Latin American Private Capital Update - October 13, 2020Latin American Private Capital Update October 13, 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. |
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LAVCA is partnering with PECAP to host a virtual 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 the region.
Sessions will be focused on issues relevant to emerging ecosystems with six hours of practitioner-led curriculum across two days.
TOPICS & DISCUSSION LEADERS (Subject to change):
> Q&A with Nicolas Szekasy, Co-Founder, KaszeK Ventures
> VC Fundraising
Moderated by: Luis Narro, Executive Director, PECAP
Fernando Lelo de Larrea, Partner, ALLVP
Rodrigo Baer, Partner, Redpoint eVentures
Cristobal Perdomo, Partner, Jaguar Ventures
> LP Seminar: Sourcing & Securing LP Commitments + Virtual "Pitch" Session
Facilitated by: Javier Diaz-Fajardo, CEO, Bancoldex
Susana Garcia-Robles, Venture Partner, Capria; Executive Advisor, LAVCA
Francisco Valdés, Olivo Capital
> Legal Session: VC Investing Best Practices with Dan Green, Partner, Gunderson Dettmer
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 in delivering 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. The program will be conducted in Spanish.
Contact LAVCA Manager of VC Carlos Ramos de la Vega at cramos@lavca.org to see if you qualify to attend. Register here. | | |
| Join LAVCA and participating LAVCA members during two upcoming virtual programs, including:
The LatAm Leaders in Investment to Benefit UNICEF on October 29, where LAVCA CEO Ivonne Cuello will be moderating a panel on private equity. LAVCA members also speaking on the program include: General Atlantic, The Carlyle Group, KaszeK Ventures, GIC, Riverwood Capital, StepStone, IFC, Megeve, and more. LP passes are complimentary and GPs are required to donate to UNICEF. More information.
FT Global Boardroom on November 11-13, where LAVCA CEO Ivonne Cuello will participate alongside Mercado Libre Founder Marcos Galperin in the panel "LatAm Tech in the Spotlight: Opportunities for Growth, Leapfrogging and Social Impact." Participation is complimentary. More information.
Access upcoming programs relevant to LAVCA members. | | |
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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. | | |
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Private Equity News
Alta Growth Reaches US$150m Final Close for AGC Fund III (Press Release) Alta Growth has reached a US$150m final close for AGC Fund III, a vehicle targeting investments in middle-market companies in Mexico and Latin America. Read more
Warburg Pincus Invests US$100m Series A for Brazilian API Communication Platform Take Blip (Press Release) Warburg Pincus has invested a US$100m Series A for Brazil-based API communication platform Take Blip. Read more
TRG Provides Debt Financing to Colombian Lender Kredit (Press Release) The Rohatyn Group has agreed to provide senior secured debt financing to Colombia-based consumer credit provider Kredit Plus. Details of the transaction are undisclosed. Read more
IDB Invest Invests R$95m in Brazilian Freight Marketplace FreteBras (Press Release) IDB Invest invested R$95m in FreteBras, a Brazilian freight marketplace, through its Clean Technology Fund, a US$5.5b multilateral investment vehicle established in 2008 by the World Bank, the IDB, the African Development Bank, the Asian Development Bank, and the European Bank for Reconstruction. Read more
Advent Enters Strategic Partnership with Brazilian Chocolate Producer Grupo CRM (Press Release) Advent International has entered a strategic partnership with Brazil-based premium chocolate producer Grupo CRM and has reportedly acquired a majority stake in the company. Read more
SEAF Caribbean SME Growth Fund Acquires Majority Stake in Guyanese Restaurant Operator Camex Restaurants (Stabroek News) SEAF Carribean SME Growth Fund has acquired a majority stake in Guyana-based restaurant operator Camex Restaurants. Read more
FTV Capital Makes US$42.5m Minority Investment in Lean Staffing Solutions (Press Release) FTV Capital made a US$42.5m minority investment in Lean Staffing Solutions, a transportation and logistics outsourcing company with operations in the US and Colombia. Read more
Concept Investimentos Invests R$50m in La Guapa (em português) (Exame) Concept Investimentos invested R$50m in La Guapa, a Brazilian empanada chain focused on natural ingredients. Read more
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
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 Venture Capital News
KaszeK and Qualcomm Lead US$30m Series C in Argentina’s E-Commerce Platform Nuvemshop (Crunchbase) KaszeK Ventures and Qualcomm Ventures led a US$30m Series C for Nuvemshop (also known as Tiendanube), an Argentina-based e-commerce platform for SMEs with offices in São Paulo and Buenos Aires, with participation from FJ Labs, IGNIA, Elevar Equity, and Kevin Efrusy. Read more
SoftBank, DST Global, and Greenoaks Lead Undisclosed Round in Car Resale Kavak (Press Release) SoftBank, DST Global, and Greenoaks Capital led an undisclosed round in Kavak, a Mexican car resale marketplace, with participation from QED Investors and follow-on from KaszeK Ventures and General Atlantic, at a reported US$1.2b valuation, making Kavak the first Mexican unicorn. Read more
Riverwood Capital Leads R$50m Series B Extension for Marketing and Sales Startup Cortex (em português) (Cortex) Riverwood Capital invested R$50m in a Series B extension in Cortex, a Brazilian SaaS marketing and sales platform, with participation from Redpoint eventures and Endeavor Catalyst. Read more
