Welcome to the 8th edition of the Dealflow LatAm newsletter: a weekly summary of everything that happened in the LatAm startup and investment ecosystem.

This is newsletter is put together by Yoel Rodriguez with the help of Jaime Novoa. Yoel has joined us to take Dealflow to the next level. For now, we’ll be once again sending the LatAm version of the newsletter every Monday and we have a few more things in the pipeline. Stay tuned!

Startup funding news 💸

🇦🇷 Ualá, an Argentine fintech, raised $300M in a Series E round led by Allianz X, reaching a valuation of $2.75B. The round included participation from Soros Fund Management, Stone Ridge, and others. The funds will scale operations in Argentina, expand in Mexico and Colombia, and explore insurtech opportunities.

🇲🇽 Plata Card, a Mexican fintech, raised $55M through senior unsecured bonds due 2026, marking the first such issuance for a Mexican NBFI since 2021. The transaction, led by Scotiabank, highlights Plata's AI-driven financial platform and commitment to inclusive, innovative financial services.

🇧🇷 Educbank, a Brazilian fintech focused on schools, raised $14.5M in its second debenture issuance, led by VBSO Advogados and Travessia Securitizadora. The funds will support its "guaranteed revenue" product, ensuring timely tuition payments for partner schools.

🇧🇷 Tako, a Brazilian HR-focused fintech, raised $13M in a seed round led by Ribbit Capital and Andreessen Horowitz. The funds will expand its operations and enhance its platform for automating HR processes for mid-sized companies.

🇲🇽 Cometa, a Mexican edtech fintech, raised $12M in a Series A round led by Reach Capital to expand its school revenue optimization platform. Serving 350 schools, the funds will drive product development and growth, aiming to reach 1,200 schools and expand into Latin America within two years.

🇻🇪 Influur raises $10M to grow its fintech platform for content creators. The Miami-based startup, founded by four Venezuelan women, secured the Series A round led by Point72 Ventures and HTwenty Capital, with total funding now at $15M. The funds will enhance AI tools and financial services for 30,000+ creators.

🇲🇽 MoradaUno, a Mexico City-based proptech, raised $5.6M in a Series A round co-led by Flourish Ventures and Cometa, with participation from Clocktower Ventures, Picus Capital, and Y Combinator. The funds will drive expansion to six new cities and enhance its underwriting services, which help tenants secure rentals by reducing landlord risk.

🇳🇮 Tumoni, a Nicaraguan fintech, raised $2.29M in pre-seed funding co-led by Slauson & Co. and Counterview Capital. The platform offers free remittances, quick bank account setup, and debit cards to serve Central American migrants. Funds will support U.S. and Nicaragua launches, with plans to expand regionally and reach 50,000 users by 2025.

🇧🇷 Cervello, a Brazilian ESM solutions provider, raised $2.16M in funding led by E3 Innovation with support from Mont Capital. The investment will fuel its expansion in Brazil and Latin America, strengthening its market presence.

🇲🇽 Ozon, a Mexican platform for buying and selling used motorcycles, secured $884,340 in a credit line led by Addem Capital to expand operations and promote financial inclusion for gig workers.

M&A transactions 🎊

🇨🇱 EdiPro, a Chilean proptech, acquired Lottawork, a marketplace for home services, to launch "EdiPro Servicios" and enhance its platform for over 150,000 residents. The integration offers qualified providers and partnerships with Examedi, Carvuk, and Cuidapet, enabling seamless access to home solutions.

🇧🇷 Ricardo Faria, founder of Brazil’s Grupo Granja Faria, acquired a majority stake in Spain’s Grupo HEVO, the country’s second-largest egg producer, through his holding company Global Egg. Grupo HEVO, with annual revenue of €180M, 15 farms, and 4M hens, plans to invest €6M in infrastructure and animal welfare.

🇧🇷 Yduqs (YDUQ3) acquired Instituto Cultural Newton Paiva, a university center in Belo Horizonte, for $8.45M. The deal involves an upfront payment and installments over five years, with projected cost synergies targeting a 2.2x EV/EBITDA by 2025.

🇧🇷 Biomerieux, a global leader in laboratory analysis, acquired 100% of Neoprospecta, a biotech startup from Florianópolis specializing in food industry solutions. The acquisition, completed as an all-cash transaction, marks Biomerieux’s first in Brazil and aims to enhance contamination detection technology for factories.

Investor & accelerator news 🚀

🇧🇷 Santander X Acelera, an acceleration program by Distrito and Santander, extended its application deadline to November 30. The initiative focuses on AI adoption for startups and SMEs, offering mentorships, rewards, benefits, and access to 300+ innovation reports.

