Investment

Brazilian startups raised over $344M in November

LatAm List – As 2019 draws to a close, the Brazilian startup ecosystem continues to attract huge investments, more than doubling the total funding raised from the previous month.

The Brazilian tech industry was estimated to have raised a total of R$1B, or US$334M in November, 91% higher than the previous month at US$44M, according to Distrito.

Investors have focused more money on fewer companies, with only 19 investments over the month, 40% fewer than October. Major global VC funds such as Japan’s SoftBank, US-based General Atlantic, and Brazil’s Banco Votorantim were the main contributors to the investment ecosystem this month.

The investments have been focused on Brazil’s growing tech sector, with three investments in fintech and a further three in health tech. Retail also received 2 investments estimated to be worth US$34.7M, the most invested in any sector.

Japan’s SoftBank invested US$140M in the e-commerce fintech VTEX as part of its Innovation Fund.  The investment will be used to develop its digital platform and continue expanding globally.

Neon Payments also received an investment of US$98.5M led by Banco Votorantim and General Atlantic which aims to help the company expand operations into more cities in Brazil.

Brazil’s startup ecosystem can expect further investment in 2020 as the country continues to dominate the Latin American market. 

Read more on Empresas&Negocios.

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