Brazil Venture Capital: Top Startups and VC Funds

For startups, innovation and venture capital (VC) opportunities in Latin America, Brazil is the place to be. 

With a massive, diverse economy, a strategic location and government initiatives that help innovative businesses, the country has become a hub for entrepreneurs. 

With over US$2 billion VC dollars being pumped into Brazil in 2024, many successful startups are seeing major global growth.

Looking beyond Silicon Valley, Brazil offers a startup ecosystem you can’t ignore. 

The city of São Paulo leads the way, ranking first in Latin American innovation through research and patent activity and tech startup value created from exits and funding. 

And as Brazil continues to expand its infrastructure and regulatory environment, the opportunities for investors and startups are only going to grow. 

Here’s what you need to know about raising capital or growing your startup in Latin America’s largest economy.

Why Raise Venture Capital in the Brazil Startup Ecosystem?

Home to over 200 million people, Brazil offers an exciting mix of innovation, government support and access to regional markets. 

Here’s why raising venture capital in Brazil could be the right move for your startup.

Access to a Large and Growing Market

With a massive population eager for innovation and rising internet adoption, the country is primed for startups in tech, e-commerce and health services. 

Brazil’s growing middle class is keen to adopt the latest tech-based solutions, an ideal environment for startups looking to scale quickly.

Take Nubank, for example, which started as a digital banking solution and is now one of the world’s largest neobanks, valued at around US$33 billion. Since its origins in Sao Paulo, the company has raised over US$2 billion. 

Thriving VC Ecosystem

While there’s plenty of exciting entrepreneurial activity in places like Colombia and Argentina, Brazil remains the venture capital hotspot of  Latin America. 

Major funding rounds for startups like iFood and QuintoAndar have solidified its reputation as a regional leader in innovation.

Global players like SoftBank (through its Latin America fund) and Tiger Global have invested billions in Brazilian startups, drawn by the country’s enormous potential. 

Recently, a fintech company, Nomad, raised US$61 million in a round of funding led by Tiger Global.

Local venture firms are also fuelling startup growth, creating a strong and diverse VC ecosystem in the country.

Even with global economic uncertainty, early-stage funding in Brazil remains strong. The country’s ecosystem is resilient, and its combination of local and international support creates a strong environment for startups to thrive.

Diverse Industry Opportunities

Brazil’s economy is incredibly diverse, and while it’s not without its challenges, its fast-emerging economy has untold potential. 

In fintech, millions of unbanked and underbanked citizens are driving demand for digital solutions. Regulatory changes in open banking make the sector even more attractive by actively promoting competition. 

As a global food production giant, Brazil’s agritech startups are revolutionising how crops are grown, managed and distributed. 

The e-commerce and health tech industries are also booming, fuelled by consumer demand for modern, accessible services.

Government Support for Startups

Brazil welcomes entrepreneurs with open arms. The government actively supports new businesses with programs like Start-Up Brasil and InovAtiva Brasil, which provide funding, training and mentorship to help startups succeed.

Brazil has also introduced new regulations to help sectors like fintech by making it easier to attract investment. 

If you’re a founder looking to go where you’re treated best, Brazil has exactly the kind of startup environment you’ll need. 

A Strategic Hub for Latin America

Brazil opens its doors to the entire South American region.

Brazil’s sheer size and influence make it an ideal springboard into countries like Argentina, Mexico and Colombia. As part of the Mercosur trade bloc, Brazil has strong economic ties across the region and beyond, which simplifies cross-border growth and access to new global markets.

In fact, startups like QuintoAndar and Gympass have used Brazil as a launchpad to scale across Latin America.

Getting Residence in Brazil as an Entrepreneur

If you’re considering making Brazil your base, the country offers some relatively straightforward residence options for investors and entrepreneurs. 

Through the Investor Visa, you can:

• Purchase property for BRL1,000,000 (around US$200,000), and you can fast-track your route to citizenship 
• Gain residence with investments in real estate starting at BRL700,000
• Or, you could invest in a Brazilian business for BRL500,000. 

Brazil’s fast-track option lets you apply for citizenship after just three years if you invest in qualifying real estate. 

With minimal stay requirements – just 14 days every two years – it’s a flexible option for global entrepreneurs. 

In addition to Brazil’s rich culture, booming economy, and access to Latin America, it’s clear why this is a compelling choice for residency.

If you’re unsure about living in Brazil and want to test the waters, a digital nomad visa is also an option.

Top 15 Brazil Venture Capital Firms

With so much entrepreneurial activity taking place, there are plenty of venture capital funds and angel investors present in Brazil. 

While these funds aren’t all necessarily based there (many have a global footprint), these investors all have an active presence in the country.

