TLDR

📣 Meeting Updates | LAVCA Week 2022 recap

📣 LAVCA Deal Case | Valor Capital Group | Dolado

📣 Research Spotlight | Q3 2022 Preliminary Tech Data Insights

📣 New rounds for Lulo Bank, Central de Recebiveis, Cortex, Volpi, Foodology, Elenas, Tienda Pago, Tembici and CoreZero

LAVCA Week Recap

Thank you to LAVCA Members and attendees for joining us in New York for LAVCA Week 2022 for a record year of participation! 
 

Martin Escobari (General Atlantic) and Cesar Carvalho (Gympass)

Eric Acher (monashees), Hans Tung (GGV Capital) and Julie Ruvolo (GPCA)


Carlos Ramos de la Vega (LAVCA), Nico Szekasy (KASZEK), Nick Huber (Ribbit Capital)
and Nigel Morris (QED Investors)

LAVCA VC/Tech Members that actively participated during the program include:

Atlantico, ALLVP, Astella Investimentos, Bamboo Capital Partners, Bicycle Capital, Crescera Capital, DILA Capital, Flourish Ventures, General Atlantic, HarbourVest Partners, Igah Ventures, Indicator Capital, KASZEK, Marathon Ventures, Mercado Libre, monashees, Movile, Microsoft, Partners for Growth, SP Ventures, SVB, Upload Ventures, Valor Capital Group, Volpe Capital and Wollef.

AWS, Google, Meta, Microsoft, SVB, Riverwood Capital and Visa, and to KASZEK and Riverwood Capital for hosting our VC/Tech reception.

Q3 2022 Preliminary Tech Data Insights

LAVCA’s Director of Research, Emanuel Hernandez, presented preliminary Q3 2022 tech data and insights during LAVCA Week 2022.
 

LAVCA Members can email Emanuel at ehernandez@lavca.org for the complete presentation, including details on GP fundraising, funding for women-led startups and repeat founders and CVC participation. 

Deal Case
Valor Capital Group | Dolado

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In October 2020, Valor Capital led a USD2.2m seed round for Dolado, a Brazil-based company that provides micro-enterprises and SMEs with access to the technology tools to manage their inventories, improve sales through a digital presence, source products through a B2B marketplace, process payments and gain access to credit.

 

With Valor Capital's support, Dolado served SMEs from 128 cities in Brazil, delivering over 138,000 leads for its affiliated retailers. Merchants listed over 68,000 products on Dolado, reaching over 420,000 online visits despite a practically null marketing expenditure.

Dolado has structured a product offering focused on positively impacting and empowering entrepreneurs from underserved regions and vulnerable backgrounds. The company is currently one of the main supporters of Instituto Responsa, a Brazilian initiative focused on non-discrimination of people impacted by the justice system. Approximately 15% of Dolado’s operational workforce was previously incarcerated.

LAVCA's Eighth Annual Latin American Private Capital ESG Deal Awards awarded Valor Capital Group a 2022 Social Responsibility Award for their investment.

☞ READ the full Deal Case

☞ VIEW LAVCA’s Eighth Annual ESG Deal Award Winners

Deals

▸ CVC | International Holding Company (IHC), an Abu Dhabi-based conglomerate with operations in finance, agriculture and healthcare, acquired a 49.9% stake in Colombian challenger bank Lulo Bank for USD200m. 

• Lulo Bank was founded by Jaime Gilinski. 

▸ Mubadala Capital led a ~USD110m for Central de Recebíveis (CERC), a Brazilian receivables processor and clearing services provider, with follow-on from Valor Capital Group. 

• 2TM, Mercado Bitcoin’s parent company, led a ~USD18m in November 2021; Valor Capital Group and GP Investimentos led a ~USD13.4m round in August 2020. 

▸ Lightrock led a ~USD48m round for Cortex, a Brazilian data and analytics platform for marketing and sales, with follow-on from Softbank Latin America and Riverwood Capital.

• SoftBank led a ~USD22m Series B in June 2020; Riverwood led a ~USD10m Series B+ in October 2020. 

▸ DEBT | Volpi, a Brazilian real estate financing platform, secured up to ~USD30m in funding through Certificados de Recebíveis Imobiliários (CRI) from Brazilian infrastructure investor RBR Asset Management.

▸ WOMEN LED | Foodology, a Colombian dark kitchen operator, raised a USD20m round with participation from Chimera and singer Maluma, and follow-on from Andreessen Horowitz, Wollef and Kayyak.

• DEBT | Foodology also secured USD30m in debt from TriplePoint Capital. 
• Andreessen Horowitz and Base Partners led a USD15m Series A in November 2021; Wollef invested in August 2020. 
• Foodology launched operations in Peru in February.
• Foodology was co-founded by Daniela Izquierdo. 

▸ DILA Capital led a USD20m round for Elenas, a Colombian social commerce platform with operations in Colombia and Mexico, with participation from Endeavor Catalyst, Mercado Libre, Broadhaven Ventures and Grupo Bolivar, and follow-on from Leo Capital and FJ Labs.

• Elenas raised USD6m in March 2021 and USD2m in 2020. 

