Dealflow.la #83 – Nazca & Bridge 🇲🇽 Merge to Form a $300M+ VC Fund, Tether 🇻🇬 Acquires 51% of Adecoagro 🇦🇷, & Paraguay 🇵🇾 Summons Brazil 🇧🇷’s Ambassador
Latin America is rising. Subscribe to Dealflow.la to keep up.
Funding
Antal Capital 🇲🇽 raised a $500 K Pre-Seed Round with undisclosed investors to build a smart real estate marketplace that makes investing in Mexico seamless and secure. Powered by AI and data‑driven insights, the platform connects investors with vetted residential, commercial, and hospitality property opportunities, and its integrated escrow service streamlines every step—from discovery to closing—offering transparency, security, and efficiency for buyers, sellers, and investors alike.
KredFeed 🇲🇽 raised a $1.5 M Seed Round with funding from Carabela 🇲🇽, Techstars 🇺🇸, and Cacao Capital 🇬🇹 to build a financial platform that liquidates accounts receivable for SMEs by allowing them to sell invoices and advance supplier payments. The solution empowers entrepreneurs to solve working capital needs and boost liquidity by providing immediate cash flow and up to 95% of invoice value up front.
Uncover 🇧🇷 raised a $2.2 M Seed Round extension with funding from ABSeed 🇧🇷 and other strategic investors 🇧🇷 to develop a marketing data platform that integrates multiple data sources and leverages AI models for ROI analysis, media optimization, and forecasting. The platform empowers businesses to understand the reach and impact of their marketing strategies and maximize their return on investment.
Félix 🇺🇸 raised a $75 M Series B round with funding from QED Investors 🇺🇸, Switch Ventures 🇺🇸, monashees 🇧🇷, H2O Capital 🇺🇸, and Castle Island Ventures 🇺🇸 to build a chat‑based money‑transfer platform designed to facilitate cross‑border payments in Latin America. The platform leverages blockchain, natural language processing, and AI to simplify and automate transactions, build credit history, and enable customers to transfer money hassle‑free for better financial health.
Acquisition News
Cencosud 🇨🇱 acquired Vopero 🇲🇽, an operator of a fashion resale marketplace that enables convenient selling and sustainable, affordable buying through a circular garment rotation system, to strengthen its leadership in sustainable fashion under its Paris brand and expand its circular fashion offerings in Latin America
Tether Investments 🇻🇬 acquired a 51% stake of Adecoagro 🇦🇷, a leading agro‑industrial company in South America operating in Argentina, Brazil and Uruguay to diversify its asset base beyond digital currencies and secure a majority stake in large‑scale agricultural production and renewable energy assets in South America.
Startup & VC News
Nazca and Bridge 🇲🇽 announced the merger of their venture capital operations to form a combined fund with over $300 million in assets under management and a track record of IRR above 30%, marking the first consolidation of its kind in the Spanish‑speaking Latin American VC ecosystem and positioning the new firm to become one of the region’s largest investors. Both early‑stage investors — whose portfolios include Justo, Kavak, Minu, Aplazo, Cubo and Mendel — will launch Nazca Fund IV in 2025 to continue backing high‑growth startups, leveraging Bridge’s proprietary predictive algorithms alongside Nazca’s AI unit for enhanced data‑driven decision‑making. “This fusion is more than an alliance, it is the natural evolution of venture capital in Latin America,” said Héctor Sepúlveda, cofounder and managing partner of Nazca. (Bloomberg)
Sociopolitical News
🇦🇷 Argentina
Argentina's poverty rate significantly decreased to 38.1% in the second half of 2024, marking a substantial drop from 52.9% in the first half of the year. This reduction is attributed to efforts against inflation and economic reforms implemented by President Javier Milei. (BBC News Mundo) (DW)
Argentina's President Milei plans to modify legislation to comply with Trump's tariff requirements. This move aligns Argentina with U.S. trade policies amid global trade tensions and aims to strengthen the relationship between the two countries. (La Jornada)
🇧🇷 Brazil
