LatAm Venture Bulletin August 23, 2017

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LatAm Venture Bulletin

> Goldman Sachs is extending Nubank a R$445m (about US$144m) line of credit, following a R$200m line of credit in 2016. Bloomberg has some numbers on their traction in Brazil:

Nubank is now the nation’s sixth largest credit-card issuer among financial companies, with more cardholders than Citibank Inc.’s Brazil unit or Banco Safra SA, according to CEO David Velez....Revenue and the firm’s client base is growing at a rate of about 8 percent to 10 percent monthly….Nubank offers credit cards with no annual fee, regardless of the borrower’s purchase history, an uncommon strategy for Brazil. It also promises a zero-paperwork relationship, with all interactions handled through a mobile app. The average client is 31 years old with about R$4k in monthly income.


> ALLVP led a US$1.5m investment in Apli, a Mexican startup connecting workers to flexible job opportunities, with participation from IGNIA, Soldiers Fields Angels, and Social Capital. Apli was accelerated at Numa Mexico. READ our interview with Apli Co-CEO Vera Makarov about how Apli is innovating the traditional recruiting process for service and retail jobs in Mexico.

> Canary and Yellow Ventures invested R$1.5m in Gupy, a Brazil-based HR platform that digitizing their recruitment and new hire selection process.

> Promotora Social Mexico (PSM) led an undisclosed investment in Aliada, a Mexican domestic labor platform, with participation from VARIV Capital, Capital Invent, Dila Capital, and Gentera through its innovation arm Fiinlab.

IGNIA, Angel Ventures Mexico, ON Ventures, and GC Capital participated in a bridge funding round for, a Mexican fintech startup developing credit products for the under-banked.

> IGNIA invested in five startups this year: Apli, AirTM, KarmaPulse,, and Afluenta.

> DNA Capital made a R$5m investment in Beep, a Brazilian healthtech startup offering 24-hour home care.

> Criatec 2 made an undisclosed investment in Epitrack, a healthtech company that uses machine learning and big data to predict epidemic behaviors in specific regions.

> LarrainVial’s SCL Energía Activa made an undisclosed investment in Chilean solar energy company Solarity to fund the startup’s expansion to Colombia. Solarity Co-founder & CEO Horacio Melo previously worked at InverSur Capital and served as Executive Director of Start-up Chile.

> LEAP Global Partners, a fund investing in Latin American founders in the US and Mexico, made undisclosed investments in Wizeline, a customer intelligence platform, and Insikt, a fintech startup enabling brands to lend to customers.


> Base Partners, a Brazil-based VC firm investing in growth-stage US tech companies, raised US$75m for its first fund, Base Growth I. Base Partners will target US$5-10m checks into Series C deals and beyond.



> TriLinc Global Impact Fund made a US$37.5m impact investment in term loan and trade finance facilities to companies operating in Sub-Saharan Africa, Latin America, and Southeast Asia. This brings TriLinc’s total financing commitments as of July 2017 to US$356.4m for business expansion and socioeconomic development through its holdings in Sub-Saharan Africa, Latin America, and Southeast Asia.

> devex interviews Folia Water, a social venture backed by 500 Startups that produces cheap water filters, on the opportunity to generate big returns alongside big impact:

Folia Water presents a cheaper alternative to bottled water for the 3 billion people who spend US$20b per year on household water. Folia Water manufactures filters for 7 cents and retails for 50 cents, expecting to reach between US$2m and US$5m in revenue by 2018 through sales in retail stores in developing countries.

> READ A Primer for Family Offices in Brazil, courtesy of The ImPact, a membership network of family enterprises (family offices, foundations, and businesses) that are committed to making investments with measurable social impact.

> Finance in Motion, a global advisor on impact investing, is hiring an Environmental and Social Senior Officer and a Monitoring and Evaluating Senior Officer in Bogotá to spearhead the promotion of biodiversity through private enterprise.



