Here are the highlights on Brazil’s tech and business scene in June:
Gympass, the exercise and corporate wellness unicorn, announced a US$220 million Series E. This round, which doubles the company’s valuation to US$2.2 billion, includes participation from SoftBank, General Atlantic, Moore Strategic Ventures, Kaszek Ventures and Valor Capital.
JPMorgan makes Brazilian retail banking debut with 40% stake in C6 Bank. The companies did not disclose the value of the deal or implied valuation of C6. The digital bank was valued at R$11.3 billion (US$2.28 billion) in December. JPMorgan’s entrance into Brazilian retail banking follows high-profile departures by other global banks.
Etsy which operates two-sided online marketplaces signed an agreement to acquire Elo7, a privately held marketplace for unique, handmade items, ranked as a top 10 ecommerce site in Brazil. Etsy will acquire the business for US$217 million in cash. “This transaction will establish a foothold for us in Latin America, an under-penetrated e-commerce region where Etsy currently does not have a meaningful customer base”, said Etsy CEO Josh Silverman.
Solfácil, a solar Fintech based in Brazil, raised a US$30 million Series B funding round led by top Fintech VC QED Investors. The round is the largest venture capital injection in the distributed solar sector in Brazil. Existing investor Valor Capital Group, which led Solfácil’s Series A, also participated in the round.
Fundraising, scalability, impact expansion.
These are some of the topics in the workshops designed by BayBrazil for startups selected in our Impact program.
Since March, mentors and investors from both Brazil & Silicon Valley have been advising mission-driven teams on critical strategies to grow their businesses.
The foodtech Liv Up raised R$180 million in a series D round led by Lofoten Capital and count on the participation of several strategic investors as Rob Citrone (Discovery Capital), Cadonau (Grupo Jereissati), Milton Seligman, ThornTree Capital Partners and Kaszek funds, among other investors.
DNA Capital invested R$300 million investment in Memed, a Brazilian platform for digital prescription. Part of the investment will allow the exit of previous investors Redpoint eventures, Monashees, Qualcomm Ventures and the founders.
Advent invests US$430 million in Brazil payments firm Ebanx, financing its growth in Latin America ahead of an initial public offering planned for the coming months. The companies did not disclose Ebanx’s valuation or the size of the minority stake acquired by Advent.
Buser, the “Uber of buses”, raised a R$700 million Series C round led by the growth equity fund focused on social impact LGT Lightrock and following by funds that have already invested in the platform before, such as Softbank, monashees, Valor Capital Group, Globo Ventures and Canary.
Nubank received a US$750 million extension to its Series G (which rang in at US$400 million this past January), bringing the round to a total of $1.15 billion and their valuation to US$30 billion. The extension funding was led by Berkshire Hathaway, which put in US$500 million, and a number of other investors.
Idwall, a Brazilian digital anti-fraud authentication startup, raised a US$36 million Series C round led by the family office Endurance. GGV Capital, Peninsula, monashees, Canary, Qualcomm Ventures, ONEVC, Grupo Globo, Peninsula and Norte also took part in the investment.