FC Barcelona and Rappi to conquer Latin America
A new VC fund for LATAM's biotech startups. Cracking a USB with USD$235 millions in Bitcoins. Are strategic partnerships a good idea for entrepreneurs? VC investor's toolkit.
Welcome to our weekly newsletter covering the latest news and trends in the Latin American startup scene.
Rappi is FC Barcelona’s new sponsor in LATAM
FC Barcelona has formed a strategic partnership with Rappi, a leading delivery service company in Latin America, to expand its presence in the region. The agreement grants Rappi the status of Official Partner of FC Barcelona in Latin America until 2026. Rappi will also become the Official Delivery Partner for both the male and female teams in several Latin American countries.
This partnership aims to enhance the fan experience and strengthen the emotional bond with FC Barcelona's Latin American fanbase. Rappi will have visibility during matches and access to various club assets for brand promotion.
The alliance is expected to drive the growth and expansion of FC Barcelona in Latin America while solidifying the club's brand as a valuable sports sponsorship reference.
Vía Contxto
The Ganesha Lab launches a multi-million dollar investment fund to boost startups in Latin America
The Ganesha Lab, in partnership with Deep Tech, has launched a venture capital fund of up to USD$10 million to support Latin American startups focused on science and technology. Named "The Ganesha Lab Fund I," the fund will invest in approximately 25 pre-seed and seed-stage startups addressing issues related to human and planetary health, particularly in the areas of food and agricultural development.
The aim is to drive innovation and entrepreneurship in Latin America and address urgent global challenges. The fund will not only provide funding but also catalyze regional innovation and leverage emerging technologies. This initiative comes at a pivotal time for Latin America, which has shown immense potential in biotechnology.
The launch of this fund demonstrates growing interest and confidence in the Latin American startup ecosystem, hoping to inspire further investment in the region's promising future.
Vía Contxto
They Cracked the Code to a Locked USB Drive Worth $235 Million in Bitcoin. Then It Got Weird
A team of hackers from a startup called Unciphered claim to have developed a technique to crack an encrypted USB drive known as an IronKey. They were able to guess the passphrase on the drive, which is designed to erase its contents after 10 incorrect attempts.
The hackers believe that a similar IronKey in a Swiss bank vault holds the keys to 7,002 bitcoins, worth around USD$235 million. However, the owner of the IronKey, Stefan Thomas, has declined their help as he has made a deal with two other cracking teams.
Unciphered holds the capability to crack the IronKey but lacks a lock to pick. The team spent months developing this capability and is now left with no access to the valuable treasure.
Vía Wired
Quick News
Argentina accelerates legislation to implement digital currency
The Central Bank of the Argentina Republic has announced that it is expediting its work on legislation to implement a central bank digital currency (CBDC) in the country.
Why it’s important. The Director of the Central Bank, Juan Agustín D’Attellis Noguera, praised the CBDC proposal made by the Minister of Economy and presidential candidate Sergio Massa. Noguera believes that a CBDC backed by the Argentine peso could help stabilize the country's economy and improve tax collection.
Reducing cash and digitizing banking operations. Massa has pledged to introduce a digital currency in pesos if he wins the elections. The CBDC aims to reduce the use of cash, digitize banking operations, and enhance security by tracing transactions. (Contxto)
Startup Grind offers opportunities to join the leading global startup community
Startup Grind, known for its global network of events connecting entrepreneurs, has expanded into Chile. The aim is to link Chilean entrepreneurs with Silicon Valley, providing access to capital funds and opportunities with tech giants.
Highlights. Startup Grind Chile hosts several events each year and offers a platform for startups to pitch their ideas to potential investors.
Benefits. By joining this community, entrepreneurs can learn from industry leaders, expand their network, and access exclusive programs and funding opportunities. (Contxto)
Nu México requests a license from the CNBV to operate as a bank
Nu México, a subsidiary of Nubank from Brazil, has officially applied for authorization from the National Banking and Securities Commission (CNBV) to become a bank in Mexico.
Key data. The company aims to expand its product offerings and benefits, including payroll portability and higher deposit limits. Nu México has already attracted one million customers in just one month with its savings accounts and debit cards.
