up an office in São Paulo and is looking for an executive to run the local operation, in addition to seeking other hires. The goal is to have here the size that Bybit has in the world, top five largest brokers of digital assets on the globe.
HoyTrabajas, Colombian platform for low-skilled workers in Latin America that allows users to exchange information about resumes and job openings in real-time allowing companies to recruit their low-skilled workers in less than 72 hours, saving at least 60% of money spent on recruiting and 70% of their time looking for talents, raised a USD 3.5mm seed round with the participation of Y Combinator.
Prixz, Mexican online and mobile eCommerce platform for ordering medication, raised an undisclosed Series A led by SV LatAm Capital.
Coinbase, the largest US-listed cryptocurrency platform, has hired Flavio Tonetto Plein, former PicPay and Uber, to take over the company in Brazil. Tonetto will be the country manager of the North American company's operation and, alongside Marcello Azambuja, will be in charge of developing the Coinbase project to become a leader in Latin America. One of the strategies for this involves negotiations for the acquisition of 2TM, owner of the Mercado Bitcoin. In parallel, with the arrival of Tonetto, Coinbase began hiring engineers, designers and payment directors.
Mercado Pago, Mercado Libre’s digital wallet joined forces with Brazilian investment platform Órama. The commercial agreement - there is no capital participation involved - has a minimum term of five years and provides for exclusivity. The offer will start for a small slice of the 34.5 million user base next week, but the idea is to scale quickly, replicating the success that Mercado Pago had when it launched the option to buy cryptocurrencies late last year.
What am I reading?
The Information - The Takeaway: Why we shouldn’t hand-wave away Elon Musk’s Twitter power grab (app; subscribers only)
Hunter S. Thompson’s Letter on Finding Your Purpose and Living a Meaningful Life. - Old but gold - worth the read many times
Lenny’s Newsletter: What is a good growth rate? Insights from the world’s best investors.
What did I listen/watch?
JOB POSTS - NEW SECTION!!!
Here is what top tech companies are looking for…
VP of People - Pipefy
Content Analyst- Education Journey
Head of Sales - Marvin
*respond to this newsletter if you want to post a job or if you have interest on the openings above*
Quote of the week:
“And indeed, that IS the question: whether to float with the tide, or to swim for a goal. It is a choice we must all make consciously or unconsciously at one time in our lives.” Hunter S. Thompson
Question to all: Are you floating or swimming?
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