January, 2022

2021 wrapped

Brazilian startups
Big numbers
NUMBER OF TOTAL VOLUME OF AVERAGE ROUND
FUNDING ROUNDS INVESTMENTS IN USD SIZE IN USD M&AS UNICORNS

761 10Bi 13M 296 10

Preliminary observations
All currency values are in USD
For best experience, please access the report in your computer.
We hope this report brings you many insights, enjoy!

2021 overview
A year like never before!
Despite the pandemic distress, there has never been a year like 2021 for Brazil's startup ecosystem!

We witnessed the most remarkable growth in investment volume, average round size, and M&As.

We've also never had so many people working on startups! Last year, over 100k people joined the Brazilian
startup teams. Without a doubt, 2021 was a magical year; no wonder 9 new unicorns were born!

Almost 200% growth!

The volume of investments
directed to Brazilian startups had
an impressive increase in 2021,
almost 200%.

It is also noteworthy that the

checks have gotten fatter. The
645M 1.2Bi 1.7Bi 3.7Bi 3.4Bi 10Bi 2 0Bi average round size was USD 5.5M
in 2020 and it jumped to USD
13.7M in 2021, a 150% growth!

300
53 3.8Bi
59
60

404
179
182
1.4Bi

73 01. Fintech (179)

45 02. Healthtech (60) 501M
490M
03. Edtech (59)
04. Retailtech (53)
1M≤ 1–10M 10–50M >50M
05. Others (404) Fintech Retailtech Healthtech Edtech

Want more funding info? Access Sling Hub here!

19 3 10

Methodology
Companies that have gone through an IPO process or were
purchased by publicly traded companies are considered
former unicorns. Sling Hub does not view holdings as

unicorns (e.g., Movile and Fretes.com). Nonetheless, we

monitor their startups! Including ifood, which is a unicorn!

Download our special unicorn report for free!

2018 2019 2020 2021
5 5 3 10

UNICORN UNICORN ROUND K YE DATA EMPLOYEE GROWTH

CloudWalk Series C 300k See more

150M
November

150k
Coatue (leader), DST
Global, A-Star, The Hive 149 161 180 2 42
Brazil, Plug and Play,
Valor Capital
USD 3.4Bi

Daki (JOKR) Series B +60 See more

260M
November
933%
Activant, Balderton,
Greycroft, G-Squared, HV 9
Capital, Kaszek, +4 37 89 141

Facily Series D 12k 776 See more

135M
December
15M
Goodwater (leader),
Prosus (leader)
46%

Hotmart Series C +200% growth See more

131.7M
March
7,330 7,933 8,2 10 8, 647
C leader), Alkeon
T V(

MadeiraMadeira Series E USD 125M See more

190M
January
10K

Dynamo (leader), 1,118 1,389 1,532 1,778

SoftBank (leader), Brasil
Capital, Lakewood, VELT, 2.5M
Monashees, Flybridge

Merama Follow On Product

See more
60M Development,

December Marketing

Advent International,
SoftBank 1 37 102

Mercado Bitcoin Series B 2.8M See more

200M
June
700K
SoftBank, Endeavor, Pipo 22 1 2 92 367 446
Capital, Tribe Capital

USD 5Bi

Nuvemshop Series E 90K See more

500M
August
14M 154 55 320
2 2 1 2
T iger Global (leader),
Insight Partners (leader),
Accel, Sunley House,
Qualcomm, Kaszek,
Alkeon, VMG Partners,
Owl Rock, ThornTree

Olist Series E >45K See more

186M
December
506 646 8 15 872
Wellington (leader), Globo
Ventures, Goldman Sachs,
Valor, Corton, SoftBank

Unico Series C 800 See more

120M
SoftBank (leader), General
Atlantic (leader), BIG BETS
329 481 569 751

Want more info about unicorns? Access Sling Hub here!

Seed 2 0% 6

About stages
With only 25 round rounds, Series C fundings represented 20% of the total volume raised by Brazilian startups in 2021.

Although they were the most frequent round, Seed investments represented only 2% of the year's total. 217 Seed investments
raised USD 157M last year.

