Latin American Private Capital Update - September 29, 2020Latin American Private Capital Update September 29, 2020 | | | The LAVCA Private Capital Update is a bi-weekly email featuring industry news, research, events, and updates on investors from private equity, venture capital, real estate, infrastructure, and family offices in Latin America. |
| Despite the difficulties introduced by COVID-19, Latin America private capital fundraising increased by 30% in 1H2020, compared with the same period in 2019.
Private capital investment totals declined to US$3.6b year-over-year, however, exits in Latin America accelerated to US$5.1b, the best first-half total since 2011.
VC investment was consistent throughout 1H2020 as the ecosystem continues to mature with US$1.2b invested across 170 transactions. SoftBank’s deployment of its US$5b Latin American Innovation Fund had an important impact on overall VC investment in 2019. However, excluding rounds led by SoftBank from the dataset, 1H2020 was the highest half-year total for VC deal value on record for LAVCA.
LAVCA members can now DOWNLOAD 2020 LAVCA Mid-Year Data, a research report which summarizes private capital fundraising, investment, and exit activity across Latin America for 1H2020. Member access includes:
> 4-Page PDF: Key trends and insights from major markets and sectors, plus highlighted fund closes, most active investors, largest deals, and notable exits.
> Excel File: 20 exhibits across multiple tabs including historical information on fundraising, investments, and exits (2013-1H2020), plus breakdowns by geography and sector. There is also a deep-dive on VC activity and newly added information on infrastructure investments.
This report was written and prepared by LAVCA Research Director Miguel Algarin and Research Analyst Emanuel Hernandez and combines the best-available historical transaction information from both LAVCA and our sister organization EMPEA to produce the most comprehensive dataset available. For more information, please contact research@lavca.org. | | |
| Building on the success of VC training programs in New York, Silicon Valley, Buenos Aires, Santiago, and Medellin, LAVCA is partnering with PECAP to host a virtual practitioner-led investor training on October 27-28, 2020.
The training is designed for VC fund managers, new corporate ventures, family offices, heads of accelerators, and select angel investors active in Latin America.
Sessions will be focused on issues relevant to emerging ecosystems with 6 hours of curriculum across two days.
LAVCA | PECAP Inside Venture Capital combines a conversational format with experience-based discussions.
A special thanks to COFIDE, IDB, Cooperación Suiza-SECO, and Latin American Tech Growth Coalition partners including AWS, Facebook, Google, Microsoft, and Visa for their support to deliver practical training to Latin America’s emerging cohort of tech investors.
Participation is by invitation only and reserved for investors. Space is limited to ensure a high level of interaction and engagement with practitioner faculty. Service providers not permitted to attend.
Contact LAVCA Manager of VC Carlos Ramos de la Vega at cramos@lavca.org to see if you qualify to attend. Register here.
This program will be conducted in Spanish. | | |
| A special thank you to the attendees, sponsors, and speakers that participated in LAVCA Week 2020.
We were astounded by the positive feedback we have received from this community and despite the challenges we are all facing on a daily basis, this was a nice reminder about the importance of an annual gathering.
Truthfully, we could not have done it without you and we hope to resume our live meeting in New York in 2021.
REMINDER TO PARTICIPANTS: You have until October 2 to access recordings of all of the main stage sessions and breakouts in the LAVCA attendee hub by using your personal login details. Access to these recordings is exclusive to program registrants.
