LAVCA Q1 2023 Preliminary Data; BlackRock, JP Morgan, and others Provide ~USD578m Financing for Colombia’s Bogotá-Girardot Highway

Private Capital Update - 2 May 2023

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LAVCA Q1 2023 Preliminary Data
#LAVCA Research

VC investment in Latin America continued to adjust in Q1 2023, in line with global trends. LAVCA recorded a preliminary total of USD0.8b, representing a 25% decline relative to Q4 2022. Notably, venture debt saw the highest investor appetite on a dollar basis, representing 51% (USD395m) of capital invested across seven deals. Venture debt also led the biggest tickets in the quarter overall, with financings for fintechs Marco Financial (USD200m) and Clara (USD90m).

Notable deals included:

MidCap Financial and Castlelake’s USD200m credit facility for Marco Financial
Accial Capital’s USD90m debt financing for Clara
G Squared, GGV Capital, and others led a USD50m Series C round for JOKR
Warburg Pincus’s BRL210m (USD40.2m) investment in Scanntech
Base10 Partners, Greenoaks and SoftBank invested USD35m in Buk
BNDES invested BRL160m (USD31.6m) in Tembici
NORFUND invested USD30m in Erco Energia

LAVCA’s Q1 2023 Industry Data & Analysis will be available to LAVCA Members in mid-May.

Register: 25 May 2023

#LAVCAAwards

Winners of the 9th Annual LAVCA ESG Deal Awards will be announced on 25 May 2023 at 10 am ET.The ceremony will take place virtually on LAVCA’s LinkedIn page. Additional details to follow.

LAVCA Members have nominated a record number of deal cases across asset classes for the 2023 LAVCA ESG Deal Awards, including private equity, VC/tech, private credit and real assets.

The winners will be determined by a panel of institutional investors. Awards will be conferred in six categories:

Private Capital Deal of the Year	Environmental Responsibility
Social Impact	Gender/Diversity
Innovation	Inaugural Better Tech Award

As in the past, this initiative seeks to showcase best-in-class examples of private capital activity in Latin America by spotlighting deals with extraordinary ESG outcomes at the firm and company level. Select deals also will be considered for publication in a series of case studies.

For questions, please email Marcelo Pizzato at mpizzato@lavca.org.

BlackRock, JP Morgan, Financiera de Desarrollo Nacional, Unión para la Infraestructura and BBVA provided a COP2.6b (~USD578m) financing for the 4G Bogotá-Girardot highway project in Colombia. Read more. #RealAssets

CMB Prime agreed to acquire a 50.1% stake in Terminales Marítimos de la Patagonia, a Chile-based port operating company. Read more. #RealAssets

GIC agreed to acquire a 50% equity interest in eight power transmission assets from Brazil-based energy company Neoenergia for BRL1.2b (~USD238m). Read more. #RealAssets

Victory Park Capital provided a USD100m credit line to Colombia-based residential real estate platform Habi. Habi also secured a USD6.3m credit line from Bancoldex in January, and a USD75m credit line from Triple Point Capital in June 2022. Read more. #VC

GGV led a USD60m Series B+ for Clara, a Mexican corporate expense management platform, with participation from Endeavor Catalyst, Citi Ventures, Acrew Capital, Ethos, Commerce Ventures, Goanna Capital, Bayhouse Capital and Fluente Ventures, and follow-on from monashees, Coatue and others. Read more. #VC

Cloud9 Capital led a BRL110m (~USD21.8m) round for Cilia, a Brazil-based autopart and car maintenance cost estimator for insurance companies, with participation from Mercado Libre. Read more. #VC

ALIVE Ventures, formerly Acumen LatAm Capital Partners, reached a USD20m first close for its second flagship fund. The vehicle has a target of USD80m and will invest in early-stage edtech, agtech and HRtech startups in Colombia and Spanish-speaking Latin America. Read more. #VC

Acre Venture Partners led a USD12m Series A for Arado (formerly Clicampo), a Brazil-based operations and logistics management platform connecting rural producers with restaurants and retailers, with participation from Syngenta Ventures and Globo Ventures, and follow-on from Valor Capital Group, SP Ventures and MAYA Capital. Valor Capital Group and MAYA Capital led a USD7.5m seed round in February 2022. Read more. #VC

L Catterton made an undisclosed follow-on investment in Ben & Frank, a Mexico-based D2C eyewear brand. L Catterton first invested in November 2021; Dila Capital and Wollef invested in February 2018. Read more. #VC

Alaya Capital, FJ Labs, Mr. Pink and Opera Ventures led an undisclosed seed round in Teamcubation, an Argentine upskilling platform for junior software developers. Read more. #VC

Brigard Urrutia appointed Carlos Fradique-Mendez, as Managing Partner. Carlos served as Chief Legal Officer of the Ministry of Finance/Treasury Department of Colombia as member of the Disciplinary Court of the AMV and as Director of several leading financial institutions. Read more.

KASZEK and Riverwood Capital agreed to exit Gointegro, an Argentina-based employee benefits platform, through a strategic sale to Edenred. Edenred will acquire a 75% stake as part of the transaction. Read more. #VC