36% of the 2021 rounds did not disclose their investment stage. Together, they raised USD 1Bi, 10% of the country's investment.

121.6M 16M 19M 157M 8 94M 1.6Bi 2Bi 1Bi 1.5Bi 206M 1Bi 1Bi

Debt Series A Series D

Creditas 30M Daki (JOKR) 170M Loft 425M

Agasus 23M
CRM&BÔNUS 51.9M Facily 2 50M

MedBeauty 17.6M
J ustos 36M Facily 135M

Eq. Crowdfunding
Grana Capital Series B Series E
961k
Merama 22 5M Nuvemshop 500M

Zletric 960k
Q uintoAndar 300M
Mercado Bitcoin 2 00M
EqSeed 927.6k
Gympass 22 0M

CloudWalk 190M
Pre Seed
BHub Series F
4.5M
Loggi 2 06M
Series C
Ebanx 430M
Trugghub 2 .6M
Series G

DIVI•hub CloudWalk 150M Nubank 750M

2 .4M

Seed Petlove&Co 144M Nubank 400M

TruePay 8 .5M

180 Seguros 8 2 . M

Inventa 5.6M

Wall Street welcomes Brazilian unicorns

9 In July, VTEX went public on Wall Street! The SaaS digital commerce
platform for enterprise brands and retailers became a unicorn in September
2020, and the IPO was valued at USD 3.7Bi.

December was Nubank's time to debut in the NYSE. The largest LATAM
neobank was valued at over USD 50Bi on its first day as a publicly-traded
company.

Four other startups went public on the Brazilian Stock Exchange: GetNinjas
(Adtech), GetNet (Fintech), Infracommerce (Salestech), and Dotz (Fintech).
2019 2020 2021
0 3 6

Regional insights!
Startups in the South of Brazil raised 351% more money in 2021 compared to 2020. The region also became a bit more critical,
going from 7% to 11% of the country's total funding. Kudos to the state of Paraná, which bred three unicorns in 2021: Unico,
Olist, and Madeira Madeira. They together raised over USD 500M.

O n the other side of the country, Northeastern startups had the highest percentage growth. The region went from less than USD
18M in 2020 to USD 87M raised in 2021, a 386% increase!

T otals

3.2Bi 435.7M 31.1M 2M 0 3.7Bi

357 8 9 14 11 0 533

3.1Bi 2 43.8M 17.5M 22 .1M 71.4k 3.4Bi

392 113 25 17 1 616

8.9Bi 1.1Bi 87.4M 29.9M 76.8k 10Bi

370 83 17 11 1 755

South-East captures the lion's share

Southeastern startups raised USD 8.9 Bi in 2021, 89% of the country's total. Looking at big numbers, 89% of the rounds above
USD 10M also happened in the states of Rio de Janeiro, Minas Gerais, or São Paulo. Although very high, we noted that this
concentration had a slight drop in the last year - in 2020, the South-East represented 91% of the investments raised in Brazil.

STARTUP FUNDING STAGE K Y E DATA EMPLOYEE GROWTH

Amachains No data N ew hires 11 See more

76.8k
August
76.8k

Anjos do Brasil

J usbrasil No data See more

32M
April
41.5M
2 52 28 9 332 373
Monashees, SoftBank

Origem Motos Series A National See more

17.8M Expansion
December
19M 59 50 62 51
Atmos (leader), Visagio,
Bain Capital Credit, Bee Cap

Ebanx Series C See more

430M
June
460M
733 789 1 1,034
Advent International
82

Nubank Series G International See more

750M Expansion,
Product
June Development,
New Hires 3,432 4,611 4,976 6,225
Sands Capital Ventures
(leader), Berkshire
1.9Bi
Hathaway, Verde Asset
Management, Absoluto
Partners

Fintech Edtech

The reign of financial technology

Fintech is consistently the most funded Brazilian market since 20219. Last year, fintechs raised USD 4.0Bi, almost 40% of the
country's total! The sector's investments grew by +166% compared to 2020 and had the highest employee percentage growth
(+41%). By October 2021, over 95k people worked in financial technology firms in Brazil.

