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!

This week’s newsletter is sponsored by Holafly:

Discover Holafly's eSIM for Business

With Holafly for Business, empower your teams with Unlimited Data and cost-saving mobile plans worldwide. More info here.

Startup funding news 💸

🇲🇽 R2 raises $59M to expand its lending platform across Latin America, including Chile. The $9M equity round was led by Hi Ventures and Cometa, with a $50M credit line from CIM. Funds will boost AI underwriting and client growth.

🇲🇽 Zebrands secures a $53M syndicated loan from HSBC and Banco Sabadell to expand operations. Funds will support opening three new stores weekly in 2025, scaling manufacturing, and buying back seed investors’ shares.

🇧🇷 Makasí raises $20.1M to fund real estate credit for small and medium developers through a CRI. The round was led by RBR Asset and will support project financing, expanding access to credit for underserved construction firms.

🇧🇷 Agilize raises $10M in a round led by AXA, with plans to pursue M&A opportunities and expand its tech team. The Brazilian accounting startup specializes in services for small and medium businesses and aims to scale its operations nationwide.

🇧🇷 KGeN raises $9.2M to expand its decentralized gaming platform and empower gamers with data control. The round was led by Aptos Labs, with Polygon and Game7 participating. Funds will support platform growth and emerging market expansion.

🇨🇴 Bia Energy raises $8.5M in a bridge round led by RA Capital and BID Lab, with support from the Climate Investment Fund. The funds will expand its clean energy platform, strengthen technology, and position the company for its Series B.

🇧🇷 Teachy raises $6.7M in a Series A led by Goodwater Capital, with support from Reach Capital and others. Funds will drive senior tech hires and expand its AI-powered education platform in Latin America and the U.S.

🇧🇷 Sinatra raises $670K in a pre-seed round led by Grupo Quality Digital and a16z Scout. Funds will enhance its AI Copilot for e-commerce.

🇧🇷 iBUILD raises $536K led by Gustavo Rizzo to expand its smart construction franchises in Brazil. Funds will drive growth and tech development.

🇧🇷 Novvo Bem Estar raises $520K to expand its hangover prevention product and scale operations. The round was led by BR Angels, with JBR Partners and Orgânica Participações participating.

🇧🇷 Zemo Bank raises $335K from Bertha Capital to enhance B2B fintech services and pursue a direct credit license.

M&A transactions 🎊

🇧🇷 nstech acquires Log.One and GBM, boosting ARR to $167M and reaching 33 M&As in four years. The logtech expands terminal management capabilities and plans further growth with integrated supply chain solutions.

🇧🇷 Netspaces acquires Insignia Assets to expand its real estate tokenization ecosystem. The deal integrates Housi and launches token-based cashback for property buyers.

🇧🇷 Fleury (FLRY3) acquires Confiance Medicina Diagnóstica for $21.8M, expanding in Campinas and nearby cities. The deal awaits CADE approval.

🇧🇷 Conexa acquires Lina Saúde to boost patient engagement and expand revenue streams. Backed by Goldman Sachs and General Atlantic, this marks Conexa's second acquisition this year, integrating Lina's data-driven health management system.

Investor & accelerator news 🚀

🇧🇷 Spectra Investments closes its sixth fund, raising $285M to focus on secondary market transactions and search funds. The firm aims to capitalize on emerging opportunities in these segments across Latin America.

🇧🇷 Miguel Nicolelis and Flávio Pripas launch the $200M NeuroCapital Fund to drive innovation in neurotechnology. The fund will support startups with regulatory guidance and global scalability.

🇧🇷 Pátria partners with XP to raise a $25M venture capital fund aimed at early-stage investments. The initiative will target high-growth startups in strategic sectors across Brazil.

🇧🇷 Opea and Trademaster launch a $25M FIDC to expand B2B credit for industries, distributors, and retailers across Brazil. The fund uses advanced technology to automate and streamline over 500,000 credit transactions annually.

