Latin American Private Capital Update - December 17, 2019Latin American Private Capital Update December 17, 2019 | | | The LAVCA Private Capital Update is a bi-weekly email featuring industry news, research, events, and updates on investors from private equity, venture capital, real estate, infrastructure, and family offices in Latin America. |
| Female investors in early-stage tech are underrepresented in Latin America as they are globally. Among entrepreneurs, only 17% of venture-backed startups globally have a female co-founder, and globally, they capture only about 3% of the VC funding.
In an effort to raise the visibility of female investors in early-stage technology in Latin America, LAVCA has published an updated list of the Top Women Investing in Latin American Tech, as well as the second annual list of ⭐ Emerging Women Investors in Latin American Tech.
The 88 investors represented on the Top Women list and the 89 investors represented on the Emerging Women list in 2019 represents a 7% and 89% increase, respectively, over 2018.
👀 VIEW the Top Women Directory.
👀 VIEW the Emerging Women List.
LAVCA’s gender diversity content is made possible with support from IDB Lab, Member of the IDB Group.
ℹ️ More profiles of leading female founders and investors available at LAVCA.ORG/WOMEN
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| LAVCA recently spoke with Víctor Aguilera, Managing Partner of Aurus Capital, about the opportunity for industrial tech and impact in Latin America.
We saw a trend around these technologies creating massive value when applied to industries in which Latin America specializes (mining, food, etc.)...the sector is aligned with worldwide challenges such as global warming, waste generation, water scarcity, vehicle electrification, and food demand.
Aguilera also talks about the perception around SoftBank's uptick in commitments to the region and how important impact and sustainable investing is for Aurus.
Impact is central for us. The industries we partner with (mining, food, and energy) have a huge footprint in terms of CO2, NOx and other harmful gas emissions, particle emissions, waste generation, fossil energy use, water use, impact to communities, flora and fauna, etc. We believe that these challenges will be solved with new technologies.
READ the full interview. | | |
| This is the final edition of the Private Capital Update in 2019. This year marked some incredible milestones and records for LAVCA and the Industry, including:
✔️ A record number of LAVCA member firms active in the association (~200).
✔️ Record participation at our annual investor meeting in New York with 500+ attendees, including private equity and venture capital fund managers, family offices, and real assets investors. In addition to programs on private equity and VC/tech, 2019 LAVCA Week also included training for Latin American pension funds, and a Tech Growth Coalition and SVB hosted VIP and member cocktail.
✔️ VC investment in Latin American startups has quadrupled since 2016 to a record US$2b in 2018. READ more here.
We will resume bi-weekly frequency after a brief break over the holidays. Thank you, as always, to our members and partners for your continued interest and support and we look forward to 2020. | | |
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Private Equity News
Patria Investimentos Exits Highline do Brasil Through a Sale to Colony Capital (Press Release) Patria Investimentos exited Highline do Brasil through a sale to Digital Colony, Colony Capital’s digital infrastructure investment platform. Highline is a holding company created by Patria which controls wireless telecommunication assets in Brazil. The financial terms for the transaction were undisclosed. Read more
Bain Capital Partially Exits Notre Dame Intermedica (Bloomberg) Bain Capital continued its gradual investment drawdown in Brazilian medical conglomerate Notre Dame Intermedica through a follow-on share offering. Bain Capital sold 22.8m shares in a partial exit valued at R$1.3b. Read more
