- VC fundraising
- Brazil
Capital raising services in Brazil
Brazil accounts for roughly half of all Latin American venture capital deployed each year, with a growth-stage market now deep enough to sustain domestic Series B and C rounds without requiring a US-based lead.
The success of Nubank (NYSE: NU), Stone (NASDAQ: STNE), and Hotmart at scale has built a generation of experienced operators and angels funding the next wave of fintech, healthtech, and B2B SaaS companies emerging from São Paulo.
We advise mid- to late-stage Brazilian companies raising growth capital on the best available terms, bringing an extensive VC investor network spanning São Paulo, Mexico City, and international growth funds; we prepare the pitch deck, operating model, and financial model, and manage the end-to-end fundraise process from first conversation to close.
164
VC rounds raised in the last 12 months in Brazil
$91M
Median VC valuation (across all stages) in Brazil
5.4x
Median VC revenue multiple (across all stages) in Brazil
$160M
Largest VC round raised in Brazil in the last 12 months
Raising venture capital in Brazil
Brazil's VC market is the largest in Latin America by capital deployed, with São Paulo as the centre. Most material rounds at Series A and later involve an offshore holding structure (Delaware or Cayman) for international investor familiarity and cleaner exit mechanics.
Documentation conventions
Most venture-backed Brazilian rounds use offshore-parent (Delaware) NVCA-aligned documentation, with Brazilian-law side documents for the operating subsidiary. Pure-Brazilian rounds use ABVCAP-aligned templates and Brazilian Sociedade Limitada or S.A. mechanics.
SAFEs and Brazilian convertibles
Y Combinator SAFEs are widely used in Brazilian seed and Series A rounds, particularly where there is a Delaware parent. Brazilian-law convertible instruments (Mútuo Conversível) are used in pure-Brazilian structures.
Holding structure choice
The choice between a pure-Brazilian structure and an offshore-parent (Delaware/Cayman) structure is one of the most consequential early decisions for a Brazilian venture-backed startup. Offshore parent provides US investor familiarity, cleaner ESOPs and exit mechanics; pure-Brazilian structures preserve domestic tax incentives and reduce transfer pricing complexity.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is universal. Brazilian Limitada and S.A. structures support venture-stage rounds with shareholder agreement overlays.
Foreign investment registration
Foreign investment into Brazilian entities requires registration with the Central Bank (Banco Central do Brasil) via the SCE-IED system. The registration mechanics affect future remittance of dividends, capital and exit proceeds - material structuring item.
Closing mechanics
Closings vary by structure - offshore-parent closings follow international conventions. Brazilian-law closings involve Junta Comercial registrations, notarial procedures and Central Bank registrations. Brazilian IOF (financial transaction tax) and ITBI (in some cases) can apply.
Largest private tech companies in Brazil
iFood valued at $14B is the largest still privately-owned company in Brazil.
See all large tech companies in Brazil| Logo | HQ | Description | ||||
|---|---|---|---|---|---|---|
iFood | iFood is a Brazil-headquartered online food delivery platform operating in Latin America. Launched in 2011, it connects 250,000 restaurants with 60 million monthly users across 1,500 cities, processing 100 million orders per month as of 2023. Backed by Prosus and Just Eat Takeaway, the app offers real-time tracking, loyalty programs, and iFood Benefícios for employee meal vouchers. The company employs 10,000 staff and holds 80% market share in Brazil's delivery sector. | Nov-18 | $500M Series G | $14B | ||
QuintoAndar | QuintoAndar is a São Paulo-headquartered proptech platform that streamlines residential real estate rentals in Brazil. Launched in February 2013, it connects landlords and tenants with digital tools for property listings, virtual tours, contracts, and payments, eliminating bureaucracy. The company manages thousands of properties across major cities, employing best practices in user-centric design. | Aug-21 | $120M Series E | $5.1B | ||
C6 Bank | C6 Bank is a São Paulo-headquartered digital bank offering checking accounts, credit cards, investments, loans, and multi-currency wallets exclusively through its mobile app. Launched in 2019, the bank serves over 20 million Brazilian customers without physical branches, integrating services like free toll payments and global transfers. C6 Bank partners with Mastercard and holds a full banking license from Brazil's central bank. | Jun-21 | $2.0B strategic inv. | $5.0B | ||
Creditas | Creditas is a São Paulo-headquartered fintech offering asset-backed consumer loans through its app to 5 million Brazilians. Borrowers pledge autos, motorcycles, or home equity for credit lines up to 200,000 reais at rates 40% below market averages. Operating in 1,600 cities since 2012 rebrand from BankFacil, it partners with BV and Itaú for funding, disbursing 10 billion reais yearly with AI underwriting. | Dec-25 | $108M Series G | $4.8B | ||
