Mar, 2022

Startup activity report

Your 360º monthly view of the LATAM startup ecosystem

February overview
NUMBER OF TOTAL VOLUME OF AVERAGE ROUND M&AS UNICORNS
FUNDING ROUNDS INVESTMENTS (USD) SIZE (USD)

64 1.1Bi 24.5M 23 3

The emergence of three new Latin American unicorns marked the shortest month of the year!

The insurtech Betterfly (CHI) was the first to join the club; after raising 125M in a Series C led by Glade Brook. The neobank Neon (BRA) was
the second magical being; its 300M Series D was the biggest round of the month! After a merger agreement, the third unicorn gained its
status: SoFi acquired Technisys (ARG) banking platform in an all-stock deal valued at 1Bi.

Talking about big numbers, LATAM startups raised USD 1.1 Bi in February, which means double the result achieved in the same period of 2021!

Preliminary observations
All currency values are in USD
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We hope this report brings you many insights, enjoy!

01. Funding trends

Shine bright like Neon The very first HR record (again)

Neon (BRA) raised 300M in a Series D led Betterfly (CHI) is the first LATAM Last month, Gupy did the biggest LATAM
by BVVA. After the deal, the bank’s insurtech to become a unicorn! After HRtech round, but Sólides (BRA) has just
participation in the fintech is almost 30%. raising 125M, the startup wants to take its broken this record! The Brazilian startup
Neon did not disclose its valuation but operations to other LATAM countries and received a 100M check in a Series B led by
proudly reported joining the unicorn club!

expand to the US and Europe by 2023. Warburg Pincus.

4 Bi

1 Bi

500 M

250 M

530 1.100 1.200 1.100 3.100 1.600 1.900 1.600 1.200 1.400 1.900 1.300 1.100
530 1.100

345 957 373 746 2.100 445 1.400 251 893 988 848 591 743 345 743

NUMBER OF TOTAL VOLUME AVG. ROUND SIZE MOST COMMON UNICORNS

ROUNDS ROUND

64 1.1Bi 24.5M Seed 3

49 in Brazil (76%) 743M in Brazil (67%) 23.7M in Brazil 11 in Brazil 1 in Argentina
6 in Mexico (9%) 125M in Chile (11%) 1 in Brazil
1 in Chile

1|1 8|4 1|1 0|0

1|1 3|1 0|0 29 | 27
20 | 14 1|0 0|0

New Hires (26) HRtech (5) Edtech (5)

4 in Brazil
50 4 in Brazil
Product Foodtech (4)
Acquisitions (5) 20 Development (24) Fintech (19)
12 in Brazil 4 in Brazil
10
Insurtech (4)
5 2 in Brazil
New clients (5) National
Expansion (7)

Marketing (5) International Other (27)

Expansion (5) 23 in Brazil
Operations (10)

743M (49) 26

18 6 startups raised
125M (1) between 10M and
15 15
50M USD
109M (6)
6 6
3 3
92M (5)
1M≤ 1–10M 10–50M >50M
12.5M (3)

18 19 21
B2C
15
40
13 13 10 14 B2B
32
7 6
B2B2C
9
00 8
≤ 1yr 2 yrs 3 yrs 4 yrs >5 yrs

Bra • fintech • b2c col • FINTECH • b2b

Anjos do Brasil Neon Bold
Series D (300M) Series B (55M)
Black Founders Fund bra • fintech • B2B bra • insurtech • B2b2c
Velvet 180 seguros
No data (199M) Series A (33.5M)
Canary
Chi • insurtech • B2c bra • deep tech • B2C, b2b
Betterfly Digibee
Series C (125M) Series A (25M)
All of these investors participated in
funding rounds of 4 different startups! Bra • hrtech • b2B BRA • fintech • B2B
Sólides Tecnologia Foxbit
Series B (100M) Series A (20.8M)
MEX • RETAILTECH • B2B2C COL • LOGTECH • B2B
VALOREO Melonn
Series B (80M) Series A (20M)

CHI • B2c More details

Betterfly
INSURTECH unICORN

biggest latam insurtech round! International Bra • B2c

Series C Expansion IZA
125M use of proceeds INSURTECH
funding stage
IZA offers life insurance to brazilian workers
No data 2018 202.5M with a trustworthy, human, uncomplicated
business model foundation and fair solution, promoting social welfare.
total raised
8 months No data (1.2M)
time since last funding funding stage

Glade Brook (leader), Bra • b2c

DST Global, QED, Y ouse Seguros
Lightrock, Greycroft Insurtech
98 150 191 342 selected investors in this round
Uncomplicated and disruptive insurance.
DST Global, QED No data (No data)
investors who participated
in previous rounds funding stage

col • B2c More details

M ezubo
fi ntech u
a totech

F irst funding round! International bra • B2c, b2b2c

Seed Expansion, National Creditas
5.5M Expansion, New fintech
No data No data funding stage Clients
business model foundation A technology company focused on people.
5.5M use of proceeds
total raised
Series F (260M)
funding stage
11-50 employees No data
time since last funding BRA • b2C

Canary, Dila Capital Just

fintech
(leaders)
selected investors in this round Just offers online personal and car warranty
loans.
investors who participated No data (38.4M)
in previous rounds funding stage