The first Nu’s bank in Mexico. The company plans to continue operating as a Popular Financial Society (Sofipo) while pursuing its banking license. Mexico would be the first country where Nu operates as a bank, as it currently operates under different authorizations in Brazil and Colombia. (Contxto)
IESE will manage EUR €4.3 million to boost entrepreneurship and innovation in Latin America
IESE business school has been selected by the European Union to manage €4.3 million to promote entrepreneurship and innovation in Latin America. This is part of a larger financial package of €34 million.
Highlights. IESE will lead three initiatives to enhance entrepreneurship, foster technological adoption, and accelerate innovation commercialization in LatAm.
The goal. The goal is to bridge the gap between advanced research and practical market introduction, boost job creation, and promote technological adoption in budding companies. IESE will collaborate with elite engineering institutions, European entities, and Latin American companies and startups to achieve these objectives. (Contxto)
HubSpot introduces “Bootstrap Latin America” to boost LatAm startups
Software company HubSpot has launched a program called "Bootstrap Latin America" to support startups in the region.
About the program. The program provides discounts on HubSpot's technological tools, including customer management, sales, and website creation.
How to apply. Any B2B or B2C tech startup headquartered in Latin America, founded within the last five years, and with fewer than 25 employees can apply. (Contxto)
The Chilean accelerator Imagine announces expansion to Europe and the United States
Chilean incubator and accelerator, Imagine, is celebrating its tenth anniversary with significant achievements in the entrepreneurial ecosystem. It has positively impacted over 600 entrepreneurs, funded around 120 innovative startups, and built a vast collaborative network.
Future plans. Looking ahead, Imagine plans to launch an acceleration program in the United States, expand its corporate innovation consulting division, and establish itself in more regional countries and Europe.
Value proposition. Its vision is to be a bridge that boosts investment and expands startups between Latin America and Europe (Contxto)
Chilean Fintech Cumplo will arrive in Colombia
Chilean fintech company Cumplo has surpassed $2 billion in financing for small and medium-sized enterprises (SMEs) and completed over 100,000 transactions in Chile, Mexico, and Peru.
Future plans. The company plans to expand internationally, with Colombia as its next market. Cumplo aims to help SMEs access capital to accelerate their growth.
Highlights The company experienced 80% sales growth in 2020, and its associated SMEs achieved between 50% and 80% growth despite the economic situation. (Contxto)
Cheaf celebrates third anniversary with expansion plans
Mexican startup Cheaf is celebrating its third anniversary and announcing plans for expansion to other countries in Latin America. The company has successfully recovered over 1.2 million kilograms of food and rescues 80% of surplus items on its platform every day.
Value proposition. Cheaf operates an online marketplace that helps supermarkets and restaurants sell their unsold food, offering discounted surprise packages to users.
Next step: Chile. Currently present in 24 cities in Mexico, Cheaf plans to expand to Chile and other countries. (Contxto)
Worldline and Yuno join forces to simplify online payments in Latin America
Worldline, a global payment services company, has partnered with Yuno, a Colombian startup specializing in online payments in Latin America and the United States.
Partnership’s value proposition. The collaboration aims to optimize payment methods for businesses and digital retailers in the region, offering comprehensive solutions to enhance the transactional experience for customers.
Value proposition. Yuno's platform, Ultimate Checkout, allows businesses to manage multiple payment methods, customize the payment process, monitor acceptance rates, and detect fraud. (Contxto)
The Yield Lab Latam announced an investment in the Mexican agtech Solena AG
The Yield Lab Latam, a venture capital firm in Latin America, has invested in Solena AG, a Mexican agricultural technology company focused on the study of the soil microbiome.
Highlights. The investment is part of a Series A funding round worth $6 million. The Yield Lab Latam sees potential in Mexico's agricultural market and the growing demand for traceability.
Value proposition. They aim to support sustainable agriculture and enhance the profitability of farmers. Solena aims to reduce reliance on pesticides and improve soil health through genomic analysis and the prescription of optimal inputs. (Contxto)
Nippy Center opens its doors in Mexico City
Argentinian startup Nippy has expanded its operations to Mexico City and aims to capture 25% of the market in less than a year. In just 15 minutes after opening its first center in Mexico City, over 3,000 users registered on the Nippy app.
Value proposition. The center provides services for delivery drivers, including access to facilities, snacks, and rewards. Nippy aims to provide benefits and social services to independent workers in the gig economy.
