Dealflow.la #88 - Argentina 🇦🇷 Discovers Largest Copper Deposit in 30 Years, Revolut 🇬🇧 Enters Mexico’s Banking Sector, & Chile 🇨🇱 Slaps Google with $89M Antitrust Fine

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Funding

UpDairy 🇧🇷 raised a $2.5M Seed Round with funding from ProVeg Incubator 🇩🇪 to manufacture food ingredients that produce animal-free dairy proteins. The company’s manufacturing process harnesses microorganisms to create dairy proteins without animals, offering the same taste and nutrition as traditional dairy while significantly reducing greenhouse gas emissions, enabling consumers to enjoy dairy products without the environmental impact of conventional farming.

diio 🇨‍🇱 raised a $2.5M Seed Round with funding from Base10 Partners 🇺‍🇸 to develop an AI-powered personal assistant for enhancing sales team performance during virtual meetings. The platform records conversations, analyzes them based on sales methodologies, and interprets key areas for improvement, enabling sales professionals to focus on selling while gaining valuable insights for better decision-making and increased effectiveness in client interactions.

Speedbird Aero 🇧🇷 raised a $4M Series A Round with funding from Lince Capital 🇵🇹, MSW Capital 🇧🇷, Explorer Investments 🇵🇹, and Cedrus Capital 🇵🇹 to provide drone logistics solutions. The company specializes in unmanned aircraft systems development for logistics and delivery of products and medicines, enabling businesses to have a fast and complete unmanned delivery experience.

Credituz 🇧🇷 raised a $5M Seed Round with funding from Strategic Angel Investors to operate a digital real estate financing platform connecting real estate agents, developers, and brokers with financial institutions. The company’s AI-powered platform offers credit analysis, conversational CRM tools integrated with social media, and automated contract generation, enabling real estate professionals to streamline operations, enhance sales conversion rates, and improve customer engagement.

Acquisition News

• Emergent Cold Latin America 🇧🇷 acquired Comfrio 🇧🇷, a Brazilian cold chain logistics provider with 24 sites and 420K pallet positions, to expand domestic distribution capabilities and boost total storage to 2.9M cubic meters across 12 states, strengthening its position as Latam’s largest temperature-controlled logistics network.

Startup & VC News

• Fluent Ventures 🇺🇸 announced a $40M fund to invest in early-stage startups across Latam, MENA, Africa, and Southeast Asia, targeting companies that localize proven Western business models in fintech, healthtech, and commerce. This strategy aims to accelerate innovation in emerging markets by backing resilient founders adapting successful ideas to local needs, with initial investments ranging from $250K–$2M. (BetaKit) (PR Newswire)

• Revolut 🇬🇧 announced plans to begin operating as a bank in Mexico during the second half of 2025, offering free international transfers, currency exchange, and expense sharing. This entry into one of the world’s largest remittance corridors comes after receiving its banking license in April 2024, with over 100K people already on the waiting list. (Bloomberg Línea) (iupana)

• São Pedro Capital 🇧🇷 announced a global tech equity fund targeting around $177M (R$1B) in assets, focused on listed companies in cybersecurity, cloud, digital payments, health innovation, AI, and automation. This move aims to connect Latam investors with global tech markets, leveraging a team with Silicon Valley and emerging-market expertise. (Valor Econômico) (Valor International)

• Impacta VC 🇨🇱 announced opening applications for its Fundraising Program 2025, expanding to six months with personalized support to help Latam startups secure Pre-Seed to Series A funding. The program, which starts May 20, targets tech-driven ventures with social/environmental impact and boasts a 65% success rate in post-program fundraising, including 45% women-led startups in 2024. (Revista EY N) (DFSud) (Ecosistema Startup)

Sociopolitical News

🇦🇷 Argentina

• Argentina’s government increased the minimum wage through monthly increments up to around $285 (AR$322K) by August 2025, but the 12% nominal rise lags behind 180% annual inflation. Implemented by decree after failed union negotiations, the adjustment raises April’s wage to around $267 (AR$302K), insufficient to offset soaring living costs amid ongoing currency devaluation and economic instability. (EFE) (Ámbito) (Buenos Aires Herald) (Bloomberg Tax) (Trading Economics)

• Argentina’s largest copper discovery in 30 years positions it as a future leader in critical minerals for green technologies. Lundin Mining and BHP’s Filo del Sol project in San Juan province holds 13M tons of copper, 32M ounces of gold, and 659M ounces of silver, with inferred resources adding 25M tons of copper and 49M ounces of gold, potentially making Argentina a top-six copper producer by 2031. (Debate) (Bloomberg) (BATimes) (Derechadiario) (Riotimes)

