LAVCA Member Fund News

▸ M&A | Mexico-based VC’s NAZCA and Bridge Latam merged to form a platform with a combined USD300m+ in AUM. 

• Bridge Latam reached a USD15m close for its first flagship fund in 2022. LPs include Daniel Vogel (Bitso), Javier Mata (Yalo), Eduardo Paulsen (Ben&Frank), Liza Schvartzman (Fitpass), Allison Campbell (Zubale), Alejandro Maza (Kavak), Miguel Garcia (Infosel) and Luis Enriques (Cultura Colectiva).
• NAZCA’s recent investments include Vambe, minu, Loads, Pulpo, Prima and Finkargo. 
• The combined platform is now set to raise a fresh fund – NAZCA IV.

▸ FUND UPDATE | Mexico-based VC Hi Ventures shared a final annual report and detailed performance update for its second flagship fund. 

• “Hi Ventures II is on track to deliver north of 4x DPI and an IRR just under 40%”. 

▸ IMPACT | Impact Ventures, the investment arm of Promotora Social Mexico, and impact investment firm Impacta VC launched Impact Ventures PSM Seed, a USD5m fund to invest in up to 20 pre-seed and seed startups in Latin America tackling challenges with an environmental or social angle.

Deals

▸ NY-based investment manager Kora led a USD160m Series A for Plata, a Mexico-based digital bank, with participation from Moore Strategic Ventures, at a reported USD1.5b valuation. 

• Plata is led by CEO Neri Tollardo, former VP of Strategy at Russian digital banking platform Tinkoff Bank. 
• DEBT | Plata secured a USD100m warehouse facility in April 2024. 

▸ TelevisaUnivision invested USD66m in Argentina-based neobank Ualá.

• Allianz X, the CVC arm of global insurance company Allianz, led a USD300m Series E in November 2024; SoftBank and Tencent led a USD350m Series D in August 2021; SoftBank and Tencent led a USD150m Series C round in 2019; Goldman Sachs led a USD34m Series B round in 2018. 

▸ M&A | Brazil’s economic competitiveness regulator CADE approved the sale of Gringo, a Brazilian car documentation management platform, to Sem Parar, Corpay’s vehicle payments brand in Brazil. 

• We first reported on the sale in January. 
• Congrats to KASZEK, Valor Capital Group, ONEVC, Moore Capital and VEF for exiting Gringo as part of the deal. 

▸ AGTECH | Brazil-based YvY led a ~USD51.7m Series D for Solinftec, a Brazil- and US-based farm analytics and operations management platform.

• Lightsmith Group led a USD60m round in May 2022; Unbox Capital led a USD40m Series B in February 2020; Agfunder and TPG invested previously.  

▸ SRM Ventures invested ~USD8m in Graviola, a Brazilian purchasing negotiation platform for the food sector.

▸ Aviva, a Mexican biometrics-based microcredit platform for communities in city peripheries, secured a ~USD4.5m credit facility from Addem Capital and Banco Colvato. 

• Aviva raised a USD5.5m seed round in January 2024; Wollef led a USD2.2m pre-seed round in September 2023.

▸ HEALTHTECH | Mutuus, a Mexico-based health membership platform, raised USD3.2m from Amador, Latin Leap, Tantauco Ventures, Preface Ventures, G2 Momentum Capital and Cuesta Partners.

▸ HEALTHTECH | Prosus Ventures invested USD3m in Voa Health, a Brazilian digital assistant for doctors.

▸ ABSeed led a ~USD2.2m round for Uncover, a Brazilian marketing data platform, with participation from Luiz Felipe Barros (Mercado Livre). 

▸ MultiID, a Brazilian facial biometrics startup, raised ~USD1.75m from undisclosed investors.

▸ AGTECH | Sustineri Piscis, a Brazilian farmed fish biotech, raised ~USD1.6m through crowdfunding. 

▸ HEALTHTECH | Airborne Ventures led a USD1m pre-seed round for Doutor-AI, a Brazilian healthcare management platform.

▸ LOGISTICS | Ruedata, a Colombia- and Mexico-based company vehicle fleet management platform raised an undisclosed round.

• Barn Invest led a USD2m seed round in April 2024; Kamay Ventures invested in December 2022.

▸ Takeat, a Brazilian digital menu startup, raised ~USD350k from undisclosed angels. 

▸ Festpay, a Brazilian payments solutions platform, raised ~USD300k via crowdfunding. 

▸ WAS Co., a Mexican sustainable materials supplier for the construction industry, raised a USD1.5m pre-seed round from undisclosed angels. 

▸ WOMEN-LED | Quill, a Brazil-based real estate management platform, raised a ~USD440k pre-seed round from Sororitê and undisclosed investors. 

• Quill was co-founded by Clarissa Vieira and Letícia Parreira.

▸ Deetken Impact invested in Dispower, a Colombian payment platform for photovoltaic equipment.

▸ Mondelēz International invested in Ziro, a Colombian inventory financing platform. 

▸ BIOTECH | Chilean VC Zentynel invested in Asclepii, a US-based regenerative medicine startup. 

Global Tech

▸ Sign up for GPCA’s Global Tech Brief, a monthly newsletter that covers tech activity in Asia, Latin America, Africa, CEE and the Middle East.