others
4Bi
Fintech

2Bi

Retailtech
1Bi

healthtech
Edtech
500M

250M

2019 2020 2021 T otal volume

Total volume 3.7Bi 3.4Bi 10.2Bi
YoY Growth -5,7% +200%
Totals % Bra

2 99
181
73
47

rounds rounds rounds rounds 161 rounds did not

disclose their round size

<1M 1-10M 10-50M >50 T otals Most recurring

1-10M (35.7%)

<1M 54% ( )

<1M 60% ( )

<1M 41% ( )

<1M 53% ( )

200k
others

100k 2 5
Fintech
38
75k
2 41

healthtech 90
50k
edtech
Retailtech
0
O ctober
O ctober

2020 2021 01. Fintech ( 90)

02. Edtech (38)
+ 41% 03. Healthtech (25)
04. Others (241)
+ 39%

+ 26% Newbies in education

38 out of 59 edtech funding rounds in 2021
+10% were from startups that raised for the first
time! Newcomers represented 64% of edtech
rounds.
+27%

Fintech
STARTUP FUNDING STAGE INVESTORS ON THIS STAGE
Nubank Series G Sands Capital Ventures (leader), Berkshire Hathaway, See more
750M Verde Asset Management, Absoluto Partners

Ebanx Series C Advent International See more

430M

Nubank Series G Invesco, GIC, Whale Rock (leaders), Tencent, See more
400M Se uoia Capital, Dragoneer Investment Group,
q

Ribbit Capital
Healthtech
STARTUP FUNDING STAGE INVESTORS ON THIS STAGE
Alice Series C SoftBank (leader), Kaszek, ThornTree, G Squared, See more
127M Globo, StepStone, Allen & Company

Bionexo No data Bain Capital Credit See more

81.6M

Memed Series C DNA Capital

See more
57.7M

Edtech
STARTUP FUNDING STAGE INVESTORS ON THIS STAGE
Inspirali Educação No data DNA Capital
See more
176M

Hotmart Series C C
T V( leader), Alkeon Capital See more
131.7M

Descomplica Series E SoftBank, Invus Opportunities (leaders), Valor, See more

82.7M Península, Amadeus, Chan Zuckerberg Initiative (CZI)

Retailtech
STARTUP FUNDING STAGE INVESTORS ON THIS STAGE
Nuvemshop Series E Insight Partners, TGM (leaders), ThornTree,
500M Sunley House, Qualcomm Ventures, Kaszek, See more
Alkeon Capital, Accel, VMG, Owl Rock Capital

VTEX IPO
See more
361M

Facily Series D DX Ventures, Delivery Hero (leaders), Citius

See more
250M

Want more market info? Access Sling Hub here!

Metrics
Beyond the funding
Funding rounds are crucial to measuring startups' success, but they are not the only metric available at Sling Hub. Sling users
have 2.9 million startup information data to explore the ecosystem in-depth. Check social media metrics, media appearances,
technologies, and much more!

up to 1M total raised up to 1M total raised

Startup Followers Startup Followers
Gran Cursos Online 1.9M Love Mondays 139k
Edtech • Distrito Federal • B2C HRtech • São Paulo • No data
Leiturinha 873k 99jobs 92k
Edtech • No data • No data HRtech • São Paulo • B2C

Glambox 837k GeekHunter Brasil 85k

Marketing • No data • No data Fintech • Santa Catarina • B2B

1M-10M total raised 1M-10M total raised

Startup Followers Startup Followers
Final Level Co 1.9M Kenoby 145k
Games • Rio de Janeiro • B2C HRtech • São Paulo • B2B
Tricae 1.4M Zup Innovation 95k
Retailtech • São Paulo • B2C Management • Minas Gerais • No data

Phooto Digital Innovation One Inc.

