LATAM VENTURE BULLETIN

A must-read roundup of startup deals and news on emerging technologies in Latin America, delivered to over 8,000 investors, entrepreneurs and corporates bi-weekly.

27 February 2025

The LatAm Venture Bulletin is produced by Carlos Ramos de la Vega, LAVCA’s Director of Venture Capital.

LAVCA DATA

2025 LAVCA Trends in Tech

LAVCA just launched its annual 2025 LAVCA Trends in Tech with an in-depth look at the Latin American VC ecosystem.

This year’s report introduces an analysis of the region’s largest privately held tech companies, alongside emerging trends such as AI-powered enterprise software, a resurgence in agtech for sustainable agriculture and advancements in healthtech and biotech.

LAVCA also just published its 2025 Industry Data & Analysis, offering a comprehensive quarterly overview of private capital in Latin America. The report covers 707 disclosed transactions, fundraising trends and notable exits, with insights into deal size, country, sector and asset class. It also highlights 65 dedicated funds closed in 2024 and explores key themes shaping the industry, including real assets, private credit, venture capital resilience and evolving exit strategies.

LAVCA Members can log in to download an accompanying LAVCA Data Pack for 2024 fundraising and disclosed closings; exit totals and highlighted exits; all disclosed transactions, sortable by stage, sector and HQ; stage analysis for the major markets; and sector breakouts with year-over-year growth. Non-members may purchase the data.

Deals

▸ CLEANTECH | VEMO, a Mexico-based electromobility startup, raised USD64m in debt financing from Beel Credit, Covalto Bank, Capital and Promecap.

▸ DEBT | iCred, a Brazilian personal credit platform, raised ~USD55m in debt through a FIDC (Fundo de Investimentos em Direitos Creditorios).

▸ DEBT | BBVA Spark provided a USD35.5m credit line to Aplazo, a Mexican payment platform enabling buy-now-pay-later systems for merchants.

▸ INSURTECH | Lightrock led a USD30.5m Series B for Azos, a Brazilian health insurance platform, with participation from KASZEK, Prosus Ventures, MAYA Capital and Propel.

▸ Valor Capital Group and QED Investors led a USD26.7m Series A for Capim, a Brazilian BNPL platform for dental services, with participation from Endeavor, Saison Capital and Actyus, and follow-on from ONEVC, Canary and NXTP.

▸ DEBT | CashU, a Brazilian B2B embedded finance platform for SMEs, raised USD17.5m in debt through a FIDC (Fundo de Investimentos em Direitos Creditorios) from Itaú BBA and Credit Saison.

▸ Cloud9 led a ~USD7m Series A for V360, a Brazilian B2B payment management platform, with participation from Honey Island, Carpa and Allievo Capital.

▸ Canary led a ~USD5m seed round for Advolve.ai, a Brazilian digital marketing startup, with participation from Valor Capital and Prosus Ventures.

▸ Roxom, an Argentina-based Bitcoin platform, raised a USD4.3m round with participation from Newtopia VC.

▸ Skandia led a ~USD3.47m round for Glim, an Argentine employee financial wellness platform, with participation from Newtopia, Wayra, MatterScale, DCG, ParaFi and undisclosed angels.

▸ EL SALVADOR | boxful, an El Salvador-based multi-carrier platform, raised a USD1.9m pre-seed round from Innogen Capital, Carao Ventures, Caricaco Ventures, GAIN and Angel Hub.

▸ BIOTECH | Draper Cygnus led a USD1.5m seed round for CALICE, an Argentine agricultural biotechnology company.

▸ INSURTECH | Brick, a Brazilian insurance fraud prevention platform, raised a ~USD870k seed round from Honey Island, Broom Ventures, Alessio Alionço (Pipefy) and João del Valle (Ebanx).

▸ Nestal led a ~USD550k round for Monest, a Brazilian collections management platform.

▸ Quix, a Colombian-Argentine corporate training platform, raised a USD350k pre-seed round from Mr. Pink VC and Venture.Do.

▸ Lunatic Monkey, a Brazilian CRM platform, raised ~USD60k from Ventiur Smart Capital, ACI Startups and Prado Tech.

▸ Wayra invested in Wise CX, an Argentine multichannel customer service platform.

▸ INSURTECH | Natan Ventures, the CVC arm of the BIND Group, invested in MeCubro, an Argentine insurance platform.

News

▸ Yuno, a Colombian checkout platform for last-mile delivery startups, launched operations in Qatar in partnership with Invest Qatar.

▸ tapi, an Argentina-based payments processor, partnered with Mercado Libre’s Mercado Pago to create a unified regional integration payment platform.

▸ CROSSBORDER | Alibaba Cloud launched its first data center operation in Mexico.

▸ Americas Quarterly reviews the impact of DeepSeek’s R1 launch in Latin America in DeepSeek Reveals Latin America’s AI Crossroads

DeepSeek’s ability to process regional languages like Portuguese and Spanish could empower local AI ecosystems, reducing reliance on English-dominated models. And its efficiency on mid-range hardware challenges the assumption that only nations with abundant, low-cost energy — such as hydro-rich Brazil or oil and gas-producing Argentina — can develop domestic AI ecosystems.

People and Programs

▸ RAISE Global will host the inaugural edition of RAISE LATAM 2025 in Costa Rica on 21 March. GPs can apply to attend; LPs can request an invitation.

▸ Antler is now accepting applications for its 10-week 2025 entrepreneur residency in São Paulo, starting February.

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.