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Angel Investor (Individual)

Investments

7

About Henrique Dubugras

Henrique Dubugras is the founder of Brex Inc.

Headquarters Location

San Francisco, California,

United States

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Latest Henrique Dubugras News

Brex, once a Silicon Valley darling, is laying off 20% of its workforce

Jan 23, 2024

The company, launched in 2007 by Henrique Dubugras and Pedro Franceschi, who both founded and sold a fintech firm in Brazil , offers credit cards to startups; it’s also branched out into other services, such as travel expense management. Brex, whose investors include Y Combinator and Kleiner Perkins, along with PayPal co-founders Max Levchin and Peter Thiel, is valued at $12.4 billion, according to PitchBook. Advertisement The job cuts follow an earlier round of layoffs— totaling 11% of the workforce —in late 2022, when the company’s then-CFO joined its competitor Rippling. Advertisement It’s not just Brex, though. Well-funded fintech players have been struggling as they adjust to a high-interest rate environment. Last year, Stripe—which plans to go public in 2024—and Plaid reportedly laid off 1,000 and 260 employees, respectively. Advertisement The layoffs come as Brex focuses on hiring outside the US. The company, which has offices in San Francisco and New York, has been recruiting in Latin America, Israel, and Canada, with an emphasis on software engineering, according to the employee familiar with the matter. Advertisement That’s a reversal of Brex’s previous approach—dangling cash to poach staff from the Google and Metas of the world. For example, the company gave new hires a choice of how much money versus stock they could take. Brex’s job board now shows postings for employees in Brazil, Mexico, and Canada that far outweigh its listings for US-based roles. Brex is just one of many American tech companies outsourcing talent to lower-cost countries as layoffs keep plaguing the industry. No wonder: The median annual salary for a US software developer is $124, 200 , compared to $62, 306 for one in Brazil. Advertisement In November, Google revealed that it’s building a data center in Uruguay, the tech giant’s second such facility in Latin America; the other is located in Chile. Google also announced in 2022 that it would  hire 200 engineers in Brazil, part of a plan to bolster privacy, security, and technologies that combat abusive content. Brex is unprofitable, losing $16 million a month, the employee said. Quartz has reached out to the company for comment. 📬 Sign up for the Daily Brief Our free, fast, and fun briefing on the global economy, delivered every weekday morning.

Henrique Dubugras Investments

7 Investments

Henrique Dubugras has made 7 investments. Their latest investment was in Parcha AI as part of their Seed VC on August 08, 2023.

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Henrique Dubugras Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

8/8/2023

Seed VC

Parcha AI

$5M

Yes

2

10/17/2022

Seed VC

Subscribe to see more

$99M

Subscribe to see more

10

12/31/2021

Seed VC

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$99M

Subscribe to see more

10

12/9/2021

Series B

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$99M

Subscribe to see more

10

8/4/2021

Series C

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$99M

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10

Date

8/8/2023

10/17/2022

12/31/2021

12/9/2021

8/4/2021

Round

Seed VC

Seed VC

Seed VC

Series B

Series C

Company

Parcha AI

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Subscribe to see more

Subscribe to see more

Subscribe to see more

Amount

$5M

$99M

$99M

$99M

$99M

New?

Yes

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Subscribe to see more

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

2

10

10

10

10

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