Financing watch: JLL-Fracttal’s partnership, Argentina’s Avancargo in Chile, VC rounds, and more

Real estate consultancy JLL teamed up with asset management solutions firms Fracttal to improve its internal processes and its service orders in Latin America, starting with Brazil, BNamericas was told.

Operating in multiple states and managing maintenance for several buildings, JLL wanted to centralize the management of this workload to guarantee operational efficiency.

JLL reached 100,000 service orders managed digitally throughout Brazil in 2023 after the deployment of the Fracttal One platform. The platform operates remotely and with cloud-based infrastructure. 

The implementation process lasted three quarters, according to information shared in advance with BNamericas.

The result was the creation of unified dashboards for JLL clients with information such as the total volume of work orders performed, closed and canceled, and information on equipment that is out of service, among other things. 

JLL expects to expand this to its other Latin American operations.

Argentina’s Avancargo launches Chilean operation

Argentine startup Avancargo, provider of a logistics and cargo transportation platform, launched operations in Chile as a first stop in a regional expansion plan.

In December, the logtech completed a US$600,000 investment round led by Globant, Grupo Murchison and Puerto Asís Investments. Part of the proceeds will be allocated to the expansion. In Chile, the company is opening an office in Providencia, Santiago and hiring local talent.

Avancargo's platform reportedly brings together over 20,000 transporters and more than 1,500 freight firms. The company claims that its database includes more than 100,000 trucks, which have completed more than 30,000 trips.

The company's clients include MercadoLibre, Simplot, BASF, Syngenta, Vista, Arcadium, Techint and Cargill.

Brazil’s Ouro Preto, fintech beef up credit

Brazilian asset manager Ouro Preto Investimentos, in partnership with Banco Ribeirão Preto and fintech GooRoo Crédito, launched a 200mn-real (US$35.3mn) FIDC (credit rights investment fund) to finance private payroll loan operations. 

According to Ouro Preto, the initiative is aimed at responding to the growing demand for more accessible credit by offering a lower banking spread than that offered by large banks.

Last year, Ouro Preto was selected by development bank BNDES to manage Brazil's 100mn-real Funttel DPR FIDC to finance small internet service providers (ISPs) in the country.

Uruguay ministry funds tech-related industrial initiatives

Uruguay's industry, energy and mining ministry (MIEM) is selecting startups and small firms until October to finance their tech-related initiatives.

The so-called technological linkage fund (FVT by the Spanish acronym) is intended to support industrial SMEs in projects to address problems and gaps in the industry through investments and technical assistance of consultants, the ministry said.

The financing will provide non-reimbursable funds for up to 9mn pesos (US$220,000), with maximum support of up to 600,000 pesos per project approved, according to MIEM. More information can be found here.

Brazil tech rounds accelerate in H1

There were 104 M&As involving tech startups in Brazil in January-June, equivalent to 61% of all such transactions seen in full-year 2023, according to the M&A Deals Report, tracking conducted by consultancy Questum in partnership with Brazil's Sebrae Startups service.

Fintechs, healthtechs and and edtechs were the segments most sought-after by buyers, said Questum.

"The figures for the first half of the year indicate a recovery, albeit modest, compared with the figures from 2023, but still far from the idea of growth at any cost through successive rounds and poorly structured deals that we experienced in 2021. The focus is now on predictability and consistency in the data," the consultancy stated.

Mexico's OCN secures US$86mn led by Caravela

Mexican car rental startup OCN raised US$86mn in a Series A round, combining equity and debt, led by Brazilian VC fund Caravela Capital and with the participation of Collide Capital, Great North Ventures and i80 Group.

Formerly OneCarNow, the startup offers car rentals to gig workers in Mexico and the US.

Caravela Capital’s present portfolio includes 26 invested startups from Latin America.

Adistec, Checkmarx target cybersecurity in LatAm

Latin American IT distributor Adistec and Checkmarx, a provider of advanced software security solutions, announced a partnership to serve the Brazilian cybersecurity market.

Checkmarx already has a more consolidated presence in other markets in Latin America and with the partnership it expects to expand its presence in Brazil. Adistec will distribute code analysis solutions and modules from the CheckmarxOne suite. 

Headquartered in Miami, Florida, Adistec operates in 17 markets in Latin America.

Duo&Co closes acquisition aiming at e-commerce

LatAm digital marketing holding company Grupo Duo&Co acquired Brazil’s Box Martech, a Paraná state-based agency specializing in strategies and technologies for e-commerce, news outlet Startupi reported.

The acquisition, whose value was not disclosed, is part of the company's strategy to strengthen its e-commerce presence. 

Duo&Co projects revenues of around 50mn reais by the end of 2024.