1. Canary

Canary is Brazil’s pioneer institutional investor in early-stage tech startups. Operated by entrepreneurs, Canary is all about navigating the early growth phases. 

With an impressive Seed-to-Series-B conversion rate, Canary-backed startups have a higher probability of raising Series-B funding. Over recent years, Canary has become a key player in Brazil’s venture ecosystem.

Key facts:

• Founded: 2017
• Focus: Pre-seed, Seed, Series A 
• Sectors: Sector agnostic
• Key Investments: Cobre, Alice, Sallve, Trybe

2. Astella

Astella invests in Brazilian software startups. With a mentorship-driven model, it equips startups with deep market insights and operational expertise.

Key facts:

• Founded: 2010
• Focus: Pre-seed, Seed, Series A 
• Sectors: Marketplace, consumer, SaaS
• Key Investments: Amicci, Guiavet, Bornlogic, Ciatech, Zygo

3. Redpoint eVentures

Combining local expertise with global insights, Redpoint eVentures targets transformative industries that are actively shaping Brazil’s future.

Key facts:

• Founded: 2012
• Focus: Seed, Series A
• Sectors: IT, software, e-commerce, financial services
• Key Investments: Gympass, Olist, Creditas, Antecipa

4. DNA Capital

Specialising in healthcare innovation, DNA Capital supports startups across the healthcare sector. Its investment strategy combines funding with operational guidance, helping scale innovative healthcare ventures.

Key facts:

• Founded: 2013
• Focus: Seed, Series A, Series B, Series C
• Sectors: Healthtech
• Key Investments: Dasa, Galileo, Cortex, Feegow, Lavebras

5. SoftBank Latin America Fund

With a mission to empower Latin American entrepreneurs, SoftBank’s Latin America Fund invests in all kinds of startups transforming the region. SoftBank has a serious global influence, which it uses to help accelerate new ventures.

Key facts:

• Founded: 2019
• Focus: Seed, Series A, Series B, Series C
• Sectors: Authentication, auto marketplaces, blockchain, e-commerce, fintech, SaaS and more
• Key Investments: Unico, Kavak, Sorare, Hashdex, GAIA, Rappi

6. Chromo Invest

Chromo Invest started as a family office in Porto Alegre and now operates as a major investment studio across various sectors. It focuses mainly on innovative tech and takes a hands-on approach with active board participation.

Key facts:

• Founded: 2015
• Focus: Seed, Series A
• Sectors: Fintech, SaaS, marketplaces, AI, big data, blockchain
• Key Investments: Metals Hub, Patrimonium, Grover, Fitpass

7. Honey Island Capital

Focused on fintech innovation, Honey Island Capital supports startups with connections, business opportunities and strategic planning. It offers a solid post-investment support ecosystem for sustained growth.

Key facts:

• Founded: 2015
• Focus: Series A
• Sectors: Fintech
• Key Investments: Celero, Kyte, DealerSites, Comunica.in

8. Bossa Invest

One of Latin America’s most active VCs, Bossa Invest connects startups with an elite founder network. This provides mentorship, perks and resources for business growth. 

Bossa Invest follows a community-driven model, which further helps founder success and ecosystem growth.

Key facts:

• Founded: 2011
• Focus: Pre-seed; B2B
• Sectors: B2B
• Key Investments: Aterra, Be Academy, Desbrava.AI, GeekHunter

9. Igah Ventures

Igah, which means ‘seed’, emphasises ecosystem-driven growth for early-stage startups. It brings a wealth of experience and networks to support entrepreneurs.  

Key facts:

• Founded: 2010
• Focus: Seed
• Sectors: Sector agnostic
• Key Investments: Infra Commerce, Me Salva!, Trybe, 4Vets

10. Barn Invest

Leading green innovation in Latin America, Barn Invest focuses on agriculture, clean industry and renewable energy. Its investments create sustainable growth and innovation in some of Brazil’s most critical sectors.

Key facts:

• Founded: 2012
• Focus: Series A
• Sectors: Greentech
• Key Investments: Origem, Strider, Worldpackers

11. Valor Capital Group

Valor Capital Group bridges global tech markets with Brazil. As a pioneer in cross-border strategies, the firm uses its global insights and connections to empower Brazilian startups with technology, operational expertise and market access.

Key facts:

• Founded: 2011
• Focus: Seed, Series A, Series B, Series C
• Sectors: Software, SaaS, fintech
• Key Investments: Descomplica, Olist, Gupy, Betterfly, Strike

12. ACE Startups

ACE Startups, previously an accelerator, supports early-stage businesses with validation, go-to-market strategies and scaling. 