Media • São Paulo • B2C
713k Edtech • São Paulo • B2C,B2B 87k

10M+ total raised 10M+ total raised

Startup Followers Startup Followers
Nubank 2.3M Nubank 3.7M
Fintech • São Paulo • B2C Fintech • São Paulo • B2C
Enjoei iFood
Fashiontech • São Paulo • B2C
2.1M Foodtech • São Paulo • B2C
910k

Beleza na Web 1.7M TOTVS 639k

Fashiontech • São Paulo • B2C Management • São Paulo • B2B

up to 1M total raised

Dialog Onfly CUBi Energia

2 3 19 18

“Dialog: Startup salta de 20 para 75 “Startup onfly projeta triplicar de “Vetor AG divulga startups selecionadas
clientes em um ano e alcança 305 mil tamanho em 2022” para o Pitch Day do 4º ciclo”
usuários...”

1M-10M total raised

Leve Vee Benefícios Lemon Energy

7 3 3

“Fintech catarinense oferece “Startup francesa anuncia fusão com “Conta de luz mais cara: startups
oportunidades de trabalho no modelo empresa brasileira de benefícios” faturam ajudando pessoas e empresas a

híbrido em Florianópolis” gastar menos com energia”

10M+ total raised

Nubank Loft Q uintoAndar

393 111 100

“Nubank to list shares in mexico” “Nubank, Loggi e mais: veja 10 maiores “The Latam Startups in Which SoftBank
aportes em startups brasileiras de 2021” Invested During 2021”

Category 1M< 1-10M 10-50M >50M

300-1k reviews 300-1k reviews

Startup Rating Startup Rating
Vibe Saúde 4.9/5 MeuBuzu 4.8/5
Healthtech • São Paulo • B2C,B2B ( 522 reviews) Mobility • Bahia • No data ( 680 reviews)

TutorMundi 4.9/5 Apptite 4.8/5

Edtech • São Paulo • B2C ( 338 reviews) Foodtech • São Paulo • B2B ( 678 reviews)

Youper 4.9/5 TutorMundi 5/5

Healthtech • Sta Catarina • B2C ( 307 reviews) Edtech • São Paulo • B2C ( 577 reviews)

1k-5k reviews 1k-5k reviews

Startup Rating Startup Rating
Worldpackers 4.9/5 VExpenses 5/5
Traveltech • São Paulo • B2C ( 4.7k reviews) Fintech • São Paulo • B2B ( 3.6k reviews)

Ribon 4.9/5 Km Solidário 5/5

Fintech • Dist. Federal • B2B2C ( 2.4k reviews) Healthtech • No data • No data ( 2k reviews)

Idiomus 4.9/5 Agendor 5/5

Edtech • Rio Gd. do Sul • B2B (1.3k reviews) Sales Tech • São Paulo • B2B 1.9k reviews)
(

5k-10k reviews 5k-10k reviews

Startup Rating Startup Rating
TownSq 4.9/5 Dr.Consulta 5/5
Real Estate • Rio Gd. do Sul • B2B2C (7k reviews) Healthtech • São Paulo • B2C 7.5k reviews)
(

Joyz 4.9/5 Zee.Dog 5/5

Healthtech • Rio Gd. do Sul • B2B2C (6k reviews) Pets • Rio de Janeiro • B2C 5.1k reviews)
(

Doctoralia 4.9/5
Healthtech • Paraná • B2B2C ( 5.8k reviews)

Investors
BossaNova Softbank

Gringos have deeper pockets

Endeavor (USA) and Softbank (JAP) were the most active investors in rounds Series B and beyond. It shows that international
VCs have a strong appetite for big deals, with an average value above USD 40M.

Fintech and healthtech are the foreigner's preferred markets to invest in.

Before series A Series A Series B After Series B

Investor Rounds Investor Rounds Investor Rounds Investor Rounds
BossaNova Valor Endeavor Softbank
21 11 8 14

Anjos do Brasil Monashees Valor Monashees

15 8 5 7

Domo Invest Canary Softbank Kaszek

13 7 5 5

Ventiur Kaszek
13 4

Fintech Healthtech Edtech Retailtech

Investor Rounds Investor Rounds Investor Rounds Investor Rounds
Softbank 8 Endeavor 4 Black Founders 3 Aimorés 3

CapTable 6 Kaszek 4 Criabiz Angels 3 Canary 3

Endeavor 6 Aimorés 3 Alexia Ventures 2 GFC 3

Kaszek 6 DNA 3 Anjos do Brasil 2 Maya Capital 3

Q ED 6 Norte Capital 3 Base Partners 2 ONEVC 3

Ribbit 6 Valor 3 Domo Invest 2 Poli Angels 3

Valor 6 Softbank 2 Q uartz 3

XP Investimentos 2 Verve 3

Want to check more investors data? Access Sling Hub here!