W Capital SAFI Invests in Vitamina Chile (Press Release) Peruvian fund manager W Capital SAFI invested in Vitamina Chile, a holding company with a network of pre-school and daycare centers across Chile. W Capital SAFI manages a private capital fund on behalf of Grupo Wiese. Financial terms of the transaction were undisclosed. Read more
CVC Capital Partners Announces Acquisition of Hermes (em português) (Brazil Journal) CVC Capital Partners announced the acquisition of Hermes, a Peruvian cash management and security company, for US$270m. This is CVC’s second transaction in LatAm. Read more
CPPIB & Ontario Teachers’ Pension Plan to Acquire 40% Stake in IDEAL (Press Release)Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan will acquire a 40% stake in Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V. ( “IDEAL”) through a tender offer on the Mexican stock exchange to further invest in key infrastructure projects throughout Mexico. Read more
Patria Investimentos to Exit Argo Energia (em português) (DCI) Patria Investimentos has signed an agreement to sell its portfolio company Argo Energia to Energía Bogotá of Colombia and Rede Eléctrica of Spain for R$3.5b. The transaction has been submitted to CADE for approval. Argo Energia was created in 2016 by funds jointly invested by Patria and Singaporean sovereign wealth fund Temasek. Argo Energia controls extensive transmission lines that cut across the three Brazilian states of Maranhão, Piauí and Ceará. Read more
IG4 Capital to Purchase Graña y Montero (em português) (Valor Econômico) Brazil's IG4 Capital has signed an agreement to purchase Graña y Montero one of Peru’s largest infrastructure groups. Read more
CPPIB Acquires Stake in Smart Fit for R$1.07b (Press Release) CPPIB took a 12.4% stake in Brazilian gym chain Smart Fit for R$1.07b. Read more
Nexxus Capital Exits Krispy Kreme Mexico (Press Release) Nexxus Capital, through its portfolio company Taco Holding, announced the closed divestment of Krispy Kreme Mexico, which was acquired by Krispy Kreme Doughnut Corporation, the global owner of the brand. Read more
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Venture Capital News
Benchmark Capital Leads US$60m Investment in Wildlife Studios (em português) (Brazil Journal) Benchmark Capital led a US$60m investment in Wildlife Studios (formerly TFG), a Brazilian gaming company, at a reported valuation over US$1b, with participation from Bessemer Venture Partners, as well as angels Javier Olivan and Hugo Barra (Facebook), Ric Elias (Red Venture), Micky Malta (Ribbit Capital) and Divesh Makan (ICONIQ Capital). Read more
Canary Closes Second Fund for US$75m (em português) (Brazil Journal) Brazilian VC firm Canary held a US$75m close for its second fund. Read more
Ingresse Receives a R$90m Investment from Endurance, Rival, Grupo Globo, & Others (em português) (Brazil Journal) Brazilian events ticketing platform Ingresse raised a R$90m Series C led by the Endurance family office, with participation from Rival and Grupo Globo and follow-on from e.bricks Ventures, Qualcomm Ventures, and MercadoLibre. Read more
Valar Ventures Leads US$19m in Albo (TechCrunch) Valar Ventures led a US$19m extension to Mexican fintech Albo’s Series A, with participation from Mountain Nazca Mexico and Flourish Ventures. This is Valar’s first disclosed investment in Mexico. Read more
monashees, Valor Capital, & Canary Invest R$38m in Mimic (em português) (Exame) monashees, Valor Capital, and Canary invested R$38m in Mimic, a Brazilian company pioneering shared/dark kitchens, with participation from angels including David Velez (Nubank) and José Galló (Renner). Read more
KaszeK Ventures Leads US$10m Investment in Cora (TechCrunch) KaszeK Ventures led a US$10m investment in Cora, a Brazilian fintech lending to small and medium businesses, with participation from Ribbit Capital. Read more
Confrapar Invests R$20m in Zetra/SalaryFits (em português) (Startupi) Confrapar invested R$20m in Zetra/SalaryFits, a Brazilian fintech providing payroll advances. Read more
IGNIA, LW Investment Management, & Angels Invest US$2.5m in Fondeadora (Contxto) IGNIA Partners, LW Investment Management, and angels made a US$2.5m investment in Fondeadora, a Mexican open banking platform co-founded by Norman Müeller and René Serrano in 2011. Read more
