The 10 Latin American Startups that Received the Most Capital in First Half of 2022

In the first six months of the year, before the macroeconomic crisis kicked in, there were rounds totaling more than $90 million in the region

Latin American startups continued to raise capital in the first half of this year
July 14, 2022 | 09:30 PM

Brazil continues to be Latin America’s favorite country for venture capitalists. According to Transactional Track Record (TTR), in the first half of 2022 there were 375 venture capital investment rounds, totaling $3.1 billion. This is a 15% increase in the number of transactions, despite the crisis that began to emerge in the first half of the year.

Mexico, the country that follows Brazil in terms of the largest number of venture capital investments, registered 84 operations valued at $1.69 billion, slightly more than half of Brazil’s total, and which is an increase of 9% in the number of operations and a decrease of 14.35% in the capital mobilized with respect to the same period last year.

In contrast to these countries that have seen an increase in he number of startup transactions, TTR states that Chile recorded fewer deals in the first half of the year compared to the same period of last year, with 55 venture capital transactions valued at $582 million, representing a 3.51% decrease in the number of transactions and a 35% decrease in capital raised.

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However, Chile has one of the startups that received a ‘mega round’ (greater than $50 million, Xepelin, which closed a $111 million Series B financing round led by Avenir and Kaszek Ventures.

In the last 10 years, the Latin American countries that have received the most venture investment are Brazil, Mexico, Argentina, Colombia and Chile. Although TTR has not yet published the half-yearly balance of Argentina and Colombia.

Following is a list of the startups that received the most capital in the first half of 2022.

1. Habi

Colombia

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Industry: Proptech

Investment: $200 million

Investors: Tiger Global Management, Endeavor Catalyst, Banco Banorte, Private Shareholders United States I, Homebrew, Clocktower Technology Ventures, Inspired Capital Partners, SoftBank Latin America Fund.

Colombia’s Habi became Spanish-speaking Latin America’s first proptech unicorn in May, and Colombia’s second after Rappi.

2. Mosyle

Brazil

Industry: Software

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Investment: $196 million

Investors: StepStone Group, Elephant, Insight Partners, Album VC

The Brazilian software company for mobile device management in schools and districts is expanding rapidly into the business sector following the success of its first product in the educational sector.

3. Jüsto

Mexico

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Industry: Retail

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Investment: $152 million

Investors: General Atlantic, Foundation Capital, Tarsadia Capital, Citius, Quiet Capital, Arago Capital

The online supermarket has raised more than $250 million and is seen as becoming Mexico’s next unicorn. Its founder and CEO Ricardo Weder says the company will grow 300% this year.

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4. Nowports

Mexico

Industry: Logistics and software

Investment: $150 million

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Investors: Private Shareholders I, Tiger Global Management, Monashees, Broadhaven Capital Partners, Tencent, Foundation Capital, Soma Capital, Base10, Mouro Capital, SoftBank Latin America Fund.

In late May the logistics startup founded in Mexico by Mexican Alfonso de los Ríos and Uruguayan Maximiliano Casal became a unicorn, with a value of $1.1 billion after a Series C round.

5. Xepelin

Chile

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Industry: Fintech

Investment: $111 million

Investors: Private Shareholders I, Kaszek Ventures, Endeavor Catalyst, Cathay Capital, DST Global Partners, FJ Labs, Avenir, Picus Capital, Manutara Ventures, Chile Ventures, PayPal Ventures, Wellington Partners, Amarena, Gilgamesh Ventures, Battery Ventures

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The platform of payments and financial services for Latin American SMEs obtained a Series B financing round just nine months after its Series A, with the participation of Kavak’s CEO, Carlos García Otatti.

6. Dock

Brazil

Industry: Fintech

Investment: $110 million

Investors: Riverwood Capital, Silver Lake, Viking Global Investors, Sunley House Capital Management, Lightrock (Lightrock).

In early May, Dock reached unicorn status with a value of $1.5 billion. The Brazilian fintech wants to help client companies expand in Latin American countries.

7. Kushki

Ecuador

Industry: Fintech

Investment: $100 million

Investors: Kaszek Ventures, Dila Capital, Clocktower Technology Ventures, SoftBank Latin America Fund

Ecuadorian paytech Kushki became the first unicorn in the country in June, and is worth more than $1 billion after receiving an extension of its Series B.

8. Unico

Brazil

Industry: Security and biometrics

Investment: $100 million

Investors: General Atlantic, Big Bets, SoftBank Latin America Fund, Goldman Sachs Asset Management

Brazilian idtech company Unico will use its Goldman Sachs-led Series D funds for global expansion. The startup is now worth $2.6 billion.

9. Solfácil

Brazil

Industry: Fintech

Investment: $100 million

Investors: Valor Capital Group, QED Investors, SoftBank Group, VEF

The fintech that provides financing to individuals and companies seeking to install solar panels raised a Series C in May. Last year, Solfácil created a marketplace to aggregate integrator partners that can sell solar panels to end customers.

10. Klar

Mexico

Industry: Fintech

Investment: $90 million

Investors: General Atlantic, International Finance Corporation (IFC), Endeavor Catalyst, WTI, Quona Capital, aCrew Capital, Mouro Capital, Prosus Ventures

The latest capital injection will be used by the Mexican fintech to promote loans and make savings services available. It will also allow it to improve its platform and explore strategic acquisitions.

Endeavor predicts that in the remainder of 2022 there will be fewer rounds above $50 million. Investment in Latin American startups will not slow down, but it will be more cautious.