Pro-Bolsonaro demonstrators in Paulista Avenue criticize the Supreme Federal Court (STF). The demonstrations, which follow a similar event in Rio de Janeiro, aim to garner popular support for a bill that would grant amnesty to those convicted and investigated for attacks on the Three Powers headquarters in Brasília on January 8, 2023. (CNN Brasil)
Brazilian companies face a debt crisis as rising interest rates strain financial stability. With the Selic rate projected to reach 15% in 2025, borrowing costs are unsustainable, leading to increased bankruptcy filings and cautious investment strategies across key sectors. (The Rio Times) (Valor International)
🇨🇱 Chile
The European Investment Bank (EIB) will provide $110 million to Chile's BancoEstado to boost renewable energy and energy efficiency projects. This initiative targets small and medium businesses, supports Chile's decarbonization efforts, and aligns with the EU's Global Gateway Investment Agenda to foster sustainable development. (EIB) (EEAS)
🇨🇴 Colombia
A Colombian court has ordered the release of Medellín Cartel co-founder Carlos Lehder, citing the expiration of his 1996 arms trafficking sentence. Lehder, who returned to Colombia after decades abroad, is now free to travel without legal impediments, sparking debates about justice for his past crimes. (Colombia Reports) (El País)
🇨🇷 Costa Rica
Costa Rica faces trade uncertainty as the U.S. imposes a 10% tariff on all imports. Economists and trade leaders are divided on the severity of the economic impact, with concerns about potential effects on prices, exchange rates, and overall growth for Costa Rica, which relies on the U.S. for 47% of its exports. (Tico Times)
🇩🇴 Dominican Republic
Trump’s proposed tariffs could slow the Dominican Republic’s economic growth due to reduced exports and trade uncertainty. Economists warn that the tariffs may strain U.S.-DR trade relations and dampen investment prospects in key sectors. (Diario Libre) (El Caribe)
The Dominican Republic's public sector's growth significantly outpaces the overall economy, raising concerns about fiscal sustainability. This disparity sparks debate over government spending and its impact on the nation's financial future. (Diario Libre) (Listín Diario).
🇪🇨 Ecuador
Ecuador heads to a runoff presidential election on April 13th amidst political divisions and rising gang violence. The tight race between incumbent Daniel Noboa and challenger Luisa González will determine whether Ecuador moves towards a more cohesive governance model or continues to be plagued by internal divisions.(Latinoamerica21)
Ecuadorian President Daniel Noboa replaced Vice President Verónica Abad amid a prolonged feud over campaign authority. The move ensures interim leadership by ally Cynthia Gellibert during Noboa’s re-election bid, which faces a tight runoff against leftist Luisa González. (Reuters)
🇸🇻 El Salvador
A DOJ attorney was sidelined after a judge ordered the return of a man unlawfully deported to El Salvador. The Trump administration faces scrutiny for deporting Kilmar Abrego Garcia despite a court order protecting him, with the DOJ appealing the ruling and placing the lawyer on leave for inadequate defense of the government's position. (Reuters) (The New York Times)
🇬🇹 Guatemala
Guatemalan conglomerate Castillo Hermanos acquires SunnyD maker Harvest Hill in a $1.5 billion deal to expand U.S. market presence. The acquisition includes brands like Juicy Juice and Little HUG, aiming to scale operations and leverage Harvest Hill’s production facilities for broader consumer reach. (Reuters) (Prensa Libre)
Guatemala's Vice Minister of Economy, Antonio Romero, who promoted the Competition Law, has resigned. Romero cited personal and family reasons for his departure, which comes amid the implementation process of the Competition Law and the selection of directors for the Superintendency of Competition. (Prensa Libre)
🇭🇳 Honduras
An IMF mission has arrived in Honduras to conduct the third review of its economic reform program, a critical step that could unlock an additional $125 million to support fiscal stability. The team will assess fiscal, monetary, public investment, and reform measures through end‑2024, following earlier reviews that released $315 million under the 2023–2026 agreement. (Proceso Digital) (La Prensa)
