LAVCA DATA

Sneak Peek: Q2 2025 VC Data

For the first time in over a decade, Mexico-based startups outpaced their Brazilian counterparts in quarterly investment raised, driven by momentum in late-stage deals.

Tickets over USD50m for Mexican startups in Q2 included Klar, Clara, Plata, Kavak and Felix Pago. 

Overall, Latin America VC investment reached USD788m, falling ~21% short of the average ~USD1b quarterly investment figure deployed in the region since Q3 2022, according to LAVCA Research. 

LAVCA Members: Stay tuned for our official data figures and Ecosystem Insights Report in mid-August. 

Deals

▸ Brazilian fintech Creditas raised ~USD143m through a FIDC (Fundo de Investimentos em Direitos Creditorios) structured by Angá Asset.

• Fidelity Management led a USD260m Series F in January 2022.

▸ Xepelin, a Chilean payments and lending platform for SMEs, secured a USD140m credit facility from Goldman Sachs.  

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

▸ Plata, a Mexico-based digital bank, announced the placement of USD120m in senior unsecured bonds offering.

• Kora led a USD160m Series A in March.  
• DEBT | Plata secured a USD100m warehouse facility in April 2024. 

▸ ADDI, a Colombian point-of-sale lending platform, secured USD35m in debt financing from BBVA Spark. 

• ADDI raised a USD36m round in March 2024; GIC led a USD80m round for ADDI in December 2021; Greycroft led a USD75m Series B+ in September 2021. 
• DEBT | ADDI secured USD170m in debt financing from Goldman Sachs and Fasanara Capital in March; Goldman Sachs and Architect Capital provided USD120m in debt financing in December 2021.

▸ NEA led a USD26.5m Series B for NG.Cash, a Brazilian digital money management platform for Gen Z with participation from Endeavor Catalyst, Quantum Light, Daphni and follow-on from monashees, Andreessen Horowitz and 17Sigma. 

• monashees led a ~USD12.5m round for NG.Cash in May 2024; monashees and Andreessen Horowitz led a USD10m seed round in February 2022.

▸ Neon, a Brazil-based digital financial services company, raised USD25m Series E+ from IFC and DEG. 

• Neon raised a ~USD38m round in September 2024 and USD64m round in December 2023; BBVA led a USD300m Series D in February 2022; General Atlantic led a USD300m Series C in September 2020.

▸ COMPUTE | Unblock, an Argentine startup that converts excess gas into computing power, raised USD13.5m from Goldcrest Capital and Collaborative Fund.

▸ PROPTECH | Bewater led a USD13.5m round for Woba, a Brazilian office management startup, with participation from KASZEK, Valor Capital Group and other undisclosed investors. 

▸ Ursula, a Brazilian AI character generation startup, raised ~USD4m from Prosus Ventures, Village Global, Worldbuild.VC, Betaworks, Norte Ventures and undisclosed angels. 

▸ PROPTECH | AlugaMais, a Brazilian real estate management platform, raised ~USD1.8m from SRM Ventures. 

▸ PROPTECH | MySide, a Brazilian real estate platform, raised ~USD920k from Hiker Ventures and Terracotta Ventures.

▸ HRTECH | Sancor Seguros Impulsa invested in InterBrain, an Argentine immersive job training software. 

▸ EXA invested in Seiwa, a Brazilian financial record management platform for hospitals. 

▸ SURA Investment Management invested in Go Bravo, a Colombia-based recapitalization platform for consumer loans.

Funds

▸ AGTECH | The Rural Sector Capitalization and Investment Fund (FOCIR), Mexico’s rural development public investment arm, made an undisclosed commitment to The Yield Lab’s Opportunity Fund. 

• The Opportunity Fund has raised USD45m so far and has a USD50m target, per The Yield Lab. 
• The Yield Lab’s latest investments include Blooms Capital, Agricapital, Solena, Phage Technologies, Seedz and Agroforte, among others. 

▸ Mantis VC, a US-based venture firm launched by The Chainsmokers in 2019, reached a USD100m final close for its third flagship fund to invest in cybersecurity, healthtech, AI and infrastructure globally.

• Mantis’ LatAm investments have included Flink (exited in 2023), Syncfy, Zippi, Draftea, Trace Finance, among others.

▸ FINTECH | SF-based VC Propel Venture Partners reached a USD100m final close for its fifth flagship fund to invest in US and LatAm-focused fintechs. 

• Propel Ventures’ LatAm investments include Neon, Nomad, Akua and Truora, among others. 

▸ Argentina’s City of Cordoba will launch a ~USD8m government-backed fund to make direct investments and fund commitments in Argentine founders and investors. 

• The initiative is still undergoing legislative approvals.

M&As and Exits

▸ PROPTECH | Casago, a US-based vacation rental management company, acquired Naya Homes, a Mexican short-term and vacation rental platform. 

• Primary Venture Partners led a USD3.1m round for Naya in May 2024; the startup had raised an additional USD5.6m in a seed round in 2022.

▸ HRTECH | Visma, a European HR management platform, acquired Talana, a Chilean employee recruiting, compensation and training platform.

• Venturance and Altis led a USD8m round for Talana in  September 2023.

News

▸ DATA CENTERS | Following AWS and Microsoft's combined ~USD4.5b investment announcements to expand data center infrastructure in Brazil last year, some local climate activists and consumer protection groups remain skeptical of the initiatives.

• Other global corporations are not staying behind – China’s Huawei is also considering making a move, per Reuters. 
• Situational awareness, per Rest of World: “Brazil is home to more than 180 data centers, putting it ahead of other large economies in the region. There are nearly 60 data centers in Mexico and fewer than 40 in Argentina.”

▸ AI | Hi Ventures launched 2025 State of AI, its third annual survey tracking AI adoption across Latin America.

Some key insights: 

• Survey points to 62% of startups already piloting or deploying AI agents, reflecting a shift toward more advanced use cases.
• Among startups founded in 2025, 74% are AI-native (with AI embedded into their core product), compared to 47% of those founded between 2020 and 2022.
• Corporate scaling of AI is limited despite executive interest. In 2024, 54% of corporates said AI was a board priority, but by 2025 only 24% have deployed it across most processes or as a central strategy.
• VC firms are using AI more, but adoption is still fragmented. 98% of venture firms now use AI internally, up from roughly 73% in 2024. 81% are more likely to invest in startups with AI at the core, but most adoption remains tool-based rather than systematic.

Global Tech

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