It offers a hands-on investment model that helps startups refine their vision and build scalable, sustainable ventures.

Key facts:

• Founded: 2012
• Focus: Pre-seed
• Sectors: B2B, B2B2C
• Key Investments: Grubster, Vendala, Code Money, Tarvos, Deskfy

13. SP Ventures

SP Ventures is a leading agritech investor that targets tech-driven solutions in agriculture and food systems. It supports founders in redefining the agriculture value chain while promoting sustainability and innovation in the sector.

Key facts:

• Founded: 2007
• Focus: Seed, Series A
• Sectors: Agritech
• Key Investments: Geofusion, Concil, Clicampo, Agrosmart

14. Anjos do Brasil

Anjos do Brasil is a non-profit organisation that connects entrepreneurs with investors and provides training and mentorship. It plays a key role in advancing Brazil’s startup ecosystem.

Key facts:

• Founded: 2011
• Focus: Seed
• Sectors: Sector agnostic
• Key Investments: Not publicly disclosed

15. Caravela Capital

Caravela Capital partners with entrepreneurs who are challenging traditional industries. It provides funding, mentorship and strategic support, focusing on scalable businesses.

Key facts:

• Founded: 2019
• Focus: Seed, Series A
• Sectors: Technology
• Key Investments: S2 Pets, Kyte, EmCasa, Trinio

Emerging Trends in Brazil’s Startup Ecosystem

Brazil has produced more than 13,000 startup companies over the last decade.  

Sectors like fintech, health tech, agtech and e-commerce are driving most of the innovation and global investment in Brazil. 

The fintech scene, in particular, led by unicorns like Nubank, is flourishing. Meanwhile, health tech is expanding as startups like Alice and Dr Consulta improve access to healthcare in a country with significant gaps in its public system.

In agriculture, Brazil’s status as a global food exporter is fuelling the rise of agtech startups like Agrosmart and Solinftec, which use AI to optimise farming. 

E-commerce continues to boom, driven by a growing middle class and mobile-first consumers. 

At the same time, a new wave of impact-driven startups is gaining traction, with investors increasingly supporting businesses focused on sustainability, clean energy and financial inclusion.

Challenges for Brazil Startups

Being a major startup country, Brazil has its fair share of opportunities and challenges for entrepreneurs.

Starting a business in Brazil isn’t all smooth sailing. The regulatory environment is notorious for being complicated and bureaucratic. 

The country also has a somewhat confusing tax system, with businesses facing multiple layers of taxes depending on their region and type of service. However, Brazil’s corporate income tax rate of 15% is relatively low.

In some areas, infrastructure gaps like poor internet access and transportation can limit growth for startups, especially outside the major cities. 

While Brazil has many positives, accessing global markets can be tricky due to currency fluctuations, trade barriers and language barriers around products. 

Resources for Brazil Startup Companies

Brazil offers some valuable resources for entrepreneurs looking to scale and innovate. 

On the government side, programs like Start-Up Brasil and InovAtiva Brasil offer funding and mentorship to emerging tech companies and high-impact startups. 

Brazil’s Lei do Bem (Good Law) offers tax consulting for companies investing in innovation and R&D.

International initiatives like Endeavor Brazil connect local startups with global markets. Google for Startups Brazil and 500 Latin America are also helping Brazil’s entrepreneurs tap into resources, networks and funding.

Establishing Your Startup in Brazil

Brazil may be a top destination for entrepreneurs, but starting a business here still comes with its challenges. 

To some extent, the country has a bureaucratic business environment, with regulations that vary by state and city. 

Foreign investors typically choose the Limited Liability Company (Ltd) structure, but setting it up can take around 90 days, and navigating the tax and labour laws here is not easy.

Although Brazil’s tax environment is complex and corruption can be an issue, the country is investing heavily in infrastructure and reform. 

Understanding the local regulations and working with local experts is key to navigating the bureaucracy and ensuring your business thrives, but we can help.

Venture Capital Brazil: FAQs

Raising Brazil Venture Capital 

Brazil’s startup and venture capital scene is thriving with significant recent investment in the region.

In 2024 alone, it grew by 27% from the previous year, with US$4.2 billion invested in Latin America.

If you’re a founder looking to scale or an investor seeking new opportunities, Brazil is a market you can’t ignore, with a wealth of untapped potential. 

In short, if you’re serious about building a global business, this is a country worth considering.

Of course, navigating new markets, tax systems and immigration rules can be tricky. To help navigate the hurdles and understand the local rules, reach out to our team. 

At Nomad Capitalist, we provide hands-on support to investors and entrepreneurs entering offshore markets, optimising their taxes and, ultimately, going where they’re treated best.