• Argentina’s renewed push for dollarization under President Milei has cut sovereign risk to February lows, signaling investor confidence in economic reforms. The government accelerated measures allowing direct dollar usage for transactions and dollar-backed bonds, complementing fiscal austerity and central bank reforms aimed at curbing inflation and stabilizing the economy. (El Economista) (Bloomberg)

🇧🇷 Brazil

• Brazil is expanding agricultural trade with Southeast Asia to diversify from U.S.-China trade tensions, securing a key beef deal with Vietnam. The agreement, part of broader efforts to access ASEAN’s $2.3T market, aligns with China’s parallel shift to Latam soybeans, illustrating mutual trade diversification strategies amid global realignments. (Bloomberg) (CFR)

• IFC and Banco Industrial launched a $105M package to bolster Brazil’s MSMEs, targeting women-led businesses and the Legal Amazon region. The funds are allocated as 30% for women entrepreneurs, 10% for Amazon-based SMEs, 40% for nationwide credit expansion, and 20% for Amazon payroll loans, addressing systemic financing gaps in a sector contributing 27% of Brazil’s GDP. This aligns with IFC’s global $4B MSME Finance Platform. (Devdiscourse) (IFC)

🇨🇱 Chile

• Amazon's $4B investment to launch AWS data centers in Chile by 2026 marks its third Latam cloud region. The data centers use air-cooled systems that use water 4% of the time annually, addressing environmental concerns. The project, creating three availability zones, aims to boost digital transformation and local talent, amid Chile’s prolonged drought and tech sector growth. (TechCrunch) (Reuters) (Data Center Dynamics)

• Conflicting signals emerge over Chinese lithium investments in Chile as BYD and Tsingshan pause projects amid an 88% lithium price plunge since 2022, while China’s embassy insists both firms remain committed. Chile’s government emphasizes its strategic lithium portfolio’s long-term appeal, with a Tohá administration economist attributing delays to global market volatility rather than eroded investor confidence. (Cooperativa.cl) (Diario Financiero) (Reuters) (Bloomberg)

• Chile’s antitrust authority (FNE) filed a complaint against Google for abusing its Android dominance, seeking an $89M fine and measures to open app distribution. The FNE alleges Google restricted competition by mandating Google Play’s preinstallation and payment systems, controlling 95% of Chile’s app distribution market since 2019. The case, initiated after a 2022 citizen complaint, could force Google to allow third-party app stores and reduce fees for developers. (BioBioChile) (El Mostrador) (FNE)

🇨🇴 Colombia

• Colombia’s Commerce Ministry remained leaderless during the first month of the U.S. trade war, hampering tariff negotiations. Luis Carlos Reyes resigned in March 2025 amid appointment scandals, just before the U.S. imposed 10% tariffs on steel, aluminum, and agricultural exports. Successor Cielo Rusinque Urrego initiated talks by late April, also advancing cannabis export discussions. (ColombiaOne) (Finance Colombia) (Baker McKenzie)

• Colombia’s public debt surpassed $260B amid a 6.7% fiscal deficit, prompting IMF suspension of a $9.8B credit line. Authorities plan $11.1B in 2025 spending cuts, though tax underperformance complicates fiscal targets. (IMF) (Reuters) (Trading Economics)

• Colombia’s Q1 2025 exports grew 5.3% to $11.9B, powered by a 50.9% March surge in agricultural goods like coffee (135.5%) and flowers (23.4%), countering energy sector downturns. The U.S. absorbed 30.7% of shipments, with Panama and China as secondary markets, while non-traditional exports rose 13%. Unroasted coffee sales spiked 70.1% year-over-year, bolstering economic recovery as inflation and interest rates declined. (La República) (Portafolio) (El Espectador)

🇨🇷 Costa Rica

• According to President Chaves, Costa Rica’s economy has rebounded from near-crisis to the strongest in Latin America, led by fiscal reforms and export gains. GDP grew 4.1% in 2024, public debt dropped to 60% of GDP, and tech exports and tourism surged, supported by an IMF loan. (Infobae) (Central Bank of Costa Rica)

🇩🇴 Dominican Republic

• DP World and the Dominican Republic partner on a $760M port and free trade zone expansion to position the country as a Caribbean logistics hub. The investment, split evenly between port upgrades and a 225-hectare free trade zone, aims to boost annual cargo capacity to 3.1M TEUs, attract $3.9B in foreign investment, and create thousands of jobs through enhanced nearshoring capabilities. (GlobeNewswire) (Dominican Today) (Portal Portuario)

