Brazil and Mexico had 78 funding rounds in August: Sling Hub

Sling Hub reports Mexican and Brazilian startups raised $ 1,58 billion last month

Photo: REUTERS/Marcelo Del Pozo
  • Report highlights growth of M&A operations in Latin America;
  • Argentinian retailtech Nuvemshop performed the highest Series E in Latin America in August.

Latin America startups have been on the roadmap for VCs for a couple of years, but the region still sparkles with new ideas, businesses, and challenges. Especially for Brazil and Mexico — two of its biggest markets.

According to the latest report from Sling Hub, Mexican and Brazilian startups raised $ 1,58 billion, with 74 new rounds, and also performed 24 M&A operations in August.

READ ALSO: June was the month with the highest amount of investments in Brazil and Mexico in 2021: Sling Hub

Mexican startups raised $ 137,3 million in 7 rounds, according to Sling Hub’s report. Fintech Flink’s Series B raised $ 57 million. The company aims to give access to investing for “common customers”.

Three Latin American startups became unicorns in the same month. First, Brazil’s unico — a startup developing digital identity protection solutions — closed a $ 120 million Series C. The funding round was led by General Atlantic and SoftBank. Also participating in the round were Micky Malta, partner at Ribbit Capital, and Big Bets.

READ ALSO: Which startup will be the first LatAm agtech unicorn?

Then, Argentinian retailtech Nuvemshop performed the highest Series E in Latin America, a $ 500 million round co-led by Insight Partners and Tiger Global Management. Alkeon and Owl Rock funds also participated in the infusion, along with Sunley House Capital and VMG Partners, as well as previous investors Accel, Kaszek, Qualcomm Ventures LLC, ThornTree Capital, and Kevin Efrusy.

Argentina‘s answer to Nubank, fintech Ualá closed a $350 million Series D round led by SoftBank Latin America Fund and affiliates of the China-based technology company Tencent, valuing the company at $2.45 billion. And also joined the “unicorn club”.

Sling Hub’s report also highlights Petz’s acquisition of Zee Dog, a $ 137 million deal. Fintech is still a “hot market” in the region: the sector encompasses the highest number of invested startups, both in Brazil and Mexico. Two Series B rounds stood out: Cora (Brazil) raised 116 million, and Flink (Mexico) with its $ 57 million round.

Get the best insights about Latin America market in your inbox