Brazil's startup ecosystem in 2024 stands at a crossroads, marked by significant funding achievements amidst global economic uncertainties. Fintech, agritech, and retail technology continue to lead innovation, attracting both local and international investors. While challenges persist, the ecosystem's resilience is evident in its capacity to adapt and grow, with startups driving transformative solutions that address both local and global market demands. This article highlights the year's largest funding rounds, showcasing the entrepreneurs and industries shaping Brazil's future.

Cloudwalk

CloudWalk, a Brazilian fintech founded in 2013 by Zhou Xi, offers innovative payment solutions through its InfinitePay platform, empowering businesses with fast access to funds. The platform provides features like next-day payments and instant payouts, which help businesses manage their cash flow. In 2024, CloudWalk raised $444 million in funding, following a $313 million round in May, as it expanded its merchant base from 1 million to 3 million users across retail, food services, and e-commerce.

Asaas

Asaas, a Brazilian fintech founded in 2014 by Piero Contezini and his brother Diego Contezini, offers an all-in-one solution for SMEs, providing payment slips, receivables anticipation, and automation tools for managing finances. The company currently serves 170,000 customers and aims to reach $200 million in revenue by 2026. In 2024, Asaas secured $150 million in a funding round led by BOND, with participation from SoftBank and 23S Capital, which will be allocated for strengthening its AML Index, development, and strategic mergers and acquisitions.

Contabilizei

Contabilizei, a Brazilian online accounting platform founded in 2013 by Vitor Torres and Anderson Hernandes, simplifies accounting for SMEs with automated services like tax compliance, business registration, and financial reporting. Serving over 50,000 clients and generating R$ 300 million in revenue, the company operates at break-even and has expanded its offerings to include integrated bank accounts and health plans. In 2024, Contabilizei secured a $125 million investment from Warburg Pincus, making it the largest shareholder and supporting its mission to innovate and expand financial services in a market ripe for automation.

Celcoin

Celcoin, a Brazilian infratech founded in 2016, specializes in embedded finance, providing API-driven solutions like Pix transactions, open banking, and payment gateways. With operations in Brazil and Chile, the company supports businesses in offering financial products, including KYC checks, payment accounts, and white-label cards, generating $47.3 million in net revenue in 2023. In 2024, Celcoin raised $120 million in a Series C round led by Summit Partners, with Innova Capital participating, to fuel M&A activity and expand its product ecosystem and market share.

CRMBonus

CRMBonus, a Brazilian retail technology company founded in 2018 by Alexandre Zolko, Luiz Fernando Guedes, and Eduardo Vieira, revolutionizes customer engagement with its AI-driven platform that evolved from cashback solutions to advanced data monetization and personalized discounts. Serving major clients like Vivo, Adidas, and Azul, the company has become a leader in leveraging data for retail innovation. In 2024, CRMBonus secured a $88 million Series B round led by BOND, doubling its valuation to R$2.2 billion and marking BOND’s first investment in Brazil.

Jusbrasil

Jusbrasil, a Brazilian legal intelligence platform founded in 2008, simplifies access to legal information for individuals and businesses through innovative technology. With over 1.2 billion public documents, 30 million monthly users, and 80% of Brazilian lawyers in its database, it serves as a leading resource for legal research, document templates, and mobile accessibility. In 2024, Jusbrasil secured $86.1 million in Series D funding led by Warburg Pincus to further its mission of transforming Brazil's legal ecosystem and expanding its market reach.

Blip

In 2024, Blip raised $60M in a Series C round led by Warburg Pincus, with participation from Accel, SoftBank, and Microsoft, bringing its total funding to $230M. Founded in 1999 in São Paulo, Brazil, Blip began as a cellphone store before transitioning to conversational marketing in 2014. Now a leader in Latin America’s conversational commerce sector, Blip employs over 1,500 people across offices in Brazil, Mexico, and Spain and has facilitated over 3 billion interactions for clients like Itaú, Coca-Cola, and Mercado Libre. The new funding will drive Blip’s expansion across Latin America, AI innovation, and growth in the conversational commerce space.

Cayena

In 2024, Cayena, a Brazilian B2B food marketplace, raised $55 million in a Series B round led by Bicycle Capital, co-founded by Marcelo Claure and Shu Nyatta. This funding will drive Cayena's expansion from 100 cities to 500 across Brazil, addressing inefficiencies in the country’s $200 billion wholesale food market. Founded in 2020 by Gabriel Sendacz, Pedro Carvalho, and Raymond Shayo, the company connects food suppliers with businesses through an asset-light model, offering 50,000 products, next-day delivery, and R$2 billion in AI-driven credit. With sales growing fivefold annually since 2021, Cayena is poised to achieve $200 million in sales by 2024 and plans to expand beyond Brazil into Latin America, leveraging data insights to revolutionize food logistics.

Agrolend

In 2024, Agrolend, a Brazilian agribusiness finance platform founded in 2021 by brothers Alan and Andre Glezer, raised $53 million in a Series C funding round led by Creation Investments and Syngenta Group Ventures, with participation from Vivo Ventures, Norinchukin Bank, and others. The company, which simplifies credit access for small and medium-sized farmers via a digital platform, aims to expand its tailored credit solutions to support Brazil's agricultural sector, including cooperatives and retailers. Agrolend addresses the challenges faced by smallholder farms, which represent 75% of Brazil's farms, by offering fast, WhatsApp-enabled loan approvals, reducing bureaucratic barriers, and enabling funds disbursement in under a week.

Agrion Agrisolutions

In 2024, Agrion Agrisolutions, a Brazilian agricultural innovator founded in 2019 by CEO Ernani Judice, secured a $50 million investment from the Global Fund for Coral Reefs, managed by Pegasus Capital Advisors. This funding, accompanied by Dale Galvin of the fund joining Agrion's board, will support the expansion of eco-friendly organo-mineral fertilizer production, aligning with sustainable agriculture and circular economy principles. Agrion specializes in fertilizers with controlled nutrient release, produced on-site at sugar-energy plants using sugarcane byproducts like vinasse and filter cake. Currently producing 60,000 tons annually in Tupaciguara in collaboration with Aroeira, Agrion continues to drive innovation in sustainable farming.

As 2024 concludes, Brazil’s startups have proven their ability to thrive in an ever-evolving landscape, leveraging innovation and investor confidence to scale globally. Despite economic headwinds, sectors like fintech and agritech have emerged stronger, offering solutions with far-reaching impact. Looking to 2025, with events like COP30 spotlighting sustainability and transformative IPOs on the horizon, Brazil is positioned to solidify its role as a powerhouse of innovation and investment in Latin America and beyond.