▸ NY-based Women’s World Banking Asset Management led a USD12m Series B for Tienda Pago, a Mexican working capital provider for SMEs with operations in Mexico and Peru, with participation from Alumni Fund and OikoCredit, and follow-on from KASZEK, QED Investors, Agrega Partners and Accion Venture Lab.

• KASZEK led a USD7.5m Series A in April 2018.

▸ CVC | Tembici, a Brazilian micro-mobility platform focused on bikes with operations in Chile, Argentina and Colombia, raised a ~USD10.6m round fromItaú, Mastercard and Colombian natural gas company Vanti.

• Blue Like an Orange invested USD10m in April; Crescera Capital led a USD80m Series C in October 2021 and Valor Capital led a USD47m Series B in June 2020. 

▸ CLEANTECH | Nazca led a USD7m in CoreZero, a Mexican carbon credit infrastructure developer and monitoring platform, with participation from FEMSA Ventures and IDB Lab. 

▸ Vozy, a Colombian audio-based customer service management platform with operations in Mexico and Colombia, raised USD5m from GoHub Ventures, Starling Ventures and SaxeCap. 

• LatinLeap invested in January 2022; Vozy raised USD800k from ArkFund, 10X and others in October 2020.

▸ CRYPTO | Upload Ventures and Digital Currency led a USD5m seed round for Arch, a US-based decentralized asset management platform for passive investors with operations in Chile, with participation from Soma Capital, GBV, Techstars, Devlabs, Ripio Ventures and Platanus Ventures. 

▸ WOMEN-LED | Lightspeed Venture Partners led a USD5m round for Fidu, an Argentinean operations and payment collection platform for educational institutions, with participation from NFX, Imaginable Futures and Broom Ventures.

• Fidu was co-founded by Caterina Carreño. 

▸ CRYPTO | Zulu, a Colombian stablecoin exchange with operations in Colombia, Mexico and Peru, raised a USD5m round from Cadenza Ventures, Nexo, CMT Digital, Simplex, Coin DCX, Gaingels, and angels Caterine Castillo (Neivor), Carolina Garcia (Chiper) and Man Hei Lou (Treinta). 

▸ NFT | Minteo, a Colombian NFT marketplace, raised a USD4.3m seed round from Fabric Ventures, Dune Ventures, CMT Digital, Impatient VC, Susquehanna Private Equity Investments, SevenX Ventures, FJ Labs, OpenSea, Big Brain Holdings, G20 Ventures, Alliance DAO and Zero Knowledge.

▸ SRM Ventures, the CVC arm of Brazilian asset manager SRM, invested ~USD4m in venture debt in Openbox, a Brazilian financing platform for SMEs working on sustainability initiatives and ~USD4m in Tutu Digital, a Brazilian lending platform connecting SMEs with retail creditors. 

▸ GAMES | Upload Ventures led a USD3m seed round for Tipspace, a Brazilian game monetization platform. 

▸ DOMO Invest and Redpoint eventures invested ~USD1.4m in Nobli, a Brazilian personal credit platform.

• Redpoint first invested in December 2019. 

▸ CVC | Bertha Capital, the CVC arm of Multilaser, invested ~USD800k in Map Intelligence, a Brazilian industrial manufacturing monitoring platform.

▸ CLEANTECH | Cedro Capital invested ~USD800k in SolarView, a Brazilian solar energy usage monitoring platform. 

▸ Invexor Venture Partners led a USD800k round for Yourney, a Chilean executive coaching platform, with participation from Chile Global Angels, and angels Santiago Lira (BUK) and Nicolás Fuenzalida (Poliglota).

▸ Kandeo Asset Management and CrossRegional Partners invested in Liquitech, a Colombia-based factoring platform for SMEs.

▸ Globo Ventures made an undisclosed investment in PetLove, a Brazilian products and services platform for pets.

• Petlove raised a USD150m round led by Riverwood Capital in September 2021.

▸ AGTECH | Brazil Venture Capital invested in Creditares, a Brazilian financing platform for agribusiness. 

▸ G2 Fintech Fund invested in Pagaloop, a Mexican short term lending platform for SMEs. 

▸ Genius Returns, a Brazilian e-commerce returns management platform, raised an undisclosed round from BossaNova Investimentos, GV Angels and K&K Partners.

Funds 

▸ Atman Capital reached a ~USD9.4m first close for its first flagship fund with a ~USD30m target to invest in US- and Latin America-based startups raising pre-seed rounds. 

• Atman Capital was founded by former ONEVC co-founder Pedro Sorrentino. 

▸ NY-based investor AlleyCorp launched an office in Colombia and are expected to allocate USD10m to Latin America-based startups. 

• AlleyCorp was founded by Business Insider and MongoDB co-founder Kevin Ryan. 
• Alley Corp appointed former Chiper CTO Jose Oberto to head its Latin America practice.
• AlleyCorp’s Latin America portfolio includes Tul, ADDI, Ualá, Quinio, Mundi

LAVCA publishes an annual directory of VC/Tech members, with profiles on 75+ firms active in Latin America.

Global Tech

▸ SIGN UP for the Global Tech Brief. Edited by LAVCA Senior Advisor Julie Ruvolo, this bi-weekly newsletter covers tech activity in Asia, Latin America, Africa, CEE and the Middle East.

LAVCA is now part of GPCA, Global Private Capital Association, and will continue to operate as a parallel membership organization with its own dedicated team and board.