Roundup: Startup investments, ISA's energytech bet, CAF govtech selection, and more

Startup investments

Investments in Latin American startups surpassed US$496mn in November, buoyed by the US$300mn series E round of Argentine fintech Ualá.

Another major transaction was the US$60mn series C round secured by Brazil’s Blip. Meanwhile, Mexican fintech Minu cashed US$30mn in a series B round.

The figures are from Brazilian innovation hub Distrito’s Inside Venture Capital report.

Latin America saw 17 M&As in November, compared to 13 in October. The main highlights were the deeptech (24%), focused on engineering solutions, and fintech (18%) segments. 

Overall, Brazil accounted for over US$112mn of the month’s total, according to Distrito. Year-to-November, the country’s startups raised US$1.9bn, up 5.5% year-over-year.

ISA startup investment

Colombian power transmission company ISA launched a program for investments in innovation and startups, committing US$130mn through 2030.

Dubbed Inndigo, the project aims to select global technology-based initiatives that are at an advanced stage (series B or superior) and that contribute to accelerating the energy transition, ISA said in a statement. 

The program has two focuses: enhancing the efficiency and competitiveness of energy transmission, based on solutions for the power grids of the future (flexible, reliable, resilient and secure); and participating in new energy businesses, such as distributed energy solutions and large-scale storage.

“With an investment of US$130mn, this program becomes one of the most relevant Corporate Venture Capital (CVC) bets in the region”, ISA president Jorge Andrés Carrillo said in a statement.

Innidgo is supported by Telefónica's Wayra, as well as the open innovation areas and corporate fund of Telefónica Movistar Group.

Philips backs Mamotest

In Argentina, Mamotest closed a new funding round worth US$1.5mn and led by the Philips Foundation, bringing its total funding to date to US$7mn, the company said in a release.

With this, Philips became Mamotest's first European investor.

Born in the province of Entre Ríos with the goal of reducing breast cancer deaths, Mamotest is also backed by global healthcare industry players such as Merck Sharp & Dohme (since 2021) and Johnson & Johnson Impact Ventures (since 2023).

Brazil IBM partner closes acquisition

Brazilian IT integrator Selbetti Tecnologia acquired Santa Catarina-based Eiti Soluções de Tecnologia, which specializes in IT management, cloud solutions and consulting projects.

Values were not disclosed, but according to Selbetti, the acquisition adds a minimum 2025 revenue forecast of 40mn reais (US$6.56mn) for its IT outsourcing business unit.

With the acquisition, Selbetti expanded its portfolio of technology management solutions, strengthening areas such as outsourcing, cloud and information security.

Eiti has 916 clients and more than 150 employees. Selbetti, in turn, is IBM's largest partner in the country's south. Last month, it acquired another local IT firm, Intercompany.

CAF selects govtechs for anti-corruption program

Corrupción Cero, a govtech innovation ecosystem led by Latin American development bank CAF and the Rewired platform, selected 36 startups and public innovation teams to participate in its acceleration program.

The program is focused on combating corruption in the public sector through disruptive technological solutions.

The selected participants are coming from 21 countries, including Argentina, Bolivia, Chile, Colombia and Venezuela.

According to CAF, participants will work on addressing critical challenges such as bid rigging, cartelization, the lack of controls in contracts under special regimes and the prevention of so-called white elephants.

More details about the selected participants and the program can be found here.

IDB Invest finances Mexico's Grupo Hi-Tec

IDB Invest closed a financing worth US42mn with Grupo Hi-Tec for investments in technology and to strengthen the manufacturing sector in the country. 

The financing comprises two operations: a US$30mn loan for Hifin Solution, the financial arm of Grupo Hi-Tec, which involves US$15mn from IDB Invest and US$15mn from institutional investors, to finance the acquisition or leasing of computer numerical control (CNC) machines and production equipment by micro, small and medium-sized enterprises.

The second loan involves US$12mn for Quasar, an affiliate of Grupo Hi-Tec, of which US$6mn are coming from IDB Invest and US$6mn from institutional investors to finance the construction of a state-of-the-art green industrial facility in Querétaro.

Healthtech Sami extends series B

Brazilian healthtech Sami raised 60mn reais in an extension of its 90mn-real series B round announced last year.

The new funding is a combination of equity and debt and was led by insurance-focused fund Mundi Ventures and StoneX.

The follow-on included participation from other funds, such as Monashees, Valor Capital, Redpoint eVentures, DN Capital, as well as investors who already partnered with Sami.

The company will close 2024 with 50% growth and 110mn reais in revenue.