Latin American Private Capital Update - October 27, 2020Latin American Private Capital Update October 27, 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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Stemming from the first six editions of the LAVCA Deal Book and ESG Cases, it is now more important than ever to highlight how fund managers are partnering with their portfolio to support company growth and sustainability during and post-pandemic.
With things changing rapidly for companies across all sectors, LAVCA is collaborating with members to showcase examples of responsible investment from the private capital community throughout the year.
READ the latest deal case featuring member investor Oria Capital's investment in Brazilian software/CPaaS company Zenvia.
The case study includes the transaction details, sector and consolidation opportunities, deal execution, and ESG considerations, as well as COVID-19 efforts from the last several months.
“Oria assisted in the creation of a dedicated M&A team, resulting in the acquisition of four companies over a two-year period. In July 2020, Zenvia announced the acquisition of Sirena, a WhatsApp communication solutions platform based in Argentina and with presence in Mexico and the US. WhatsApp’s penetration in the region stood at 64% in 2018, so the acquisition of Sirena is set to further strengthen Zenvia’s product portfolio and international reach. In Mexico alone, 77 million people—more than half of the country’s 126 million people—are active monthly users of WhatsApp.”
DOWNLOAD the full deal case here. | | |
| LAVCA, in collaboration with Latin American Tech Growth Coalition member Silicon Valley Bank and Atlantico will co-host Investing in LatAm: The Tech Tsunami in Numbers on October 29, 2020 at 5pm ET.
This webinar will begin with highlights and key findings of Atlantico's 200-page Digital Transformation Report, including recent investment and performance trends from the region.
The second half of the program will feature a panel discussion and Q&A with Julia Figueiredo (Director for LatAm at SVB), Julie Ruvolo (Managing Director of Venture Capital at EMPEA & LAVCA), and Julio Vasconcellos (Managing Partner of Atlantico, a new fund from Brazilian VC Canary).
Register here. | | |
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♀️ READ Americas Quarterly article Top 5 Champions of Gender Equality, where Susana García-Robles, LAVCA's Executive Advisor and VC partner at Capria, is featured as one of Latin America's leaders in the VC investment ecosystem.
With a career of more than 20 years at the IDB Lab investing in seed and venture capital funds all over Latin America, she has become an asset on closing the gender gap in the private capital industry.
In 2012 she decided to commission a pioneering study on the challenges for high-growth women entrepreneurs in Latin America and the Caribbean, where the finding pointed to a problem: women lacked the professional networks that successful entrepreneurs needed to grow. Then, she co-founded WeXchange, a platform under the IDB umbrella that connects women entrepreneurs with mentors, investors, and other entrepreneurs. Since then, as the author Brendan O'Boyle states, García-Robles is the investor helping women go after their dreams.
 Women are good with having less money and making miracles...We just have to highlight them."
Read the full article here. Access ACQ’s special edition on closing the gender gap here.
ATTEND WeXchange, hosted by IDB Lab, taking place virtually on November 10-11, 2020. The annual forum offers regional entrepreneurs the opportunity to: access mentors and investors; expand their network; participate in trainings and inspirational talks; apply to the Pitch Competition, a business competition that rewards the most dynamic entrepreneur in the region, and more. Details here.
NOMINATE LAVCA is updating our lists of Top Women Investors and Emerging Women Investors. ACCESS the form to nominate senior, mid-level, and junior level female investment professionals on your radar committing capital to a PE, Real Assets, or VC fund, or deploying capital from a fund, and female angel investors committing over US$50k to LatAm tech startups. Investors must be active in the last five years.
VISIT #CHANGETHERATIO portal, created with support from IDB Lab, which aggregates key LAVCA directories, surveys, interviews, and information on gender diversity in the tech ecosystem in Latin America including highlights of the top female investors and founders. | | |
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The current crisis has sparked increased interest in secondaries as a solution for liquidity.
LAVCA member GPs have complimentary access to attend Learning from Practitioners: GP-Led Secondaries, a practical training program scheduled for November 19 at 8:30am ET that will take an in-depth look at these complex transactions, current and anticipated trends, and key considerations for GPs. Dedicated time will allow for interactive participation and questions from attendees.
