LAVCA DATA

DEBT & DEBT: The biggest tickets included a significant debt financing component as part of total proceeds raised for Plata (USD500m), Credix (USD90m*), Welli (USD75m), ADDI (USD71m), Clara (USD70m) and Aviva (USD50m). 

* Total equity and debt consideration. 

LAVCA Members: Stay tuned for our official figures in mid-February. Please reach out to Emanuel Hernandez, Research Director, and Tanya Menezes, Senior Research Analyst, for transaction-level requests. We’re one email away from catching up on the market. 

▸ EXIT | Hi Ventures exited Atlas, an SF-based multi-currency expense management and corporate card platform for distributed teams, through a sale to Remote, a global HR and payroll platform.

• Hi Ventures led a USD2.75m seed round in March 2024. 
• WOMEN-LED | Altas was co-founded by Argentine Karen Serfaty and Gianina Rossi.

▸ EXIT | Itaú Unibanco acquired a majority stake in Avenue Securities, a US-based investment brokerage bridging US opportunities with Brazilian investors. 

• SoftBank Latin America and Patria Growth (fka Igah, Ventures) were investors previously.

• Itau acquired an initial 35% stake in Avenue in 2022.

▸ M&A | Peruvian fintech Monnet acquired ETPay, a Chilean open banking platform focused on digital payment orchestration and bank transfers.

• Manutara Ventures first invested in 2020 and made a USD750k follow-on in 2021. 

▸ M&A | Exodus, a US-based crypto trading platform, acquired Grateful, a Uruguayan-based digital payment orchestration platform focused on stablecoins for USD3m. 

▸ In case you missed it | Carbon Direct, a US-based provider of climate management services, acquired Pachama, a leading player in the carbon credits market.

• The deal represented an exit for notable Pachama investors, including Positive Ventures, LowerCarbon Capital, Breakthrough Energy Ventures and Future Positive.  
• Pachama was founded by CEO Diego Saez Gil, now SVP at Carbon Direct. 

▸ KASZEK and Insight Partners co-led a USD55m Series C for Pomelo, an Argentine payments infrastructure platform for fintechs, with participation from Adams Street and follow-on from Monashees, Endeavor Catalyst, Index Ventures, S32 and TQ Ventures.

• KASZEK led a USD40m Series B in January 2024; Pomelo raised a USD15m round in August 2022; Tiger Global led a USD35m Series A in November 2021. 
• This is Insight's first investment since leading the Series B for Mosyle in 2022.

▸ DEBT | Kala, a Colombian credit platform focused on underbanked people, raised USD55m in debt financing from undisclosed investors. 

▸ Riverwood Capital led a USD35m round for Fracttal, an IoT asset management platform, with follow-on from Seaya, Kayyak Ventures, GoHub Ventures and Amador Holdings. 

• Kayyak Ventures led a USD10m Series B in 2023; Seaya led a USD6m round in 2021. 

▸ Monet, a Colombian nanocredit platform, raised a USD24m Series A from SixPoint Capital and Confama. 

▸ XVC and Ikuyo co-led a USD20m Series B for VelaFi, a Mexico-based payments infrastructure startup, with participation from Alibaba Investment, Planetree and follow-on from BAI Capital. 

▸ NAZCA led a USD20m round for Xepelin, a Chilean payments and lending platform for SMEs.

• KASZEK and Avenir Growth led a USD111m Series B in May 2022.

▸ HEALTHTECH | Rivio, a Brazilian hospital administration platform, raised ~USD18.5m from Valor Capital, monashees and Endeavor Catalyst. 

▸ HEALTHTECH | Andreessen Horowitz led a USD14m seed round for Leona Health, a Mexico-based AI-assistant integrated with doctors’ WhatsApp accounts.

• Leona was founded by former Rappi COO Caroline Merin.

▸ SOLAR | Skandia invested ~USD7.5m in Rocasol, a Colombian solar energy startup. 

▸ NXTP Ventures led a USD3.5m seed round for Horizon AI, an Uruguayan financial planning platform for employees. 