BRA • b2b More details

Sólides Tecnologia
HRTECH ESG

biggest latam hrtech round! Acquisitions bra • B2c, b2b

Series B use of proceeds Revelo
100M hrtech
funding stage
We help companies scale their engineering
103.5M teams with high-performance talent.
Saas 2008 total raised
business model foundation Series B (17.6M)
3 years funding stage
time since last funding
bra • b2b
W arburg Pincus Gupy
selected investors in this round hrtech
No data A new way to find the best talents and assess
investors who participated job candidates, taking into account the
307 357 387 459 in previous rounds company's and the candidates’ features.
No data (89.7M)
funding stage

BRA • B2c More details

N one
FINTECH n
i vestme ts n n n
ba ki g UNICORN

Series D Operations, Bra • B2c

300M Product modalmais
funding stage Development, fintech
Marketing,
719.9M Acquisitions The digital bank for investors.
No data 2016
total raised use of proceeds
business model foundation No data (No data)
15 months funding stage
time since last funding
Bra • b2c
BBVA nubank
selected investors in this round
FINTECH
No data The leading financial technology company
investors who participated
1,152 1,293 1,440 1,490 in previous rounds
in Latin America.
IPO (No data)
funding stage

bra • B2B More details

Smartbrain
FINTECH n
i vestme ts n

1st funding round! Product Bra • B2c, b2b2c

No data Development, kinvo
10M Marketing, fintech
funding stage Acquisitions Changing the relation between people
use of proceeds and their investments since 2017.
SaaS 2004 10M
business model foundation total raised Pre Seed (No data)
funding stage
No data
time since last funding Bra • b2c, b2b
Bradesco Gorila
selected investors in this round FINTECH
No data The first solution that allows you to
investors who participated manage all of your investments in one
50 59 56 58 platform, with ease and transparency.
in previous rounds
No data (17.8M)
funding stage

Want the complete February funding list? Access Sling Hub here!

02. M&A

A magical purchase Here comes the sun The backbone

SoFi, a U.S. personal finance company, Intelbras announced the acquisition of Operations are the destination of most
entered into a merger agreement to acquire Renovi Energia Solar (BRA). The deal is of the M&A funds: startups are paying
the banking platform Technisys (ARG) in an the biggest one in the company's history, close attention and investing in finance,
all-stock deal valued at 1Bi. The fintech is which aims to become a reference in the legal, compliance and HR admin.
now part of the unicorn club!
solar energy.

50

40

30

20

10

19 23
19 35 32 21 25 27 28 24 36 25 40 30 23 15 20

15 32 27 21 22 24 25 20 30 21 34 23 20

NUMBER OF NUMBER OF
ACQUISITIONS MERGES

22 1
20 in Brazil (90%) 1 in Brazil (100%)

Buyer Acquiree
14
17 (77%) 20 (91%) 10
7
4 (18%) 1 (4.5%) 4
3 2
1 (5%) 1 (4.5%)
1-5 years 6-10 years +10 years

New Hires (2)

2 5
20
3
4 10
11 5 2 5

5 National
7 Operations (6) Expansion (1)

01. Finances (5) 5 in Brazil 01. Fintech (5) 4 in Brazil

02. Health (4) 4 in Brazil 02. Healthtech (5) 5 in Brazil
03. Education (2) 2 in Brazil 03. Marketing (3) 3 in Brazil
04. Other (11) 9 in Brazil 04. Logtech (2) 2 in Brazil Product
05. Other (7) 6 in Brazil Development (4)

More details
USA • No data 1st latam acquisition ever to elevate the arg • no data
SoFi acquiree to a unicorn status! Technisys
nances
fi Acquisition ntech
fi unicorn
type of acquisition
Cash
payment
1.1Bi
amount
No data No data 64M No data
total raised business model total raised business model
91,573 No data (No data) 1195 Series C (50M)
employees last funding round employees last funding round
2011 No data No data 3 years
foundation time since last funding foundation time since last funding

More details
BRA • No data Acquisition bra • no data
Intelbras type of acquisition Renovigi Energia Solar
TELECOMMUNICATION Cash ENERGY
payment
63.3M
amount
Operations
use of proceeds No data No data
No data No data total raised business model
total raised business model
51-100 No data (No data)
3,060 No data (No data) employees last funding round
employees last funding round
2011 No data
1976 No data foundation time since last funding
foundation time since last funding

More details
BRA • No data Acquisition BRA • b2c
Hapvida type of acquisition Smile Saúde
hea lth Cash hea lthtech
payment
56.8M
amount

No data No data
No data No data total raised business model
total raised business model
No data No data (No data)
10,182 No data (No data) employees last funding round
employees last funding round
No data No data
1979 No data foundation time since last funding
foundation time since last funding

More details
Bra • NO DATA Acquisition bra • B2c
Afya type of acquisition Além da Medicina
EDTECH Cash hea lthtech d
e tech

payment
3M
amount
Product Development
use of proceeds
8th healthtech acquisition No data No data
No data No data buyer statistics total raised business model
total raised business model
No data No data (No data)
>1k No data (No data) employees last funding round
employees last funding round
2019 No data
2019 No data foundation time since last funding
foundation time since last funding

Want the complete February M&A list? Access Sling Hub here!

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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.

Our mission is to organize information about the Latin American

startup ecosystem to facilitate interaction among its players.