Part I: EM Secondaries Market Overview
This module will be devoted to an in-depth conversation with representatives from Lexington Partners and Evercore on what practitioners are seeing in the market, including the drivers of demand.
Part II: Understanding GP-Led Secondary Transactions in Practice
In this module, representatives from Debevoise & Plimpton will address the conditions and processes around how secondaries work in practice, including key terms, structures, and players as well as the pros and cons of these deals.
REGISTER: LAVCA GP members receive complimentary registration. Register here and select "Other" under registration type. Contact kennedyk@empea.net with any questions. | | |
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Private Equity News
Aqua Capital Exits Fertiláqua for US$120m via Sale to Israel-Based ICL (Press Release) Aqua Capital exited Fertiláqua, a Brazilian plant nutrition firm, via a sale to ICL, an Israel-based specialty minerals and chemicals company for US$120m. Read more
Advent-Backed Grupo BIG Files for IPO (em português) (Yahoo Finance) Advent-backed Grupo BIG, a Brazilian supermarket chain, filed for an initial public offering. Advent acquired 80% of Walmart Inc’s operations in Brasil in 2018, renaming it a year later to Grupo BIG. Read more
Aqua Capital Integrates Farm Businesses Under AgroGalaxy (Valor Econômico) Aqua Capital integrated its portfolio of farm supply businesses into Brazil-based AgroGalaxy, with an estimated combined revenue of R$4.2b. Read more
Gávea-Backed Paschoalotto Prepares for IPO (em português) (Valor Econômico) Gávea Investimentos-backed Paschoalotto Serviços Financeiros is preparing for an initial public offering. In 2015, Gávea made a US$100m investment in Paschoalotto, a company that specializes in managing credit recovery and collection services between companies-customers. Read more
Crescera-Backed Oba Hortifruti Prepares for IPO (em português) (Yahoo Notícias) Crescera Capital (formerly Bozano)- backed Oba Hortifruti, a health food retailer, is preparing for an initial public offering. Crescera acquired a stake in the company in 2017 for an undisclosed amount. Read more
LAFISE Targets US$75m for Fourth Growth Capital Fund (Press Release) Central American PE fund LAFISE is in the process of raising its fourth growth capital fund (CASEIF IV LP) with a target of US$75m to promote the economy reactivation and generate jobs in LatAm countries impacted by COVID-19. Read more
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
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 Venture Capital News
Andreessen Horowitz Leads US$48m Series A in Mexican Proptech Casai (Press Release) Andreessen Horowitz led a US$48m Series A in Casai, a Mexico-based developer of boutique travel apartments, with participation from Andreessen Horowitz’s Cultural Leadership Fund, KaszeK Ventures, monashees, Global Founders Capital Liquid 2 Ventures, and founders of Nova, Credit, Loft, Kavak, and Runa. Read more
Valor Capital and monashees Lead R$86m Series A in Brazilian Healthtech Sami (Press Release) Valor Capital and monashees led a R$86m Series A in Sami, a Brazilian healthcare plan management platform for SMEs, with participation from Canary, and follow-on from Redpoint eventures. Read more
IFC and Prosus Ventures Lead US$15m Series A in Mexican Fintech Klar (TechCrunch) IFC and Prosus Ventures led a US$15m Series A in Klar, a Mexican personal finance management and lending platform, with follow-on from Quona Capital, Mouro Capital (formerly Santander Innoventures), and FJ Labs. Read more
MAYA Capital Reaches US$15m Second Close for Latin America Fund (LABS) MAYA Capital reached a US$15m second close for early stage startups in Latin America from unnamed family offices in the United States, Europe, and Latin America. Read more
monashees Leads US$14.5m Round in Brazilian Insurtech Pier (em português) (Exame) monashees led a US$14.5m in Pier, a Brazilian insurtech for smartphones and vehicles, with participation from Canary, Mercado Libre’s MELI Fund, and BTG Pactual’s innovation hub BoostLAB. Read more