The importance of. The startup plans to rapidly grow throughout Latin America, addressing the working conditions of emerging employees in the region. (Contxto)
The Colombian startup Yuno partners with Bamboo Payment for cross-border payments in LatAm
Colombian startup Yuno has partnered with Bamboo Payment, a transaction manager from Uruguay, to optimize and streamline international transactions for Latin American organizations.
The partnership. The alliance aims to redefine international transactions, making them faster and more cost-effective for regional businesses.
Highlights. It seeks to overcome the challenges of global trade and provide a simpler and more inclusive way for businesses of all sizes to participate in the global market. (Contxto)
Miami hosts the BIOHUNT Summit 2023, boosting Latin American biotechnology on the global stage
Miami will host the BIOHUNT Summit Miami 2023, a biotech summit aimed at connecting Latin American startups with the global biotech ecosystem.
The event. The event will focus on investment opportunities for Latin startups in international markets and provide networking opportunities. Over 20 startups from various Latin American countries will showcase their projects to investors.
Highlights. The Ganesha Lab and the Cambridge Innovation Center (CIC) Miami are organizing the event. The summit aims to strengthen scientific entrepreneurship in Latin America and help startups stand out in a competitive market. (Contxto)
500 Global selects startups for its Somos Lucha program
Venture capital company 500 Global has announced the 12 startups selected for its Batch 19 program in Mexico City.
About the program. Named Somos Lucha, this program offers investment and a 16-week intensive program to help professionalize leaders and founders.
Highlights. The startups selected come from Mexico, Colombia, and Chile and operate in various industries including fintech, agtech, and healthtech. (Contxto)
Fintech Tenpo launches credit card to compete with banks
Chilean digital account Tenpo has had a successful first month with its recently launched credit card, issuing over 15,000 cards.
Value proposition. The card offers full control over credit limit, expenses, and budget, and can be acquired online without any maintenance or administration costs.
Highlights. The company focuses on democratizing access to financial services and offers a loyalty program called 'Tenpesos'. With a customer base of over 2.2 million, Tenpo is expanding and competing with traditional banks in Chile. (Contxto)
The fintech Tuily launches business credit card in Colombia
Colombian fintech startup Tuily has launched a business credit card and expense management platform for small businesses. Backed by Mastercard and issued by Paymentology, the platform aims to support entrepreneurs who are joining the financial sector for the first time.
Value proposition. Tuily differentiates itself by focusing on smaller businesses that have yet to access financial services.
Growth plans. The company plans to reach 350 businesses as clients by the end of 2023 and projects significant growth. Tuily's credit card offers features such as Apple Pay integration and real-time budget management. (Contxto)
Finds
tools, websites, and accessories
Sprout. Sprout is an AI-based platform that revolutionizes the commercial sector by automating tasks, providing predictive insights, and creating intelligent content. It can be used by professionals at all levels of the sales and marketing industry, saving time with AI automation and offering access to experts for guidance and improved results.
ProdPad. ProdPad's AI tools for product managers offer time-saving features such as generative AI for writing, AI coaching for feedback, and AI-powered roadmap generation.
BrowserGPT. BrowserGPT is a Chrome extension that brings the power of ChatGPT directly to your browser, allowing you to access ChatGPT without having to switch tabs. With BrowserGPT, you can have ChatGPT read and summarize the content you’re reading, as well as automatically compose emails, blog posts, and more.
Food for Thought
There’s A Multibillion-Dollar World Of Startups, Parking And Deals
Parking is becoming a big business, with an annual revenue projected to exceed $10 billion by 2030. Startups are seeking to streamline the parking process and have collectively raised over USD$2.9 billion in funding.
Companies like Flash, Passport, and ParkHub have received significant investments and offer tech-enabled solutions for parking operators.
However, not all parking-related startups have been successful, with some facing challenges or going out of business. The focus now is on making parking easier to find, secure, and exit. (Crunchbase News)Strategic Partnerships: Best Practices And Pitfalls To Avoid
Strategic partnerships can be powerful tools for entrepreneurs, but if mishandled, they can harm a business. There are different types of partnerships, such as product partnerships, channel partnerships, and strategic partnerships.
Each type has its own benefits and pitfalls. Some common pitfalls to avoid include overcommitting resources, engaging in unpaid trials or engagements, and neglecting to establish legal safeguards.
It is important to allocate resources wisely, insist on payment for trials, and seek legal counsel to protect your business. (Crunchbase News)The VC Investor’s Toolkit: The Ultimate List of Must Have Apps and Resources
VC firms are increasingly relying on technology to streamline their investment processes. This includes using software, apps, and tools to automate tasks, access data, and make data-backed decisions.
