Portugal’s EDP invests in Espírito Santo state energy startups

EDP will invest around 300,000 reais (US$61,000) this year in four energy startups, or energytechs, based in Brazil’s Espírito Santo state, the Portuguese energy group said in a statement.

The group signed proofs of concept for solutions applicable to the company's challenges, with startups Devix (remote measurement of medium voltage customers), ECO55 (measurement of decarbonization and energy transition processes), Aevo (innovation management) and WIS (learning solutions).

EDP’s Espírito Santo concession encompasses 70 of the state’s 78 municipalities, covering 3.8mn residents and 1.7mn unique customers. The concession is valid until July 2025.

In parallel to the startup investments, the company also presented a ‘Map of Innovation Habitats of the Espírito Santo Ecosystem,’ outlining the innovation poles in the state, their business models, characteristics, categories and location.

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Brazilian corporate venture capital funds invested 1.5bn reais in 57 operations between January and August this year, according to local VC association ABVCAP. The tracking was carried out by TTR Data.

According to TTR, CVC investments sustained growth, and the amounts invested just in July and August, totaling nearly 500mn reais, exceeded those of the previous quarter.

ABVCAP also said that 83 companies had active CVC funds in Brazil as of June, with further 37 looking to create their own VC arms.

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Overall, Latin American dealmaking activity fell by 18.1% in number of deals and 30.1% in aggregated volume year-to-August, when compared to the same period in 2022, according to TTR’s latest monthly report.

Deals amounted to 2,064 and disclosed value to US$51.3bn. The figures refer to VC, private equity, M&As and asset acquisition transactions. 

Brazil led with 1,282 deals, a 27% decrease in volume, followed by Chile (247 deals, up 13%), Mexico (234, down 23%), Colombia (161, down 20%) and Argentina (37, up 1%), said TTR.

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Brazilian digital market and grocer delivery company Daki raised US$50mn in a series D round, just seven months after securing the same amount in a series C round.

The new fundraising was led by Convivialité Ventures, the investment arm of French wine company Pernod Ricard, and by existing investors GGV, G-Squared, TriplePoint Capital, Tiger Global, Balderton Capital, Greycroft, and Monashees.

The new round valued Daki at US$800mn, a drop of US$500mn compared to its previous unicorn-level of US$1.3bn, as the market continues to reprice startup valuations.

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Brazilian healthtech Starbem raised 5mn reais from angel investors as part of a seed round.

Resources will be allocated to workforce growth and other strategic areas, such as technology and marketing, as well as to national and international expansion, the company said in a release.

The startup reports over 230,000 active users and 96 client companies in the country and expects to end 2023 with 10mn reais in revenue.

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Canadian security solutions provider Genetec is investing to expand in Brazil, targeting the country’s northeast and north.

Genetec already operates in the southern and southeastern states, particularly São Paulo, but said it spotted opportunities with “new projects in the food, chemical, agribusiness, retail, energy, telecoms and public services sectors (roads, railways and ports, among others)” in the other regions.

As part of this expansion, the company hired a new sales manager (Rodrigo Moret) for the north and northeast and plans to train and certify dozens of integrators and business partners.

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IDB Invest is providing 100bn Colombian pesos (US$25mn) to FCP Sura Private Debt, a Colombia-focused fund targeting SMEs and middle-market companies.

The deal aims to support the sustainable growth of Colombian SMEs and companies through access to the private credit market, according to IDB, which claims this to be its second investment of the type in Colombia.

The Sura fund's primary focus will be businesses that require customized financing solutions to support growth opportunities and improve productivity.

“In addition, the deal has an innovative technological component since the fund has an agreement with a Colombian fintech that will generate sub-loans to SMEs, contributing to reducing the financing gap through digital channels,” IDB said.