🇨🇱 Mercado Pago partners with Frontal Trust to launch a $10M fund supporting over 60,000 SMEs in Chile. The fully digital initiative offers fast, transparent loans, boosting financial inclusion and economic growth.

🇺🇾 OurCrowd launches OurCrowd LATAM Labs, Uruguay’s first government-backed accelerator, offering startups up to $300K, mentorship, and global network access. Supported by Ingenio, University of ORT, and Mana Tech, the program aims to position Uruguay as a tech hub.

🇧🇷 Fiagro Nagro Oikos raises $12.6M to expand credit for small and medium rural producers. Managed by Nagro Crédito Agro and Oikos Capital, the fund focuses on diversifying agricultural financing and aims to grow its total assets to $33.6M.

🇧🇷 Appmax and EBANX partner with a $167,500 fund to help 100 Brazilian businesses expand into Latin America, simplifying cross-border sales.

🇺🇾 Montevideo hosts the 6th IncubadorasLAT (Nov 27-29), uniting 264 entrepreneur support centers to promote innovation, sustainability, and female entrepreneurship.

🇨🇱 Impacta VC wins ACVC award for its leadership in impact investing, recognized as a key player in Chile’s entrepreneurship ecosystem.

🇧🇷 Sebrae-SP and 49 Educação launch a program to support 150 startups with training, mentorship, and investor access, boosting Brazil’s startup ecosystem.

Startup news 💡

🇦🇷 Alprestamo invests $1.5M to launch in Chile, expanding its financial marketplace across Latin America. The platform connects users to personalized financial products, leveraging Big Data and automation to improve access to credit and loans.

🇨🇱 Candel Medical and five startups from South America win the Legado by Bayer award, recognizing innovative solutions in health and agriculture. Winners include Selectivity and Agrojusto (Argentina), Hola Tractor (Bolivia), Smart Soil (Paraguay), and Enteria (Uruguay).

🇧🇷 Startup Awards 2024 announces winners at CASE, recognizing standout startups, investors, and innovators. Organized by Abstartups, the event celebrates resilience and creativity in Brazil’s entrepreneurship ecosystem.

🇲🇽 Justo, the Mexican digital grocer, exits Brazil a month after raising funds from General Atlantic, citing intense competition.

🇨🇱 Ceptinel ranks among the Top 5 Global RegTechs by StartUs Insights, the only Latin American startup recognized for its AI-powered compliance solutions.

🇧🇷 Serena expands to the U.S. and Europe, offering AI-driven psychological support via WhatsApp. It targets 100K global users by 2025.

🇧🇷 Sofya partners with Oracle to optimize Brazil’s healthcare with AI and cloud tech. The initiative aims to reduce bureaucracy and support 1M monthly consultations by 2025.

🇨🇱 NotCo debuts NotSquares, a no-sugar functional snack with 60% cacao and 6g protein, as part of its $30M plan to redefine healthy snacking.

🇨🇱 Guadalupe Castro, CEO of Innova First, wins "Leading Legal Tech of the Year" for her AI-powered IP platform, Idea Scan, at the 2024 Lex Falcon Global Awards.

Big company & policy news 💡

🇧🇷 Unipar secures $113M from BNDES for technological modernization of its Cubatão factory in São Paulo. The investment will enhance energy efficiency and reduce CO₂ emissions, supporting the company's expansion and potential U.S. acquisitions.

🇧🇷 João Kepler's Equity Fund Group acquires a minority stake in LDX Capital, its second investment in the financial sector after Azure. The group aims to reach $167.5M in assets under management by 2026, expanding into life insurance and legal services.

Interesting reads 💡

🌎 Mike Packer of QED Investors predicted a recovery in LatAm fintech funding, which has already surpassed 2023 with $2.6B invested in 2024. While the market shows growth, challenges remain, including a lack of exits and reliance on local funding. Seasoned entrepreneurs are shifting focus to infrastructure businesses, signaling growing maturity in the sector.