Feb 10, 2023

Despite the deceleration of funding, Latin American startups are still raising capital, according to LAVCA Expandir Diferente, Viva Translate, Paketá and Symbiomics raised funds in Latin America this week.Despite the deceleration of funding, Latin American startups are still raising capital, according to LAVCA. Read this story in Bloomberg Línea — Venture capital investment continues to flow, and although it is slowing down, still remains stronger than before the startup capital boom in Latin America. Venture capital investment in Latin America in 2022 totaled $7.5 billion, according to preliminary data from the Latin American Venture Capital Association (LAVCA) and, despite a slower investment environment in 2022, venture capital deployments were $3.3 billion more than in 2020 and $2.6 billion more than in 2019. Venture capital investment continues to flow. This week, Mexican employee benefits startup Minu raised a bridge round before its Series B of $30 million, and which was the largest funding of the week. The following startups in Latin America also raised funds: PUBLICIDAD Diferente After a year of operation, Diferente, a Brazilian organic food subscription foodtech, announced the expansion of its seed investment. In March 2022, the startup had already raised 24 million reais ($4.6 million) and has now raised another 16 million reais ($3.1 million), totaling 40 million reais ($7.7 million) in all. The fundraising round was led by Caravela Capital, accompanied by Collaborative Fund, South South Ventures and Valor Siren Ventures, which is its first investment in South America. The brand works directly with farmers to rescue organic fruits, vegetables, spices and greens that might otherwise go to waste, and then delivers them in baskets at prices that are up to 40% cheaper than traditional groceries. Viva Translate This startup has designed an app that translates video calls in real time between English, Spanish and Portuguese, with more than 3,500 users using the technology in Latin America. After three months in operation, the platform managed to raise an investment of $4 million in a seed round led by General Catalyst, a US venture capital fund, investor in large companies such as Airbnb, Snapchat and Canva. PUBLICIDAD Viva Translate is a US-based technology that works as a Google Chrome extension and, thanks to features such as subtitles and real-time translated transcription, enables meetings between multilingual teams without the need for interpreters. Paketá Brazil’s Paketá, a fintech specializing in managing and granting loans for employees under the Brazilian labor regime, received around $3.1 million (16 million reais) in a Series A round extension by IOB. The amount complements the investment made by Kinea, Banco Itaú's CVC, which also recently joined the company, and adds up to a total of 43 million reais ($8.3 million) contributed to the fintech. With this fundraising, Paketá expects to surpass the two million Brazilian employees served and grow by at least 250% during 2023. Founded in 2018, the company has a product offering including payroll loans, and payroll advances. Symbiomics Brazilian startup Symbiomics raised 10 million reais ($1.9 million) in its first investment round. Founded in 2021 by Rafael de Souza and Jader Armanhi, CEO and COO respectively, the company aims to generate revenue with a positive impact on agribusiness, using biotechnology tools to develop microorganisms. MOV and Baraúna Venture Capital participated in the fundraising. The biotech company has the prospect of opening its own laboratory in two months’ time. In addition, through genetic sequencing, machine learning and genomic editing, it intends to develop products such as bio-fertilizers and bio-stimulants, as well as bio-control and carbon-capture solutions. VIEW +