Latin American startups raised US$ 274 million in 42 investment rounds during the past month, according to the District Venture Capital report, a platform specialized in AI implementation projects for corporations in Latin America. Brazilian companies stood out by raising 66% of all the revenue collected in the region.
After a very strong first semester, September was marked by a slight slowdown of 17.8% in the volume of funds compared to the same month in 2023, when startups in the region raised US$ 333 million. The number of rounds dropped from 65 in September 2023 to 42 last month. As fintechs, with US$ 167.2 million, were the ones that raised the most funds. Retailtechs and Foodtechs come right behind, with $53.1 million each.
Brazilian companies Cayena, a marketplace for wholesale food supplies, and Rock, which works with CRM solutions, were the startups that raised the largest funding rounds, each with US$ 55 million. Cayena received the resources in a Series B led by Bicycle Capital. Rock has obtained the resources from the Hindiana fund. With the investment, he bought Bnex.
"The late-stage market is beginning to show signs of recovery. It's a slow but gradual movement," comments Gustavo Gierun, co-founder and CEO of Distrito. Another highlight of the month was the recovery of the Brazilian market, which had been losing ground to Colombia and Mexico.
The Brazilian market recorded a volume of US$ 183.3 million in September, a decrease of 17.8% compared to US$ 223 million in the same period of 2023, according to the Distrito report. The number of rounds decreased from 42 in September of last year to 28 last month.
In September, the number of mergers and acquisitions of startups in Latin America remained stable compared to the same month in 2023: there were 11 operations, a volume that was below this year's monthly average of 16 M&As.