Global Founders Invests R$4m in Oriba (em português) (Segs) Global Founders Capital made a R$4m investment in Oriba, a Brazilian direct-to-consumer menswear brand. Read more
Ânimo Wellness Raises a US$300k Round (Press Release) Brazilian healthtech Ânimo Wellness raised a US$300k pre-seed round from Barrah Investimentos (B1), Indicator Capital, Wharton Angels, Fundação Estudar Alumni Partners, Lupa Capital, and angels including Sergio Furio (Creditas), Guilherme Bonifacio (iFood, Rapiddo), João Machado (B2W, VTEX), and André Jereissati. Read more
Equity International, Angel Ventures Mexico, and Others Invest in Homie (Press Release) Mexican residential real estate platform Homie raised an undisclosed round from an unnamed affiliate of Equity International, with follow-on from Angel Ventures Mexico, and others. Read more
DOT Capital Leads Series A Investment in Hanzo (Press Release) New York-based DOT Capital led an undisclosed Series A investment in Hanzo, a Brazilian customer engagement B2B SaaS platform, with participation from Mastercard. Read more
DUX Capital Invests US$200k in Baud (Press Release) DUX Capital made a US$200k seed investment in Baud, a Mexican edtech for children 6-12 years old, and a US$500k investment in EPICA, a Miami-based customer data platform. Mountain Nazca Colombia, The Venture City and others participated in the EPICA round. Read more
Bossa Nova Investimentos Leads a R$800k Investment in Glebba (em português) (Startupi) Bossa Nova Investimentos led a R$800k investment in Glebba, a Brazilian equity crowdfunding platform for real estate investment. Read more
SixThirty Cyber & Others Invest in Ecuador's Kriptos (Contxto) Kriptos, an Ecuadorian data management platform, raised an undisclosed round from SixThirty Cyber and existing investors BuenTrip Ventures, Barclays, Kruger Corporation, and Techstars. Read more
DILA Capital Leads a US$10m Investment in Incode (Press Release) DILA Capital led a US$10m investment in Incode, a San Francisco-based biometric identity platform with offices in Latin America. Read more
Botanical Solutions Raises Funding from US-based Investor (en español) (LexLatin) Chilean biopesticide startup Botanical Solutions raised undisclosed funding from an unnamed US-based investor and is relocating operations to the US. Read more
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Real Estate News
CPPIB and Cyrela's Joint Venture Buys Two Towers in JK Iguatemi Complex (em português) (Brazil Journal) Cyrela and CPPIB’s joint venture bought two towers in the JK Iguatemi Complex in São Paulo for R$1.05b. One of the towers is the headquarters of Amazon Brazil. Read more
Avante Financial Group Acquires Retirement Facilities from Ambar Residence Group (Press Release) Chilean-Colombian financial firm Avante Financial Group acquired two retirement facilities in Santiago, from Ambar Residence Group for ~US$35.5m. Read more
Finsa to Launch its 3rd CKD on the Mexican Stock Exchange (en español) (El Economista) Mexican industrial real estate developer Finsa plans to launch its third CKD on the Mexican stock exchange (BMV) next year hoping to raise MXN$10b. Read more
Walton Street Capital and Fibra Uno Acquire 74 Industrial Buildings for US$841m (en español) (El Financiero) Walton Street Capital investment fund and Fibra Uno acquired a portfolio of 74 industrial buildings for US$841m developed by Finsa in Mexico. Read more
CDPQ’s Affiliate Ancar Ivanhoe Sells a 45% Stake in Natal Shopping (em português) (Tribuna do Norte) CDPQ’s Brazilian affiliate Ancar Ivanhoe sold a 45% stake in Natal Shopping, a shopping mall in Natal to a real estate fund controlled by XP Investimentos. Ancar Invanhoe will retain a 55% stake in Natal Shopping. The financial terms of the transaction were undisclosed. Read more
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| LAVCA Members receive a discount on select events. For information on member discounts, contact Catalina Santos. |
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Investment in Latin America
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