▸ EV | Kayyak Ventures and Dalus Capital co-led a USD3.1m round for Enerlink, a Chilean startup focused on electric vehicle charging solutions, with participation from Inder. 

▸ Headline and Nestal co-led a ~USD2.4m seed round for Aliado, a Brazilian sales management platform for physical retail. 

▸ Gedanken, a Brazilian supplier onboarding platform, raised ~USD2.2m from Citrino Ventures, with follow-on from ABSeed Ventures.

▸ Snap Compliance, a Costa Rica-based regulatory compliance platform, raised a USD2m round from undisclosed investors. 

▸ SRM Ventures invested USD1.85m in LastWish, a Brazilian estate planning platform. 

▸ Randon Ventures and SaaSholic co-led a USD1.2m round for Sinky, a Brazilian credit analysis platform.

▸ INSURTECH | Crescera Capital and Triaxis invested ~USD924k in OnPoint, a Brazil-based insurtech. 

▸ HEALTHTECH | Sanii, a Brazil-based elderly care startup, raised ~USD900k from Sororitê Ventures and undisclosed investors. 

• Valor Capital Group led a ~USD1.6m pre-seed round in October 2023. 

▸ ABSeed led a ~USD900k round for Teceo, a Brazilian sales management startup. 

▸ INSURTECH | Randon Ventures led a ~USD830k round for Guarda, a Brazilian insurtech specializing in policies that cover extreme weather events. 

▸ Invexor Venture Partners invested USD600k in eGenya, a Chilean management platform for outsourced services. 

▸ US-based Silicon Valley DNA invested USD500k in Galilea, a Colombian lending platform, with participation from YC.

▸ IMPACT | Deetken Impact invested in VisionFund, a Dominican Republic-based microfinance institution focused on underserved communities.

▸ Skyblue Analytics, an Uruguayan digital investment infrastructure startup, raised an undisclosed round from Merchant Seven, A3 Mercados, Matba Rofex, PrimaryX and Draper Angels LATAM.

▸ HEALTHTECH | Krealo invested in Welli, a Colombian medical treatment loans startup.

▸ Bossa Invest invested in Hablla, a Brazilian conversational marketing platform. 

▸ Progreso X invested in Uptime Analytics, a Colombian energy monitoring platform for industrial facilities.

▸ Scott Voss of HarbourVest shares his private markets predictions for the year ahead in 2026 Private Markets Predictions: Megadeals, Gigawatts, and Members Only Jackets.

Some highlights:

1. AI compute is an energy problem as much as a software problem: demand shifting from megawatts to gigawatts, with capacity constraints and buildout timelines becoming underwriting variables.
2. Secondary liquidity is expected to stay active, with more transactions and pressure for better transparency in private-market pricing.
3. From an LP lens, GP selection will continue to shift toward proof at the deal level: attribution matter more than the overall scale of the investing platform, especially as capital concentrates in a smaller set of scaled managers and specialist strategies.

▸ Women in Alternative Investments and recruiting agency Michael Page launched a 2026 Compensation Study for the Alternative Industry in Colombia with the aim to establish incentive benchmarks for investors and industry professionals. 

• Colombia-based candidates are welcome to participate. 

▸ General Atlantic is earmarking USD500m+ for Brazil-based investments in 2026 - an uptick from the ~USD450m that have been deployed in each of the past three years. 

▸ Mexico-based fintech Stori just received full regulatory authorization to operate as a locally-based financing entity from Colombia’s Superintendencia Financiera. 

▸ IPO | Brazilian fintech Picpay aims to raise up to USD434.3m in a Nasdaq IPO at an implied USD2.46b valuation, according to Reuters.

• Bicycle Capital is considering purchasing up to ~USD75m in shares as part of the public listing.

▸ In case you missed it | Prosus-owned traveling platform Despegar will launch a debt financing arm focused on independent hotels across Latin America.

Global Tech Brief

▸ Subscribe to GPCA’s Global Tech Brief, a monthly newsletter covering tech activity in Asia, Latin America, Africa, CEE and the Middle East. 

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