The global volume of venture capital investments declined in 2023, reflecting a trend of increased caution among funds due to economic uncertainties and shifts in risk appetite. In this selective environment, Brazilian startups seeking capital must demonstrate far more than just a good idea to investors, who now expect structured financial planning, proven traction, and strategic execution capabilities.
According to Marilucia Silva Pertile, CEO and co-founder of Start Growth, a venture capital firm specializing in technology businesses, this new phase demands more professionalized startups. ‘Funds want to understand how the company plans to use the money, what results it has already achieved, and the path to sustainable growth. There’s no longer room for bets based solely on potential,’ says the executive, who also mentors entrepreneurs and holds a degree in Business Administration, with specializations in Startup Valuation, Sales Management, and Strategic Planning.
A CB Insights survey found that 35% of startups shut down due to inability to secure funding, often because of unclear business models. Start Growth, which has already invested over R$40 million in recent funding rounds, advises entrepreneurs to present concrete metrics, such as CAC (Customer Acquisition Cost), LTV (Lifetime Value), MRR (Monthly Recurring Revenue), and churn rate.
Since 2014, Start Growth has helped dozens of companies overcome the ‘valley of death’—the stage where a business shows potential but lacks financial stability. Recent success stories include fintech SmartSave, which automates savings habits through digital micro-economies, and HRtech Pontomais, with over 1 million active users.
The acceleration method developed by the firm, the Start Growth Method, outlines a three-year cycle from initial investment to preparation for a new funding round. The approach goes beyond capital, offering direct support in marketing, sales, financial management, and operational structuring. ‘A startup seeking investment must be ready for a long-term partnership. This requires management maturity, scalability, and market vision,’ emphasizes Marilucia.
The warning becomes even more relevant as global data indicates a pullback in investments. According to the Global Venture Capital Report 2023, investment volumes declined across regions, making selection criteria stricter. For investors, differentiation lies in execution—not just the idea.
Startups interested in raising capital with Start Growth should be in the early stages but have a validated product and initial sales. The business model must demonstrate scalability potential, especially in fintech, martech, HRtech, and edtech verticals.
Recent funding rounds, including those focused on AI and data solutions, totaled over R$20 million between 2023 and 2024. ‘The market still has capital available, but it will be directed toward those who prove they’re ready to grow. Investment isn’t a prize for good ideas—it’s a bet on execution capability,’ concludes Marilucia.