M&As

15 2 68 3 10

Buy buy buy

Buying a startup can be the fastest
way to grow or absorb new
technologies.

Whatever the reasons, startup

1 2
1 2
acquisitions seem to be on an
exponential growth path; and as
the ecosystem matures, more and
more startups become buyers!
13 15 34

16 2 3
4
18
2
It's all about fintech!

111 179
Fintechs were the most bought startups and purchased
55 the most in the last year. The acquisitions reflect the
37 sector's growth, which raised USD 3.8 Bi in 2021,
increasing 193% YoY.

21% of Brazilian startups bought in 2021 were fintechs.

01. Finances (37) 01. Fintech (55) Financial firms also represented 26% of the buyers.
02. Education (18) 02. Edtech (24)
03. Retail (16) 03. Retailtech (23)
04. Others (111) 04. Others (179)

11
Meliuz
Finances

Magalu
Retail
Locaweb
6 Retail

Nuvini
Management
5
4

Sinqia 4 modalmais
Finances Finances

Nubank 4
Finances
Afya Limited
Education

More details
Bra • B2C Acquisition Bra • B2B2C
Magalu type of acquisition Kabum!
Retail Enter the gamer market r etailte ch
buyer strategy

705M
amount
Most expensive acquisition
buyer statistics
no data no data 26M no data E-Commerce, Marketplace
total raised business model total raised business model
buyer net profit Q4 2021
24.812 no data 23 762 no data
employees last funding round buyer acquisitions since 2017 employees last funding round

1957 no data 2003 +10 years

foundation time since last funding f oundation time since last funding

More details
Bra • B2B2C Acquisition Bra • B2B
Meliuz type of acquisition Acesso
Finances Expand financial services f n ch
i te

buyer strategy

60.7M
amount
2th acquisition of the year 6.7M BaaS
buyer info total raised business model
no data
total raised
no data
business model
Invest Tech 29 no data (6.7M)
acquiree previous investors employees last funding round
455 IPO 16.4M 2010 3 years
employees last funding round buyer's registered users f oundation time since last funding
2011 1 year
foundation time since last funding

More details
Bra • b2b Acquisition Bra • B2B
Nuvini type of acquisition Mercos
MANAGEMENT Market expansion Sales tech
buyer strategy

no data
amount
Aims 85 acquisitions by 2025
no data SaaS buyer info 1.9M E-Commerce, SaaS
total raised business model total raised business model
Qualcomm Ventures , Monashees
229 data acquiree previous investors 107 Seed (1.9M)
employees last funding round employees last funding round
2010 6 years
2019 data f oundation time since last funding
foundation time since last funding

South-East protagonism

33 73 125 42 119 193

4 8 27 10 26 66

3 2 3 3 10 7

0 1 3 3 2 4

0 0 0 0 0 1

The South is comming

Acquisition of Southern startups had the highest percentual growth in 2021. The region sold three times more startups compared
to the previous year.

T onolucro Delivery was the first acquisition in the North! Magalu bought 100% of the Foodtech from Tocantins in March.

Fintech Edtech

200

others
150

100
Fintech

50
Edtech
Retailtech
healthtech
10

2019 2020 2021 T otal volume

Total volume 69 178 296
YoY Growth +158% +66%
Totals % Bra

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SLING In 2021, we became the largest intelligence

RETROSPECTIVE data plataform in Latin America!

2.9M startup data

+25k startups

Startup data gathered, Their details are available

analyzed and categorized. on our platform, slinghub.io.

275 new mentions

6 new countries

Sling Hub data was cited in Argentina, Chile, Colombia,

media all through 2021. Mexico, Peru, and Uruguay.

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Important note!
All funding and M&A currency value have been converted into USD. The exchange rate is related to the deal date.

O ur mission is to organize information about the Latin American

startup ecosystem to facilitate interaction among its players.

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