Here are the highlights on Brazil’s tech and business scene, from Dec 2017 through Jan 3, 2018:
Brazilian startup Gympass received an investment from General Atlantic. The gym membership platform allows users to access to multiple gyms. The company has activities in 10 countries, including France, Germany, the Netherlands, Italy, the United Kingdom and Brazil, and the next target is US market. Investors from previous rounds include Valor Capital Group, and Atomico. (article in Portuguese)
Chipus Microelectronics, which specializes in the development of energy efficient chip projects, has announced a new capitalization of R$ 6.5 million, including an investment round led by the Criatec II Fund, whose main shareholder is the National Bank of Social and Economic Development (BNDES). The fund made a previous investment in April 2016. (article in Portuguese)
Lessons learned & VC investments assessment, by Anderson Thees, founder of Redpoint e.ventures, co-founder of CUBO & chairman of the board at BayBrazil
Bitcoin is not tulip: 4 factors that make us resist innovation, by Guilherme Horn, Chief Innovation Officer LATAM, Accenture.
Naspers and Innova Capital make an additional investment of $82 million in Movile’s iFood delivery business. In September of 2017, the company had reached 6.2 million monthly orders and became the largest food delivery company in Latin America.
Nubank completed its first local funding via a receivables fund backed by card bills (FDIC), raising R$ 250 million in two series. The fund will be used to support the company’s revolving credit line. Nubank had only raised funds from foreign investors, about US$ 180 million in capital from 10 firms including Tiger Global Management, Sequoia Capital, Kaszek Ventures, QED Investors, DST Global and Founders Fund. (article in Portuguese)
Microsoft and Banco Votorantim, through the BR Startups Fund, made an investment of R$ 1 million in the startup QueroQuitar, an online debt negotiation and financial education fintech. (article in Portuguese)
VTEX acquired XTECH Commerce for R$ 14 million and it consolidates the largest e-commerce solution for SMEs. With the acquisition, Xtech and Loja Integrada become part of the Small and Medium Business division of the group.
Vostok Emerging Finance (VEF) invested into Creditas, the leading digital platform for secured loans in Brazil. VEF led a broader Series C investment round of USD 50 million and is joined by existing investors, including Kaszek Ventures, Quona Capital, QED Investors, IFC and Naspers.
Brazilian banking startup Nubank is opening an engineering unit in Berlin, as it seeks to attract more specialized engineers. It expects to hire two dozen employees at the German hub.
Chinese investors target Latin America and plan to increase trade with Latin America by $500 billion and foreign investment by $250 billion.
While trade between the U.S. and LatAm has doubled since 2000, China’s trade with the region has multiplied 22 times. China is now the top trading partner for the major economies of Brazil, Chile and Peru.
Digio, Nubank’s competitor in Brazil, acquired the startup Poup to offer cashback. Digio is a non-annuity and revolving interest card fully operated online through an app. The startup was created by Banco CBSS – a joint venture of Bradesco and Banco do Brasil. (article in Portuguese)
BR Startups invests $2 million in insurtech Car10. The company improves the car repair and maintenance experience in an efficient way, providing innovative tools that integrate and promote transparency, and convenience to its users. (article in Portuguese)
The Brazilian fintech PagSeguro filed an IPO at the New York Stock Exchange. PagSeguro was launched 11 years ago as a strategy to increase the security of payments made on ecommerce sites and entered the POS market (“points of sale”) in 2013. (article in Portuguese)
Jan 3, 2018
Chinese ride-hailing giant Didi Chuxing to acquire 99, Uber rival in Brazil