Thank you to our event sponsors and partners including Advent International, Lexington Partners, ACON Investments, IDB Lab, Silicon Valley Bank, Cerberus, Riverwood Capital, Oria Capital, KPMG, iNNpulsa, CAF, ABVCAP | Apex Brasil, AMEXCAP | Fondo de Fondos, Brown Rudnick | ARCAP, AWS, Facebook, Google, Microsoft, and Visa. | | |
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Private Equity News
Advent International Raises US$2b for LAPEF VII Fund (Press Release) Advent International has raised a US$2b final close for Advent Latin American Private Equity Fund VII (LAPEF VII). The vehicle will target investments in Brazil, Colombia, Mexico, and Peru across five sectors: business and financial services; healthcare; industrial; retail, consumer, and leisure; and technology. more
Carlyle Partially Exits Liderman Via Secondary Offering on Peruvian Stock Exchange (Global Legal Chronicle) The Carlyle Group partially exited Lima-based security company Liderman via a secondary offering on the Peruvian stock exchange, picked up by Liderman management. In 2014, Carlyle entered into a partnership with JV Resguardo to expand the company to more countries. Read more
Vinci Partners Invests R$400m in Brazilian Digital Bank Agibank (em português) (Baguete) Vinci Partners has acquired a minority stake in Brazil-based digital bank Agibank for R$400m. Read more
Advent Exits Brazilian Investment Platform Easynvest and Invests in Nubank (Press Release) Advent International has agreed to sell its stake in Brazil-based digital investment platform Easynvest to Brazilian fintech Nubank. As part of the agreement, Advent and other shareholders of Easynvest have also agreed to become investors in Nubank. Read more
ACON-Backed CryoHoldco Acquires Cordcell (en español) (AMEXCAP) ACON-backed CryoHoldco, a Mexico-based technology company, acquired Brazil-based cell therapy center Cordcell. The amount of the transaction was undisclosed. Read more
Patria Aquires 5% Stake in Qualicorp (em português) (Brazil Journal) Pátria Investimentos acquired a 5% stake in Brazilian healthcare insurer Qualicorp. Read more
Warburg Partially Exits Stake in Brazilian Pet Products Retailer Petz via IPO (em português) (Brazil Journal) Warburg Pincus has partially exited its 55.1% stake in Brazil-based pet products retailer Petz via the company’s R$3b IPO. Warburg originally invested in the company in 2013 and will now retain a 5% stake. Read more
GEF Capital Partners LatAm Acquires 60% Stake in Café Brasil Fertilizantes for R$90m (em português) (Valor Econômico) GEF Capital Partners LatAm has acquired a 60% stake in Café Brasil Fertilizantes, a company that manufactures and distributes specialty fertilizers targeted primarily at coffee crops, for R$90m. Read more
Glisco Partners Acquires 30.1% Stake in Mexican Distiller Mezcal Amores (Global Legal Chronicle) Glisco Partners has acquired a 30.1% stake in Mexico-based distiller Mezcal Amores for an undisclosed amount through Glisco Partners IV. Read more
Blue like an Orange Invests R$30m in Placi (Press Release) Blue like an Orange Sustainable Capital invested R$30m in Placi, a Brazilian company specialized in transitional hospital services to long-term care patients. Read more
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Venture Capital News
Tiger Global and Lone Pine Lead R$1.25b Series D in VTEX (LABS) Tiger Global and Lone Pine Capital led a R$1.25b Series D in Brazilian ecommerce SaaS platform VTEX, with participation from Endeavor Catalyst, and follow-on from Japanese VC fund Constellation Asset Management and SoftBank. Read more
Rappi Raises US$300m from T. Rowe Price and Others (Nasdaq) Rappi raised US$300m from T. Rowe Price Associates and other undisclosed parties. Previous investors in Rappi include SoftBank, Andreesen Horowitz, DST Global, Sequoia Capital, and Y Combinator. Read more
General Atlantic Leads US$200m in Uruguayan Payment Platform dLocal (Press Release) General Atlantic led a US$200m investment in dLocal, a Uruguay-based cross-border payment platform, with participation from Addition, a NY-based fund led by Lee Fixel, former Head of Private Equity at Tiger Global. Read more
General Atlantic and SoftBank Lead US$108m Series B in Acesso Digital (Press Release) General Atlantic and SoftBank’s Latin America Fund led a US$108m Series B in Acesso Digital, a Brazilian digital identity and facial recognition company. Read more
L Catterton and Future Positive Lead US$85m Series C in Chilean Foodtech NotCo (TechCrunch) L Catterton and Future Positive, the investment firm of Fred Blackford and Biz Stone, led a US$85m Series C in Chilean foodtech NotCo, with participation from General Catalyst, and follow-on from KaszeK Ventures, The Craftory, Bezos Expeditions, Endeavor Catalyst, IndieBio, Humbolt Capital, and MAYA Capital. Read more
SoftBank Invests US$75m in Indian Hotel Unicorn Oyo to Launch Oyo LAtAm (Reuters) SoftBank invested US$75m in India-based hotel unicorn Oyo through its US$5b LatAm fund, to launch Oyo LatAm, a joint venture that will control Oyo’s 1,000 hotels in Brazil and Mexico. Read more