Honduras is set to face economic challenges due to potential new tariffs from the U.S. and is considering re-negotiating CAFTA. The Honduran government views the tariff increase as a breach of international agreements, potentially affecting trade relations with the U.S., the EU, and other nations. (Proceso.hn)
🇲🇽 Mexico
Trump’s promotion of Mexico’s anti‑fentanyl “Aléjate de las drogas” campaign on Truth Social underscores the urgency of the fentanyl crisis in the US and highlights rare cross‑border public health collaboration. He shared two English‑dubbed videos from the Mexican government’s “El fentanilo te mata” initiative, detailing the drug’s deadly health effects and providing a helpline number. (El Universal) (Excélsior)
Mexico unveiled an 18-point Plan México to strengthen its economy and shield it from new US reciprocal tariffs. The strategy accelerates key infrastructure and housing projects, expands food and energy self‑sufficiency, and bolsters domestic manufacturing through targeted decrees, investment portfolios, and financial support programs with clear implementation timelines. (El País) (El Financiero)
🇳🇮 Nicaragua
The UN’s Group of Experts on Human Rights in Nicaragua has, for the first time, publicly named 54 senior government, military and ruling‑party figures as responsible for systemic repression and grave human rights violations. The detailed 234‑page report exposes the chains of command behind arbitrary detentions, torture, extrajudicial killings and property confiscations, and urges international sanctions, legal action and support for victims. (UN News Español) (Reuters)
🇵🇦 Panama
The Panama Canal has initiated a bidding process for a new pipeline to transport liquefied petroleum gas (LPG) across the canal, aiming to enhance operational efficiency and adapt to changing global shipping trends. This project is part of the canal's strategy to increase capacity and remain competitive in international maritime trade. (Reuters) (Energy Now)
Defense Secretary Pete Hegseth is visiting Panama amid President Trump's claims of Chinese influence over the Panama Canal and his desire to reclaim it. The visit aims to strengthen U.S. partnerships with Panama and other Central American nations, despite Panama's denial of Chinese interference. (AP News) (ABC News)
🇵🇾 Paraguay
Paraguay summoned Brazil's ambassador over alleged espionage by the Brazilian Intelligence Agency (ABIN) related to Itaipu dam negotiations. The diplomatic protest has led to the suspension of negotiations regarding Itaipu hydroelectric plant tariffs until Brazil provides satisfactory clarifications. (El País)
🇵🇪 Peru
Peru is taking steps to protect its exports in response to the U.S. government's announcement of tariffs. The Peruvian government is coordinating with trade authorities in the United States to safeguard Peruvian businesses and mitigate the potential impact of these tariffs. (El Economista)
🇻🇪 Venezuela
Economists predict Venezuela's exchange rate gap could lead to inflation exceeding 200% in 2025. This is due to bolivar depreciation, limited central bank reserves, and an overvalued exchange rate. (Banca y Negocios)
US sanctions on Venezuela could cost Repsol $550 million, impacting its operations and Ibex 35 shares. The Trump-era policies, reinstated, revoke permissions for oil firms to export Venezuelan oil, affecting companies like Repsol, Eni, and Maurel & Prom. (Banca y Negocios)
🇺🇸 Miami
Miami-Dade commissioners are facing scrutiny for approving no-bid land deals that favor certain developers without a competitive bidding process. These deals involve the transfer of county-owned land to developers in exchange for promises of affordable housing or job creation, raising concerns about transparency and whether the county is getting the best possible value. (The Real Deal)
Thank you for reading Semilla.VC’s Dealflow.la Newsletter.
Subscribe to the Semilla.VC Podcast on YouTube.
If you were forwarded this email and enjoyed it, make sure to subscribe at Dealflow.la :)