Bloomberg Línea — TTR data (formerly Transactional Track Record) reported that during January venture capital transactions decreased by 51% in Latin America, with only 51 investments during the month, and which totaled $656 million.
Although investment remains cautious due to high interest rates, startups continue to receive inflows, albeit lower than those seen in 2021, which was a record year for the region.
These are the Latin American startups that received capital this week:
The Climate Box
An Uruguayan agricultural technology (agtech) startup, specialized in the evaluation and management of frost risk in high-value crops, The Climate Box received its first round of investment led by The Yield Lab LatAm, with the participation of Spanish investment group Label Investments, specialized in agribusiness, and an Uruguayan angel investor.
With the investment, the value of which was not disclosed, The Climate Box will focus on increasing its turnover, and R&D efforts, digitalizing its products, and consolidating its operations in Europe, the United States, Australia, Mexico, and the rest of Latin America.
Brazilian last-mile logistics startup Estoca received 32 million reais ($6.19 million) in an investment led by Brazil’s Astella, with participation from FJ Labs and Irongrey. Canary and Marathon Ventures, which were already investors, followed the round.
The startup provides storage and delivery of e-commerce products, the so-called fulfillment stage, and competes in the market against Colombia’s Cubbo.
A Mexican digital bank, Vexi closed an $8 million funding round with oversubscription, led by Magma Partners. The funds are in addition to a $24-million round, which included debt, that the startup closed at the end of 2021.
Previous investors such as Alpha4Ventures, Noa Capital, and Pomona Impact also participated in the round, along with new investors Redwood Ventures and US-based Rebalance Capital.
Vexi will use the new funding to grow its customer base, recruit new talent to strengthen the team, and enhance its own technology and risk algorithms.
Colombian startup Vaas raised a $5-million seed investment round this week, led by Silicon Valley firms Andreessen Horowitz (a16z), Mexico’s Nazca, Brazil’s Maya Capital, as well as regional network Latitud.
Marathon Ventures also participated in the round, and as angel investors Sebastián Mejía, co-founder of delivery unicorn Rappi, and Brynne McNulty Rojas, co-founder of proptech unicorn Habi.
The startup from the city of Cali develops software to automate the management of private debt lines in Latin America.
Allugg, a Brazilian startup that rents equipment to small and medium-sized companies, received 4 million reais ($773,840) from CESAR that, in addition to capital, will provide intellectual support for the startup’s development.
The CESAR team will be responsible for helping in the technological development of the platform.
In addition to CESAR, angel investors Rodrigo Helcer, CEO of Stilingue, and Carlos Boschetti, former CEO of BCP Claro, among others, participated in the round. The company launched in January 2021.
Ulend, a Brazilian fintech that aims to provide access to capital for medium-sized companies has received an investment of more than 40 million reais ($7.73 million) from Sollis Investimentos in its FIDC (Credit Rights Investment Fund).
Created in 2019, the platform finances medium-sized companies through alternative sources of capital to large banks (investors, investment funds, small and medium-sized banks, and even equity).
In total, the private credit platform adds extra funding of 120 million reais ($23.2 million) in 2022. Of this amount, 115 million reais are resources allocated to funding for financing credit operations, and the remaining five million reais are for cash reserves, from two equity contributions made by the company’s current investor partners, one in the first and one in the second half of last year.
Comun, a digital bank founded by Latinos that offers modern banking solutions for Hispanic families, closed a $4.5 million seed round led by Costanoa Ventures, with participation from South Park Commons and FJ Labs.
The company plans to use the funds to build a financial hub with expanding solutions and resources for Latino immigrants in the United States.
The fintech startup was founded by Abiel Gutiérrez and Andrés Santos in 2021, who had faced financial exclusion when they migrated to the United States.
According to a press release, Comun’s customers already move more than $100,000 per week on average, with a growth of 20% week-over-week since its debut in September 2022.