BID Invest Grants US$60m Line of Credit to Lending Platform Konfio (en español) (Konfio) BID Invest granted a line of credit of up to ~US$60m to Mexican lending platform Konfio. Read more
Goldman Sachs Merchant Banking Leads R$120m Series A in Brazilian Fintech iugu (Contxto) Goldman Sachs Merchant Banking led a R$120m Series A in iugu, a Brazilian finance automation and payment platform for SMEs, with follow-on from Indicator Capital, and Fabio Povoa, Co-Founder of iFood and Movile. Read more
KaszeK Ventures Leads R$100m Series A in Brazilian Broker Dealer Ideal (Press Release) KaszeK Ventures led a R$100m Series A in Ideal, a fully digital Brazilian broker dealer for institutional investors. Read more
BTG Pactual, ENFINI Investments, and Turin MFO Lead US$25m Round in Fazenda Futuro (LABS) BTG Pactual, ENFINI Investments, and Turin MFO led a ~US$25m round in Fazenda Futuro, a Brazilian startup making plant-based meat alternatives, with follow-on from monashees and Go4it Capital. Read more
Bradesco and Itaú Unibanco Lead US$15m in Brazilian Open Banking Platform Quanto (em português) (Fusões & Aquisições) Bradesco and Itaú Unibanco led a US$15m round in Quanto, a Brazilian open banking platform for retailers, with participation from KaszeK Ventures and Coatue. Read more
monashees and SV LatAm Lead US$14m Round in Mexican Digital Banking Platform Oyster (LABS) monashees and San Francisco-based SV Latam led a US$14m round in Oyster, a Mexican digital banking platform for SMEs and startups, with participation from FJ Labs, Fintech Collective, Redpoint eventures, S7 Ventures, Ulu Ventures, and Kevin Efrusy. Read more
Movile Leads R$60m in Brazilian Fintech Zoop (Press Release) Movile led a R$60m round in Zoop, a Brazilian white label fintech platform for SMEs and startups. Mobile invested US$18.3m in Zoop in 2019. Read more
monashees Leads R$20m in Brazilian Proptech EmCasa (Contxto) monashees led a R$20m round in EmCasa, a Brazilian proptech for buying and selling residential real estate, with participation from Caravela Capital, Mercado Libre’s MELI Fund, Pear Ventures, and Washington-based Next Billion Ventures. Read more
Valor Capital Leads R$25m Series A in Brazilian Lending Fintech Quasar Flash (Startupi) Valor Capital led a R$25m Series A in Quasar Flash, a Brazilian fintech providing receivable advances for SMEs. Read more
Ulu Ventures Leads US$3m in Mexican Employee Management Startup Rever (Contxto) Ulu Ventures led a US$3m round in Rever, a Mexican employee innovation management platform, with follow-on from Sequoia Capital and Zetta Venture Partners. Read more
Aliansce Invests R$15.5m in Brazilian Vegetable Subscription Startup BeGreen (Contxto) Brazilian shopping center developer Aliansce invested R$15.5m in BeGreen, a Brazilian farm-to-table vegetable subscription platform building farms in shopping center parking lots. Read more
Redpoint eventures Leads R$10m Series A in Brazilian Clothing Resale Marketplace Repassa (em português) (Exame) Redpoint eventures led a R$10m Series A in Repassa, a Brazilian clothing resale curated marketplace. Redpoint eventures first made an undisclosed investment in Repassa in 2018. Read more
DOMO Invest Leads R$5.5m in Brazilian Proptech Rede Vistorias (em português) (NeoFeed) DOMO Invest led a R$5.5m round in Rede Vistorias, a Brazilian proptech providing real estate asset inspection services, through its DOMO Enterprise fund, with participation from Terracotta Ventures and Invisto. Read more |
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Real Assets News
Hidrovias do Brasil Raises R$3.4b via IPO, Pátria, BNDES, Temasek, and AIMCo Exit (Yahoo Finance) Brazil-based logistics company Hidrovias do Brasil has raised R$3.4b (~US$608m) in its IPO, facilitating an exit for shareholders including Pátria Investimentos, BNDES, Temasek, and AIMCo. Read more
Rio Ventura, Subsidiary of Starboard-Backed 3R Petroleum, Acquires Rio Ventura Cluster from Petrobras for US$94.2m (em português) (Reuters) Rio Ventura, Subsidiary of Starboard-Backed 3R Petroleum, acquired Rio Ventura Cluster from Brazil’s state-owned oil company Petrobras for US$94.2m. Read more
AMP Capital and Enel Group Create Joint Venture for Public Transportation Infrastructure (IPE Real Assets) AMP Capital and Enel X created a joint venture for public transportation and associated infrastructure for vehicles’ storage, charging, repair, and operation. Read more
Pátria’s Infrastructure Fund IV Raises R$10b (Reuters) Pátria Investimentos has reached a R$10b final close for its Infrastructure Fund IV. The fund will target investments in infrastructure, with a focus on logistics, energy, and telecoms, across Latin America. Read more
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| LAVCA Members receive a discount on select events. For information on member discounts, contact Catalina Santos. |
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Investment in Latin America
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