Nuvemshop | Nuvemshop is a Buenos Aires-headquartered e-commerce platform empowering SMBs in Latin America with tools for store creation, payments via Mercado Pago, and logistics integrations. It supports over 100,000 stores in Brazil, Argentina, Mexico, and Colombia with features like abandoned cart recovery and SEO optimization. Nuvemshop provides apps for inventory and marketing automation. Launched in 2011, it processes millions in GMV annually. | Aug-21 | $500M Series E | $3.1B | ||
Wildlife Studios | - | Aug-20 | $120M Series B | $3.0B | ||
Loft | Loft is a Brazilian proptech company founded in 2018 and headquartered in São Paulo. Digitizes real estate transactions across Latin America by combining data software and embedded fintech services. Partners with thousands of real estate brokerages to facilitate property listing financing insurance and rental management through an end-to-end digital workflow. | Aug-23 | $100M | $2.9B | ||
unico IDtech | Unico IDtech is a São Paulo-based developer of biometric identification platforms centered on facial recognition. The company delivers solutions for digital onboarding, document verification, and paperless processes across financial services, government, and enterprise sectors in Brazil and Latin America. | Apr-22 | $100M Series D | $2.6B | ||
CloudWalk | CloudWalk is a São Paulo-headquartered financial technology platform that operates InfinitePay for payment terminals and Jim.com for digital banking services across Brazil. The company delivers point-of-sale devices, digital wallets, loans, and e-commerce tools powered by artificial intelligence to serve over 1 million small businesses and individuals. CloudWalk processes billions in transactions annually through its payment gateway and offers instant credit lines based on transaction data analysis. Founded in 2019, it has expanded to Mexico and Colombia, partnering with major retailers and banks to facilitate cashless payments in underserved markets. The platform's AI-driven fraud detection and dynamic pricing models enhance operational efficiency for merchants handling daily sales volumes. | Nov-21 | $150M Series C | $2.1B | ||
Mercado Bitcoin | - | Nov-21 | $50M Series B | $2.1B |
Startups who recently raised money in Brazil
Largest VC round raised recently in Brazil was a $108M Series G of Creditas in December 2025.
See all VC rounds in Brazil| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Dec-25 | Creditas | Creditas is a São Paulo-headquartered fintech offering asset-backed consumer loans through its app to 5 million Brazilians. Borrowers pledge autos, motorcycles, or home equity for credit lines up to 200,000 reais at rates 40% below market averages. Operating in 1,600 cities since 2012 rebrand from BankFacil, it partners with BV and Itaú for funding, disbursing 10 billion reais yearly with AI underwriting. | Andbank | $108M | $3.3B | Series G | ||
May-26 | Enter | Enter is a generative AI platform designed for the legal sector, emphasizing global security and privacy standards. Headquartered in Tel Aviv, it integrates large language models to streamline legal workflows like research, drafting, and case management. Enter complies with GDPR, HIPAA, and SOC 2 certifications, serving enterprises in Europe and the US. Founded in 2023, the platform powers over 50 law firms with features for secure document collaboration. | AtlanticoFounders Fund+4 | $100M | $1.2B | Series B | ||
Jan-26 | UY3 | UY3 is a São Paulo-based fintech platform specializing in credit facilitation, debt instrument issuance, and payment processing for Brazilian corporates and fintechs. Its electronic systems handle commercial notes, escrow accounts, billing, and FGTS withdrawals with modular amortization options. The company integrates APIs for seamless connectivity and provides cybersecurity features like KYC verification, anti-fraud detection, and multi-bureau credit scoring. | Vinci Compass | $37M | - | Undisclosed stage | ||
Feb-26 | Comp | Comp is a Tel Aviv-headquartered agile partner combining compensation expertise and technology to optimize total rewards strategies. It supports companies with labor cost modeling, job and salary management, incentive design, merit cycles, and people budgeting tools, serving innovative firms across tech and other high-growth industries. | AbstractCanary+5 | $20M | - | Series A | ||
Dec-25 | Rivio | Rivío is a healthcare software platform optimizing hospital operations, data management, and workflows to boost efficiency for medical staff. São Paulo-based in Brazil, it enables focus on patient care through AI-driven insights. | Valor Capital Group | $18M | $91M | Seed | ||
Dec-25 | E | EVEO Enterprise Cloud | EVEO Enterprise Cloud provides advanced data center and cloud hosting solutions optimized for enterprise needs in Brazil and beyond traditional web services. | Xp Credito | $18M | - | Undisclosed stage | |
Feb-26 | Avenia | Avenia is a São Paulo-headquartered fintech building infrastructure for cross-border payments in Latin America. Its API enables platforms to integrate stablecoin-powered FX settlements with built-in regulatory compliance. The company targets e-commerce and remittance providers across the region. | Accel Ventures scout fundbig_bets+9 | $18M | - | Series A | ||