The tech stack, which refers to the suite of technology solutions used by VC firms, offers competitive advantages, leverages modern tech like data analytics and automation, helps manage complexity, and improves operational efficiency.
Some essential tools within the VC tech stack include CRM and deal flow management tools like 4degrees, Affinity, and AngelList, research and data resources like Capital IQ, Crunchbase, Gartner, and PitchBook, portfolio management tools like Carta and VESTBERRY, and fund administration and reporting solutions. (GoingVC)
Worthy Recommendations
Leadership and Self-Deception : Getting Out of the Box, recommended by Slack co-founder and CEO Stewart Butterfield.
Leadership and Self-Deception : Getting Out of the Box. “It’s crazy how much [these ideas show] up in everything — in every kind of relationship that you will have”, Butterfield says.
Jobs
Business Development at Humanethics Consultoria Integral (Mexico; Remote)
Social Impact Chief Executive Officer & Founder at your own start-up at EWOR (Montenegro, Rio Grande do Sul, Brazil; Remote)
Chief Marketing Officer (CMO) at Optaris (Buenos Aires, Buenos Aires Province, Argentina; Remote)
Head of Marketing at The/Studio (Latin America; Remote)
Regional Director - LATAM at Regrow Ag (Latin America; Remote)
Deals
These startups and companies received capital this week:
Finerio Connect | Fintech | Seed. Mexico City-based startup Finerio Connect has raised USD$6.5 million in funding to develop its open finance platform, which provides personalized financial services. The investment round was led by Third Prime and included strategic investors such as Visa, Bancolombia Ventures, and Krealo.
Mundi | Fintech | Not specified. Mexican fintech platform Mundi has secured a USD$15 million investment led by Haymaker Ventures. The company plans to use the funding to strengthen its presence in Mexico and capitalize on the nearshoring trend.
Tidewise | Marine Technology | Venture. Brazilian startup Tidewise has raised nearly USD$1.9 million in an investment round led by MSW Capital. Other investors include Embraer, BB Seguros, Baterías Moura, and AgeRio. Tidewise develops robotic systems for the naval industry to improve safety and sustainability while reducing costs and environmental impacts.
Skyblue Analytics | Fintech | Seed. Uruguayan startup Skyblue Analytics has been chosen by the TechStars accelerator, backed by JP Morgan and eBay, as one of the 12 startups out of over 1,250 candidates. Specializing in providing innovative solutions in investments and financial markets, Skyblue Analytics will receive an initial investment of USD$120,000 and three months of resources and support.
Airwallex/MexPago | Payments | M&A. Airwallex, a global financial company, is set to acquire MexPago, a Mexican firm, in order to establish a strong presence in the Latin American market. The move is driven by the growing interest in the region's fintech industry and the strategic advantage of having access to Mexico's regulatory facilities.
BRLA Digital | Fintech | Venture. Brazilian fintech BRLA Digital has raised BRL$3 million in its first round of funding. BRLA Digital offers financial infrastructure and cross-border payment services to crypto-friendly companies in Brazil.
FinMaq | Fintech | Seed. Colombian fintech startup FinMaq has won the 'International Soft Landing' program, organized by the Cambridge Innovation Center and Manutara Ventures. The program aims to support tech startups, and FinMaq received a USD$500,000 investment after a rigorous selection process and training program. FinMaq focuses on providing funding for productive assets to individuals and SMEs in Colombia, with a mission to promote financial inclusion.
R5 | Fintech | Not specified. Colombian startup R5 has secured an investment agreement led by British fund Lendable. The funds will be used to expand loan offerings for the acquisition of used vehicles, allowing people to obtain a car through a loan.
Teker | Healthcare | Pre-seed. Colombian healthtech startup Teker has raised USD$1 million in a pre-seed round. Teker aims to address the limited digital health market in Colombia by using technology to improve healthcare processes, such as finding healthcare professionals and evaluating treatments. The platform allows individuals to book online appointments with various specialists and currently manages over 60 appointments daily in 15 cities across Colombia.
Atvos | Energy | Private Equity Round. Abu Dhabi's investment firm, Mubadala Capital, has increased its stake in Brazilian ethanol manufacturer Atvos. They acquired the stake owned by Grupo Novonor, representing about 6.85% of Atvos' equity.