KaszeK Ventures, monashees, and WIND Ventures Lead US$12m Series A in Colombian e-commerce Chiper (Press Release) KaszeK Ventures, monashees, and WIND Ventures, the CVC fund of Chilean energy company Copec, led a US$12m Series A in Chiper, a Colombian supplier management e-commerce platform for independent merchants. Read more
Alameda Ventures Invests R$40m in Digital Asset Investment Platform Transfero Swiss (em português) (Fusões & Aquisições) Alameda Ventures, the VC fund of US-based trading firm Alameda Research, invested R$40m in Transfero Swiss, a Switzerland and Brazil-based digital assets and cryptocurrency investment platform. Read more
Inovabra Ventures Leads R$37m Round in Brazilian Financial Management Asaas (em português) (Baguete) Bradesco’s Inovabra Ventures led a R$37m round in Asaas, a Brazilian financial management platform for microentrepreneurs and SMEs, with follow-on from Parallax Ventures. Read more
Healthcare Management Startup MedPass Raises US$6m From Undisclosed Investors (Press Release) MedPass, Brazilian employee healthcare management platform for SMEs, raised US$6m from undisclosed investors. Read more
Vox Capital Leads R$23m Round in Brazilian Payment Developer Celcoin (em português) (Startupi) Vox Capital led a R$23m round in Celcoin, a Brazilian payment infrastructure developer for microentrepreneurs and fintechs targeting the underbanked, with participation from BTG Pactual’s innovation hub BoostLAB. Read more
Oikocredit Invests R$20m in Brazilian Fintech BizCapital (em português) (Startupi) Oikocredit invested an additional R$20m in a Series B in BizCapital, a Brazilian lending fintech providing credit for small businesses, bringing the total round to R$85m. German bank KfW Group’s subsidiary DEG led the US$12m Series B in June 2020. Read more
KaszeK Ventures Leads US$2.1m Round in Brazilian Coaching Startup ChatPay (em português) (Brazil Journal) KaszeK Ventures led a US$2.1m round in ChatPay, a Brazilian platform for online fitness and executive coaches that runs on WhatsApp and Telegram. Read more
alpha4 Ventures, Amador Holdings, Polymath Ventures, and Meesho Invest US$2m in Elenas (Crunchbase) alpha4 Ventures, Amador Holdings, Polymath Ventures, and Meesho invested US$2m in Elenas, a Colombian e-commerce platform enabling women to launch online businesses on Facebook and WhatsApp. Read more
DOMO Invests R$4m in Brazilian Online Event Startup Even3 (em português) (Exame) DOMO Invest invested R$4m in Even3, a Brazilian platform for hosting science and technology-focused events online. Read more
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 Real Assets News
Cleantech Ventures Launches Candelaria Solar Park in Chile (Yahoo Finance) Cleantech Ventures, an Israeli venture capital fund, with the support of Chilean state development agency CORFO and Greenvestment’s administration, opened a 3-MW Candelaria solar photovoltaic park in Chile. Read more
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
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| | ABVCAP Experience
Hosted by ABVCAP and Apex Brasil | October 20-29, 2020 | Virtual
| | | Investing in LatAm: Tech Tsunami in Numbers 
Hosted by LAVCA, SVB, and Atlantico | October 29, 2020 | Virtual
| | | LatAm Leaders in Investment to Benefit UNICEF
Hosted by Alpine Capital Advisors | October 29, 2020 | Virtual
| | | Inspiratic Colombia
Hosted by APPS.CO | November 5, 2020 | Virtual
| | | | | WeXchange
Hosted by IDB Lab | November 10-12, 2020 | Virtual
| | | | | The Global Boardroom
Hosted by Financial Times | November 11-13, 2020 | Virtual
| | | | | Learning from Practitioners: GP-Led Secondaries
Hosted by EMPEA | November 19, 2020 | Virtual
| | | | | Foro de Inversiones Cono Sur 2020
Hosted by ACVC, ARCAP, and Uruguay XXI | Nov 25-26, 2020 | Virtual
| | | | | SuperReturn Emerging Markets
Hosted by SuperReturn | November 30- December 3, 2020 | Virtual
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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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