• Dominican Republic and UAE forge cybersecurity pact to bolster digital resilience. The agreement targets infrastructure, threat response, and expertise exchange, supporting DR’s anti-cybercrime efforts amid EU-Latam dialogues. (Dominican Today) (EEAS) (RCAAP)

🇪🇨 Ecuador

• Ecuador’s electoral council confirmed Daniel Noboa’s re-election, reinforcing political stability amid the country’s ongoing security crisis. Noboa secured 44.3% in the runoff, defeating Luisa González, and will now serve a full term after completing Lasso’s mandate. (La Silla Vacía) (El Universo)

• Ecuador’s $150M solar farm with a 20-year government power deal highlights rising foreign renewable investment, bolstered by tax incentives and a 2025 Canada trade pact alongside IDB’s $1.4B sustainable infrastructure funding. (PV Tech) (Chambers) (IDB) (Primicias)

🇸🇻 El Salvador

• El Salvador’s Bukele plans arrest warrants against journalists over gang pact reports, escalating press freedom concerns. El Faro uncovered a 2022 power-sharing deal with gangs and a “no body, no crime” homicide cover-up policy, which Bukele dismissed as a globalist plot; his government has surveilled and charged the outlet since then. (Democracy Now!) (Common Dreams)

• El Salvador acquired 7 Bitcoin last week despite its IMF agreement, increasing reserves to 6,173 BTC ($637M) amid ongoing defiance of purchase restrictions. The country leverages non-public funds and private sector channels to technically comply with the $1.4B loan terms while continuing accumulation, as President Bukele rejects external pressure to halt. (Cointelegraph) (Cointribune)

• Trump admits he could repatriate wrongly deported Maryland man Kilmar Abrego Garcia from El Salvador but refuses, contradicting prior U.S. claims of inability. Salvadoran President Nayib Bukele cites alleged gang ties to block return, while a federal judge accused the administration of bad faith in withholding evidence. (CNN) (CNN Español)

🇬🇹 Guatemala

• Guatemalan remittances surged to a record $1.9B in April 2024, underscoring their critical role in stabilizing the economy. Remittances have doubled as a share of GDP since 2008, reaching 19.1% in 2023, fueling international reserves accumulation and supporting consumption amid long-term GDP trade-offs. (Soy502) (IMF) (Trading Economics)

• Guatemala’s central bank cut its 2025 agricultural export growth forecast to 0.8% due to U.S. tariffs and trade challenges, revising overall economic growth to 3.8%. Exporters face a 10% U.S. base tariff and high logistics costs, while CAFTA-DR favors U.S. farm goods, exacerbating trade imbalances. (Prensa Libre) (Tridge) (USDA)

🇭🇳 Honduras

• Honduras’ Tax Justice Law aims to combat inequality by overhauling regressive exemptions, projecting a 288% increase in public investment for 2025. The reform targets $20.1B lost to corporate loopholes (2010-2023) and redirects funds toward poverty reduction, with 92% of exemptions historically benefiting the wealthiest 10% of companies. (SAR) (Latindadd)

• Honduras projects 3.5–4% economic growth in 2025, driven by remittances and public investment. The Central Bank attributes this outlook to robust domestic demand fueled by coffee exports, social spending, and record infrastructure investments in roads, energy, and healthcare. (Latam FDI)

🇲🇽 Mexico

• Mexico sued Google for renaming the Gulf of Mexico as “Gulf of America” on U.S. maps, contesting a Trump-era order supported by Republicans. The 2020 order applies only to the U.S. continental shelf (46% of the Gulf), per Mexico, while Google’s localization policies show dual names globally. (Daily Mail) (BBC)

• Mexico’s debt interest payments under President Sheinbaum reached a 20-year high of $51.8B in 2025, consuming 18.6% of government revenue amid a $896.3B national debt. Pemex’s liabilities surged 21.3% to $101.1B, with debt servicing projected at 14.2% of the federal budget. (Proceso) (IMCO) (The Rio Times)

• Mexico’s Pemex aims to reenter capital markets post-election amid financial restructuring efforts. The state oil giant, burdened by $101.5B in debt, plans bond issuance after June 2025 elections pending favorable market conditions, with recent government support including $6.2B in tax relief and cost-cutting measures to stabilize operations. (Reuters) (Bloomberg) (El Financiero)