🇨🇴 Bogotá Startup Nights 2024 will be held on November 21 at the Bogotá Chamber of Commerce (Chapinero). The event features workshops, panels, and networking with investors and ecosystem leaders.

🇨🇱 EtMday 2024, an innovation and entrepreneurship event, takes place November 21-23 in Vitacura, Chile. Featuring 120+ speakers and activities like Tesla Pitch, it brings together startups, investors, and companies across 11 industries.

🇧🇷 BNDES Garagem 2024 selected 100 startups for its acceleration program in partnership with Quintessa. Fifty will join the Creation module for early-stage support, while the other 50 will participate in the Traction module to scale existing ventures. Key sectors include Green Economy and Decarbonization, with 42% of startups from underserved regions and a strong focus on diversity.

🇨🇱 Awesome Fest 2024, a tech talent and innovation event by Get on Board, will be held on November 26 in Santiago, Chile, in a hybrid format. The event will feature speakers from companies like AWS, Uber, and Shinkansen, focusing on the future of work and emerging technologies.

🇧🇷 Prêmio Sebrae Startups 2025 is now open for applications, offering a total prize pool of $164,000, with $43,000 for the winner. The competition spans 10 categories, and finalists will showcase their solutions at the Startup Summit 2025 in Florianópolis.

Startup news 💡

🇲🇽 Stori partners with AliExpress to boost e-commerce in Mexico, offering discounts, 10% cashback, and temporary credit line increases for users. The collaboration promotes financial inclusion and supports entrepreneurs and consumers.

🇦🇷 Pomelo, an Argentine fintech, joined the World Economic Forum's Global Innovators community and was named Endeavor's "Entrepreneur of the Year" for 2024. Recognized for its transformative impact on Latin America's financial ecosystem, Pomelo operates in six countries, has raised $103M, and supports 125 clients with solutions for card issuance and payment processing.

🇺🇾 dLocal, Uruguay’s only unicorn and the only Uruguayan company listed on Wall Street, reported $6.5B in total payment volume for Q3 2024, a 41% year-over-year increase. Revenues reached $186M, up 13% annually, with strong growth in Argentina, Mexico, and Colombia despite challenges in Brazil. Operating income was $41M, 20% lower than Q3 2023 but 36% higher than Q2 2024.

🇨🇴 Cobre, a Colombian fintech, has expanded its enterprise financial management platform to Mexico, leveraging a $35M Series B led by Oak HC/FT raised earlier this year. The company offers solutions like real-time treasury automation and international payments to address inefficiencies in money movement for businesses.

🇲🇽 Trully by Único launched Mexico’s first Digital Fraud Bureau during the STP Summit 2024. Using facial biometrics and advanced AI, the tool identifies 76% of fraudsters, reducing fraud-related losses by millions. This initiative strengthens financial security and reduces credit costs for businesses and consumers.

🇧🇷 Privacy Tools, a Brazilian privacy management startup, reached a $26M valuation and is preparing to raise $1.7M in a new round. Funds will support AI advancements, including its new DPO assistant, Pria, and an AI governance module, as well as expansion into international markets like Europe.

🇨🇴 Rappi and Civitatis announced a partnership allowing users in Colombia, Argentina, Brazil, Chile, Mexico, Peru, and Uruguay to book Civitatis tours and activities via the Rappi Travel section. The alliance offers curated travel experiences across Latin America and worldwide, including Teotihuacán, Paris, and New York.

🇧🇷 Protecting Brains & Saving Futures (PBSF), a Brazilian healthtech, won KPMG's Global Tech Innovator 2024 award in the “People’s Choice” category. The startup’s solution, UTI Neon, uses AI and edge computing to diagnose brain injuries in newborns, with operations in Brazil, India, and the U.S.

Big company & policy news 💡

🇦🇷 Alejandro Oxenford was appointed as Argentina's new ambassador to the United States, replacing Gerardo Werthein. A seasoned entrepreneur and advisor to President Javier Milei, Oxenford co-founded tech ventures such as OLX and De Remate. He pledged to strengthen bilateral relations and promote cooperation between the two nations.

🇲🇽 Medline Industries, a U.S. medical device company, plans to double its revenue in Latin America from $110M to $220M by 2028, with Mexico as a key hub. Operating four manufacturing plants in the country, Medline has invested $300M to expand capacity, focusing on integrated surgical solutions and consumables to strengthen its regional presence.

🇧🇷 Dimensa, a financial technology company, partnered with B3 Digitas to support institutional investors in cryptocurrency operations after Brazil’s CVM Resolution 175. The regulation allows investment funds to directly purchase cryptocurrencies within specified allocation limits.

Interesting reads 💡

🇧🇷 Latitud explains why it invested in Payana, a fintech tackling payment challenges for SMBs in LatAm, now serving 1,000+ companies across Colombia and Mexico.