Dec-25 | Crown | Crown is a fintech company issuing BRLV, a Brazilian real-backed stablecoin pegged 1:1 to the BRL. Headquartered in Brazil, it maintains reserves in regulated custody with full transparency via on-chain proofs. BRLV supports remittances, DeFi trading, and payments on Solana and Ethereum blockchains. Launched in 2023, the stablecoin integrates with exchanges like Mercado Bitcoin and enables cross-border transfers with low fees. | Paradigm | $14M | $90M | Series A | ||
Nov-25 | BHub | BHub is a Mexico City-headquartered financial back-office platform for SMEs in Latin America, automating AP/AR, accounting, taxes, and payroll with AI agents. It serves clients across Mexico, Colombia, and Brazil, integrating with local banks and tax authorities. The service enables full outsourcing for entrepreneurs and accountants. | HedosophiaInternational Finance Corporation+2 | $10M | - | Series A | ||
Jan-26 | Nagro | Nagro is a São Paulo-headquartered agribusiness fintech platform connecting Brazilian farmers to credit providers through machine learning matching. The service analyzes farm profiles, activities, and data to recommend loans from banks and alternative lenders, accelerating funding for seasonal inputs like seeds and fertilizers. Launched to address government credit delays, it offers complementary credit reports to financiers. | Itaú VenturesRabo Partnerships | $9.5M | - | Series B | ||
Apr-26 | Segura | Segura is a technology company supplying insurance brokers with tools and access to major insurers. | Anderson TheesAndreessen Horowitz+5 | $8.7M | - | Seed | ||
Dec-25 | Revena | Revena is a Brazil-based technology consultancy matching companies with specialized tech consultants and solutions. | BluAgeCaravela Capital+2 | $7.3M | - | Seed | ||
Dec-25 | Caveo | Caveo is a São Paulo-based financial platform designed for Brazilian physicians, offering automated income tracking, tax optimization, and investment portfolios. It aggregates earnings from multiple clinics and health plans, providing personalized savings plans compliant with Receita Federal regulations. Caveo serves over 10,000 doctors with tools for expense management and retirement planning, integrating with banks like Itaú and Nubank. Launched in 2021, the platform emphasizes secure data handling under LGPD standards. | Endeavor BrasilEnseada Family Office+5 | $6.2M | - | Series A | ||
Feb-26 | BEMAGRO | BEMAGRO is a Brazilian agtech company delivering AI-powered precision agriculture solutions. It processes imagery from drones, tractors, and satellites to generate actionable insights that boost crop yields by up to 20% and cut input costs. Founded in 2014 and based in Piracicaba, São Paulo state, BEMAGRO serves over 1,000 farmers across Brazil and Latin America. The platform integrates computer vision for pest detection, soil analysis, and variable rate applications, partnering with John Deere and Bayer for data integration. | AgroVenArara Seed+8 | $5.8M | - | Series A | ||
Jan-26 | Lerian | - | BluStoneCrivo Ventures+4 | $5.7M | - | Seed |
Top VCs and strategic investors in Brazil
Norte Ventures, Canary, Scale-Up Ventures and Valor Capital Group funded the most startups in Brazil in the last 12 months.
See all VCs in Brazil| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Scale-Up Ventures | Scale-Up Ventures is a São Paulo-based venture capital fund investing in hyper-growth companies from Endeavor Brazil's acceleration programs. The fund deploys capital into fintech, agtech, and logistics startups across Latin America. Scale-Up Ventures supports portfolio firms with operational scaling resources and regional market access through Endeavor's mentor network. | LastlinkMotoristaPXBull+2 | 26 | Series A | ||
Norte Ventures | Norte Ventures is a São Paulo-based venture capital fund focusing on early-stage Brazilian and Latin American startups. It co-invests in seed rounds with founders from top regional tech companies and corporate leaders. The fund leverages networks for high-growth sectors like fintech and e-commerce. | BondMagguCore AI+2 | 25 | Seed | ||
Valor Capital Group | Valor Capital Group is a New York-headquartered investment firm managing growth equity and venture capital strategies across Latin America and the US. Founded in 2011, it invests in sectors like agtech, healthtech, and logistics with offices in São Paulo and Rio de Janeiro. | RivioBHubVelotax+2 | 25 | Series A | ||
Bossa Invest | - | SandwichetwiggyGuapeco+2 | 23 | Seed | ||
Canary | Canary is a São Paulo-headquartered early-stage venture capital firm active since 2017, investing in tech startups across Latin America. Partners bring experience from Silver Lake, Tarpon, and MSquare/Velt, with track records including one of Latin America's 20 unicorns. The firm manages deals in fintech, SaaS, and consumer tech from its Brazilian base. | Saúde BlissCompBull+2 | 19 | Series A | ||