US$129-$367m: Amount of VC invested in African startups in 2016, according to reports from Disrupt Africa and Partech Ventures.

>  Afridigest has an overview of African VC, including a list of startups that raised over US$500k so far in 2017. Emerging themes:

  • Fintech startups capture about 25% of the VC investment in Africa
  • International investors are doing early-stage deals in Africa, including Greycroft Partners, Social Capital, Y Combinator, and TPG Growth.


> The IDB made a US$40m loan to promote small business innovation through a new Peruvian fund, with the Peruvian Ministry of Finance contributing US$60m. Earlier this year the World Bank approved a US$45m loan for the development of science, tech and innovation in Peru. READ LAVCA’s interviews with Peruvian startups MESA 24/7 and SpaceDat, two examples of local tech talent.

> In Impulsar a la siguiente generación de emprendedores, El Observador interviews the Uruguayan entrepreneurs behind Infocorp Ventures, an early-stage fund, Hydra, a company builder, Sinergia, a co-working space, and Sinergia Tech, an incubator.

> In Peru is on a bid to catch up with its innovative neighbors, TechCrunch looks at how Peru Venture Capital Conference, UTEC Ventures, Startup Peru and Wayra Peru are putting Peru tech on the map. READ more on Peru's venture ecosystem in LAVCA's Market Spotlight: Peru VC, and DOWNLOAD our presentation from the 2017 Peru Venture Capital Conference, including pan-regional data.

> SaaSholic publisher Diego Gomes looks at the SaaS landscape in Brazil.

> El Tiempo: 50 líderes latinoamericanos se reúnen en Israel

> Wired: Twitter and Tear Gas: How Social Media Changed Protest Forever:

Digital technologies are so integral to today’s social movements that many protests are referred to by their hashtags—the Twitter convention for marking a topic: #jan25 for the Tahrir uprising in January 25, 2011, #VemPraRua (“Come to the streets”) in Brazil, #direngezi for Gezi Park protests in Istanbul, Turkey, and #occupywallstreet.



> Antonio Osio of Capital Invent and Carolina Pina of the WIN Lab at Babson College in Miami share insights on Israeli tech culture after participating in the inaugural Reality Adelante program for emerging LatAm leaders:

> Ellen Pao: This is how Sexism works in Silicon Valley.

> Non-tech companies are about to be the biggest investors in tech for the first time - and Goldman Sachs and JPMorgan are leading the way. (From Series F)

> A VC portfolio chosen by an algorithm in 2009 would have been 2nd best performing fund of all time. (From Series F)



> September 28 is LAVCA’s Venture Investors Annual Meeting in New York. Join us for a full day of discussions and networking with the region’s leading early-stage investors, global investors, and invited entrepreneurs, including Victor Wang, “China’s greatest angel investor” and Co-founder of the Zhenfund, which partnered with Sequoia Capital China to raise US$600m and invest in over 400 startups to date. Register here or email us to see if you qualify to attend. Access the agenda here.

> September 20 is the fifth edition of the Venture Capital in Brazil Forum, hosted by ABVCAP, in Menlo Park. Attendance is free for investors as well as portfolio companies of Brazilian fund managers. Check out the agenda and register here.

> 500 Startups is accepting applications from Latin American startups for Batch 8. Entrepreneurs can read more and apply here for the 16-week seed program in Mexico City and US$65k in funding.

> Copacabana House Ventures is hosting a talk on September 4 in São Paulo about “O papel do homem na desconstrução do machismo.” More information and RSVP here.

> blastu is hosting a festival on October 17-18 to gather and connect entrepreneurs, start-ups, corporations and investors that are transforming the Brazilian and global market. Get your tickets here.

> Congrats to the 18 Latin American startups selected by the IDB and Miami Dade to participate in Demand Solutions Miami 2017 on October 17.

> #CHANGETHERATIO has a list of 12 Latinas investing in women. Check out LAVCA's list of Women Investing in Latin American VC: Decision Makers.


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