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LAVCA Quarterly Industry Data & Analysis INFRASTRUCTURE | Investment in Latin American infrastructure and natural resources through Q3 2022 was ~USD9.2b, already surpassing the 2021 full-year record of USD7.6b.
PIPES | Adjustments in valuations of publicly listed companies have provided attractive entry points for private investors. PE fund managers have deployed ~USD850m across 10 PIPEs in Q1-Q3 2022, a 74% increase in deal value compared to the same nine-month period in 2021.
VENTURE CAPITAL | A total of USD1.2b in VC was invested in Latin America in Q3 2022, as investments continued to cool down after a blockbuster year in 2021. - Venture debt and seed investment reached an all-time high. Venture debt totaled USD1b in Q1-Q3 2022, exceeding the annual record of USD823m in 2021. Seed investment reached USD792m in Q1-Q3 2022, exceeding the annual record of USD641m in 2021.
- Mexico continues to consolidate as a hub for startups looking to target Spanish-speaking Latin America. For the first time on record, Mexican startups attracted the most VC dollars in a given quarter.
CREDIT LINES | Late-stage startups increasingly opted for credit facilities from traditional investment banks as an alternative source of financing. These credit lines from investment banks accounted for an additional USD1.3b in financings that are not included in LAVCA’s aggregate statistics. LAVCA’s Industry Data & Analysis is available on a quarterly basis as a benefit for LAVCA Members. LAVCA’s Q3 2022 Industry Data & Analysis includes additional insights on: - 748 LAVCA-disclosed and verified private capital transactions across Latin America
- 45 Latin America-dedicated funds with closes in 2023
- 645 LAVCA-disclosed and verified VC transactions across Latin America with analysis of activity by stage and sector
Deal Case: L Catterton | FEMME
In December 2018, L Catterton invested in FEMME, a Brazil-based accessible health screening and diagnosis service provider that aims to help improve women's care in an overburdened public healthcare system. Since L Catterton's investment, FEMME has opened nine additional centers and secured long-term debt financing to add 27 additional units. L Catterton has also assisted the company in maintaining a lean cost structure at scale through the implementation of Enterprise Resource Planning (ERP) software and efficiency initiatives in scheduling, sourcing and invoicing. In October 2019, FEMME began taking an active role in promoting preventive care by starting a program to provide free mammograms to diagnose breast cancer. In late 2021, the company began a similar program to provide free Pap smears to detect cervical cancer. FEMME is a growing employer of young graduates, with 1,479 employees in 2021, up from 548 in 2018. Women account for 90% of employees at the company.
Call for Nominations: Women Investors in Latin America
|  |  Kapital, a Mexican finance management platform for SMEs, secured a USD100m debt facility from US-based debt investor Sivo. Tenacity Venture Capital led a USD10m seed round in July 2022. Read more #Private Credit #VC
Victory Park Capital and Industry Ventures led a USD60m equity and debt round for Mendel, a Mexican corporate spend management platform, with follow-on from ALLVP, BetterTomorrow Ventures and Infinity Ventures. ALLVP and Infinity Ventures led a USD35m equity and debt round in January.Read more #VC
Crescera agreed to invest BRL300m (~USD56m) in Brazil-based, US-listed higher education platform Vitru for a ~10.6% stake. Read more #PE
Northgate Capital led a USD40m equity and debt round for Quinio, a Mexico-based e-commerce aggregator, with participation from Alchimia Investments and follow-on from DILA Capita, Cometa, AlleyCorp and Western Technology Investment. Cometa led a USD20m seed round in December 2021. Read more #VC
Ativy, a Brazilian ERP platform, secured ~USD24m in venture debt from Milenio Capital and Paramis. Antecipa Facil led a ~USD1.8m round in September. Read more #VC
FinTech Collective led a USD10m seed round for mattilda, a Mexican finance management and tuition collection platform for private schools, with participation from Wollef, DILA Capital, QED Investors, Picus Capital, Emerge Education, SMP and Xochi Ventures. Read more #VC
KASZEK and DILA Capital led a USD7.6m round for Cicada, a Mexican corporate and government bond investing platform. Read more #VC
CZI, the investment arm of the Chan Zuckerberg Initiative, led a Series C for Beep Saúde, a Brazil-based at-home laboratory test and home care platform, with follow-on from DNA Capital, Bradesco, Endeavor Brasil and angel David Vélez (Nubank). Valor Capital Group led a USD20m Series B in April 2021; DNA Capital invested ~USD1m in 2019. Read more #VC
CrossRegional Management and Kandeo Asset Management invested in Liquitech, a Colombia-based provider of factoring finance. Read more #PE
Macquarie Asset Management, through its Macquarie Infrastructure Partners V fund, agreed to acquire a stake in airport concessions Opain and Corporación Quiport, which operate airports in Bogotá and Quito, respectively. Macquarie is acquiring 50% of the stake in the airport platform held by Odinsa, the concessions company of Colombia-based Grupo Argo.Read more #Real Assets
Southern Cross Group and Global Compute Infrastructure invested in Colombia-based data center platform Data Horizon Americas. Read more #Real Assets |
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