Kaszek | Buenos Aires and Sao Paulo-headquartered Kaszek invests in seed through Series B technology companies across Latin America. The venture capital firm targets fintech, e-commerce, logistics, and software sectors, providing operational support in strategy, team building, and scaling. Kaszek manages funds backing over 100 portfolio companies regionally. | EnterSeguraComp+2 | 16 | Seed | ||
FJ Labs | FJ Labs is a New York-headquartered venture capital firm backing seed and Series A marketplaces and consumer internet companies. Its portfolio spans global leaders like Alibaba, Despegar, and Zola, with investments deployed across North America, Latin America, and Europe. | FranqCayenaRevena+2 | 16 | Series A | ||
MONASHEES | MONASHEES is a São Paulo-headquartered venture capital firm investing in early-stage technology startups across Latin America. The pioneer in the region since 2005, it backs over 150 companies including Nubank and 99, providing expansion capital through funds targeting fintech, edtech, and logistics. MONASHEES supports founders from seed to Series C stages. | MotoristaPXVammo180 Seguros+2 | 15 | Series A | ||
Endeavor Catalyst | Endeavor Catalyst is a co-investment fund exclusively backing Endeavor-supported entrepreneurs globally. New York-headquartered, it has deployed over $100 million into 50+ companies like Rappi and Swiggy, achieving 5x net returns since 2019. The fund syndicates deals with LPs including Tiger Global and SoftBank, focusing on Series A to C stages in emerging markets like Latin America and India. Managed by Endeavor, it leverages a network of 4,000 mentors for due diligence. | CompVammoISA Saúde+2 | 13 | Series B | ||
big_bets | big_bets is a São Paulo-based venture capital fund investing in software companies disrupting atom-to-electron transitions in industries like finance, health, and media. Its portfolio includes Conta Simples in payments, Unico in identity verification, Menten AI in pharmaceuticals, and Studdy in education tech. Agnostic across sectors, the fund backs early-stage startups in Brazil and Latin America with over 20 investments since 2021. It targets scalable code-driven models in cloud and AI. | SeguraCore AIAvenia+2 | 10 | Seed |
What if not VC? Non-equity funding in Brazil
Brazil has one of the most generous non-dilutive funding stacks in Latin America - between Lei do Bem, FINEP, BNDES and EMBRAPII, Brazilian startups have multiple paths to extend runway without taking equity dilution.
Lei do Bem R&D incentive
Up to 200% deduction of qualifying R&D expenditure against corporate income tax, plus IPI reductions. The largest single source of non-dilutive cash for R&D-heavy Brazilian tech companies; routinely claimed by venture-backed startups.
FINEP grants and loans
FINEP provides grants and subsidised loans for innovation projects. Programmes like FINEP Inovação and Tecnova provide significant non-dilutive R&D funding for qualifying Brazilian tech companies.
BNDES financing
BNDES provides equity, mezzanine and debt instruments at scale via BNDESPAR. Includes dedicated startup and venture-stage programmes. Often anchor public participation in growth-stage Brazilian companies.
EMBRAPII co-funding
EMBRAPII co-funds business R&D projects with accredited research institutes - up to 33% federal contribution. Often combined with Lei do Bem for projects involving university partnerships.
São Paulo angel ecosystem
Nubank, iFood, MercadoLibre, Stone, Locaweb and other Brazilian tech alumni anchor the largest angel scene in Latin America. Anjos do Brasil coordinates structured angel investment activity.
Venture debt
Brazilian venture debt has scaled materially. A55, Trace Finance, SRM Ventures and cross-border providers (Partners for Growth, Sympatico Capital) provide ARR-backed lending. Typically deployed alongside priced equity rounds from Series A onwards.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Brazil and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Brazil.

Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity

AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting

Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software

Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating

Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR

E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms

Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products

Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure

Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS

Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing

Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS

IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.

We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.






Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
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Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
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We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Brazil
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
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We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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