🇳🇮 Nicaragua

• UNESCO defended its relevance as Nicaragua exits over a press freedom award and U.S. questions neutrality. Nicaragua’s withdrawal, effective December 2026, followed UNESCO honoring exiled outlet La Prensa, which Managua denounced as foreign interference; the U.S., which rejoined in 2023, faces scrutiny over UNESCO’s impartiality. (EL PAÍS América) (UNESCO)

• Nicaragua’s central bank held its key rate at 6.25% in April 2025 to stabilize inflation amid 3.6% 2024 GDP growth and easing price pressures. Remittances and cautious policies supported economic resilience despite emigration and global financial strains. (Banco Central de Nicaragua) (IMF) (World Bank)

• Nicaragua’s Foreign Investment Law (No. 1240) streamlines registration via MIFIC and grants national investor parity to boost foreign capital, replacing a 1990s statute. The CNIE centralizes approvals while guaranteeing profit repatriation and currency convertibility, focusing on energy, agriculture, and tourism to align with economic growth goals. (Alvarado y Asociados) (Consortium Legal) (GCH Law)

🇵🇦 Panama

• Colombia granted asylum to ex-Panamanian President Ricardo Martinelli, allowing him to leave Nicaragua’s embassy in Panama after a year-long standoff. The 2019 money laundering convict initially sought Nicaraguan asylum, but Panama blocked transfer until Colombia intervened under international protections. (CNN) (Reuters)

• Panama extended fiscal incentives for tourism investments through 2025 to boost foreign capital and megaprojects. The policy offers a 100% income tax credit and import tax exemptions for projects outside Panama City, driving over $371M in hospitality developments in Bocas del Toro and Punta Chame. It aligns with Panama’s 2020–2025 Sustainable Tourism Master Plan to balance economic growth and environmental goals. (Investuramerica) (UNCTAD) (PRO Panama)

• Panama negotiates $2.45B in new loans, nearing $55B debt amid fiscal reforms. Debt hit $53.7B in January 2025, with a $1.3B Merrill Lynch loan at 4.46% interest addressing liquidity needs, while deficit targets aim to drop from 4% to 1.5% by 2030. (La Prensa Panamá) (Panama Advisory)

🇵🇾 Paraguay

• Paraguay ranks among Latam’s least decentralized nations, with subnational budgets rising just 12% since 2014 despite constitutional autonomy. Recent UNOPS-backed infrastructure projects and Ciudad del Este’s 2024-2030 development plan aim to address governance and resource gaps, though fiscal control remains centralized. (ABC Color) (Regions Unies) (UNOPS)

• Paraguay’s government proposes revising minimum wage calculations and the basic consumption basket to better align with living costs. The current CPI-based method, criticized for ignoring 20% annual food inflation since 2022, led to a 15% purchasing power gap, prompting union demands for a 20% wage increase. (Diario HOY) (La Nación)

🇵🇪 Peru

• Peru’s 30-day mining ban in Pataz will cost $200M in lost gold output amid violence tied to illegal operations, following the murder of 13 workers from Poderosa mine. Critics warn the suspension risks legal mining operations and deters investment, with 39 deaths linked to illegal mining since 2022. (MINING.COM) (BBC)

• Peru’s central bank cut rates by 25 basis points to 4.50% in May, extending its 325 basis points reduction since 2023 as inflation stabilized at 1.65% (within the 1-3% target). Policymakers signaled potential further easing amid subdued growth, with core inflation steady at 1.9% and economic activity softening slightly. (FocusEconomics) (Central Banking) (Trading Economics)

🇻🇪 Venezuela

• Venezuela and Russia deepened ties with a 10-year strategic partnership treaty targeting energy, defense, and circumventing Western sanctions, expanding Moscow’s influence in Latam. The pact includes joint oil projects and military cooperation, aligning with Russia’s alliances with Iran and North Korea, while Venezuela aims to revive its economy through increased oil output. (Reuters) (El País)

• Venezuela’s government and opposition clash over opposition members’ exit from Argentina’s embassy after 412-day shelter. Maduro’s administration asserts a negotiated departure, while U.S. and opposition sources allege a rescue operation amid worsening conditions and surveillance, reflecting regional divides as Argentina’s Milei and Brazil’s Lula take opposing stances on Maduro. (Reuters) (AP News) (BBC)

🇺🇸 Miami

• Marcelo Claure joined Brightstar Capital Partners as partner and co-chair to drive AI and middle-market growth for the $5B private equity firm. The telecom veteran and former SoftBank executive leverages his two-decade partnership with CEO Andrew Weinberg and expertise in global tech investments. (South Florida Business Journal) (Bloomberg)

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