Colombia's MUY Tech Rebrands As RobinFood And Raises US$16m Debt Financing (Crunchbase) Colombian restaurant management platform MUY Tech rebranded to RobinFood and raised US$16m in debt financing from Miami-based VC MGM Sustainable Energy Fund. Read more
Fuse Capital, Suquet Capital Partners, and 4P Investimentos Lead R$40m Series A in Fligoo (em português) (Baguete) Fuse Capital, Suquet Capital Partners, and 4P Investimentos, the family office of the late plastic surgeon Ivo Pitanguy, led a R$40m Series A in Fligoo, a San Francisco-based sales data analysis platform for corporations in Brazil and Argentina. Read more
Breakthrough Energy Ventures, Serena Ventures, and Others Invest US$5m in Pachama (Contxto) Breakthrough Energy Ventures, Serena Ventures, Aglae Ventures, Air Angels, Sweet Capital, and ThirdKind Ventures invested US$5m in Pachama, a San Francisco-based marketplace for carbon offset projects with initiatives in Brazil and Peru, with participation from angels Scott Belsky (Behance), Tobi Lutke (Shopify), and Tim Schumacher (Ecosia), and follow-on from Saltwater Capital and Lowercase Capital. Read more
Bimbo Ventures and Sweet Capital Invest US$5m in Mexican Delivery Startup Jüsto (TechCrunch) Bimbo Ventures and Sweet Capital, the VC fund of Candy Crush co-founders, invested US$5m in Jüsto, a Mexican grocery delivery startup. Read more
Bowery Capital Leads US$3.5m Seed Round in Mexican Cybersecurity Startup Cerby (Contxto) Bowery Capital led a US$3.5m seed investment in Cerby, a Mexican cybersecurity startup, with participation from AV8 Ventures, Global Founders Capital, and the Incubate Fund US. Read more
Global Founders Capital, Ribbit Capital, and MAYA Capital Invest US$3.3m in Proptech Alude (LABS) Global Founders Capital, Ribbit Capital, MAYA Capital, and Y Combinator invested US$3.3m in Alude, a Brazilian proptech streamlining the client management process for real estate brokers. Read more
Manutara Ventures, Ideas Impact, FJ Labs, and Angels Invest US$2.5m in Fintech Xepelin (TechCrunch) Manutara Ventures, Ideas Impact, FJ Labs, and angels invested US$2.5m in Chilean fintech Xepelin. Other investors in Xepelin include Oskar Hjertonsson, Ignacio Canals, Gonzalo Rojas, Diego Fleischmann, and Daniel Undurraga. Read more
Capria Ventures Invests US$1m in Argentine Agtech Marketplace Agrofy (en español) (iProUP) Capria Ventures invested US$1m in Agrofy, an Argentine marketplace for agricultural supplies, with follow-on from SP Ventures. Read more
SP Ventures Invests R$6m in Debt Financing in Brazilian Construtech Ambar Tech (Global Legal Chronicle) SP Ventures invested R$6m in debt financing in Ambar Tech, a Brazilian real estate construtech providing digitization services for construction projects. Read more
Igah Ventures Leads R$6m Round in Brazilian Beauty Startup Dr. Jones (em português) (Brazil Journal) Igah Ventures led a R$6m round in Dr. Jones, a Brazilian DTC brand for men’s beauty products, with participation from Norte Ventures, Bruno Nardon (former President of Rappi in Brazil), and Gabriel Benarros (Founder and CEO of Ingresse). Read more
CITES Invests US$1.75m in Argentine Startups Stradot, Clover, and Bionirs (en español) (InfoTechnology) CITES invested US$1.75m in each of three Argentine early-stage startups: Stradot, a hardware startup building drones to lift and organize parked vehicles in outdoor parking lots; Clover, a biotech startup developing artificial heart valves; and Bionirs, a healthtech developing radiation-free scanners for breast cancer detection. Read more
Bossa Nova Investimentos Creates R$5m Fund for Sports Startups (em português) (Startupi) Bossa Nova Investimentos has partnered with Olympic swimmer Thiago Pereira and marathon runner Ítalo Nogueira to create a R$5m fund to invest in 15+ sports and wellness startups. Read more |
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 Real Assets News
The Carlyle Group to Acquire Occidental’s Onshore Assets in Colombia for US$825m (Press Release) The Carlyle Group has agreed to acquire Occidental’s onshore assets in Colombia for US$825m. The transaction is expected to close in Q4 2020. Read more
GIP Provides US$325m in Financing to Mexican Power Producer Saavi Energia (Press Release) Global Infrastructure Partners has provided a US$325m secured term loan to Mexico-based power producer Saavi Energia through its GIP Spectrum Fund. Read more
brMalls, Cyrella Commercial Properties, and MultiPlan Invest R$30m in Delivery Center (em português) (Reuters) Brazilian shopping center manager brMalls, Cyrella Commercial Properties, and Multiplan invested R$30m in Delivery Center, a Brazilian platform connecting digital vendor marketplaces with brick-and-mortar retail stores. Read more
Carlyle-Backed COG Energy Purchases ARROW Exploration’s LLA 23 Block for US$12m (Press Release) Carlyle-backed oil and gas exploration and production company COG Energy purchased ARROW Exploration’s LLA 23 Block, located in the Llanos Basin, Colombia for US$12m. Read more
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
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| LAVCA Members receive a discount on select events. For information on member discounts, contact Catalina Santos. |
The Association for Private Capital
Investment in Latin America
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New York, NY 10018
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