"The simple things are also the most extraordinary things, and only the wise can see them.” - Paulo Coelho
Cuadds: Productivity tool designed with Lego-like elements, offering flexibility and power in managing tasks, projects, files, and messaging all-in-one unified platform. This all-encompassing tool solves the challenges of fragmentation and dependency on multiple tools, catering to various collaborations, from large corporations to remote teams or casual friend groups. Get to know the case here.
GetGloby: An AI-powered platform that instantly translates Ads Campaigns into 100+ languages with high-performing results thanks to JAGA, proprietary translation technology, which is capable of understanding the nuances of every market to adapt the original message. Get to know the case here.
Dive deeper into other fundraising firms in LATAM here.
Brazilian fintech giant Nubank is expanding its offerings by introducing personal loans for the Mexican market. This new service will enable customers to secure personal loans in under five minutes via its platform. Following a record revenue of $1.9 billion in the second quarter, largely due to an influx of new customers, Nubank has identified Mexico as a significant growth opportunity and plans to launch more products rapidly in the coming year. After listing its shares in New York in late 2021, Nubank's stock has risen by nearly 80% this year.
Nuu, a women-led Brazilian foodtech startup based in Minas Gerais, has raised $4 million USD (R$ 20 million) in a Series A funding round to expand its sustainable cassava-based products. The funding, led by EcoEnterprises Fund with contributions from various other investors, will be used to bolster marketing and sales, aiming to reach 6,000 retail locations in the next two years. The company produces a range of products, including cassava-based cheese bread and tapioca sticks, emphasizing carbon neutrality and sustainability. CEO Rafaela Gontijo highlighted Nuu's commitment to environmental responsibility, noting their efforts to offset carbon footprints and use clean energy in production.
Brazilian agtech iRancho has raised US$1.4 million from Banco do Brasil to promote sustainable livestock management. The investment was made through the bank's corporate venture capital fund, BB Ventures, managed by MSW Capital. Founded in 2016, iRancho's platform, used on over 3,500 rural properties in Brazil and abroad, offers technological solutions that help ranchers efficiently manage their operations, including animal traceability and corral management. Banco do Brasil's investment aligns with its commitment to support the agricultural sector, emphasizing ESG practices and leveraging technology for sustainable transformation in farming.
Colombia: Colombian airline Avianca plans to invest $473 million to expand its fleet by 16 aircraft, aiming to increase its number of routes. The airline is boosting its daily domestic flights by nearly 25%. CEO Adrian Neuhauser described this as "unprecedented growth" in the company's history and mentioned that the financing for these planes will come from available cash and additional lease debt. The new planes will be added to Avianca's fleet between October and December, and the company expects to increase its workforce by approximately 1,200 employees.
Mexico: Mexico's ruling party, the National Regeneration Movement (MORENA), has named former Mexico City Mayor Claudia Sheinbaum as its presidential candidate for the 2024 elections, positioning her to potentially become the country's first female president. Throughout her tenure as mayor, Sheinbaum reduced murders in Mexico City by nearly half and championed greener energy policies. If elected, she is expected to continue Lopez Obrador's focus on state-driven social change while also pushing for increased renewable energy usage in Mexico.
Brazil: Brazil's economy experienced greater growth than anticipated in the second quarter, primarily due to increased activity in the industry and services sectors. GDP rose by 0.9% in the three months leading up to June, surpassing the 0.3% increase forecasted by analysts. This growth supports President Luiz Inácio Lula da Silva's commitment to enhancing living standards in Brazil. However, Lula has criticized the central bank's high interest rates, urging for a reduction to stimulate economic activity, even as forecasts for Brazil's 2023 growth have been consistently upgraded since the beginning of the year.
Want to read more about Brazilian fintech scene?
Read here Distrito Fintech report 2023.
