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Welcome to another edition of 🔍 Startup Researcher - Latin America, your essential digest delivering the latest news and premium insights on startups and venture capital across the region 🌎️

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📰 Important News

• Uruguayan fintech dLocal secured a UK payment license from the FCA, enabling it to support UK-based clients with cross-border payment solutions.

• TikTok Shop is expanding to Mexico despite potential ban in the US, capitalizing on the platform's popularity in Latin America.

• Brazilian MEIs and SMEs in Simples Nacional must settle tax debts by January 31, 2025 to avoid exclusion from the simplified regime in 2025.

• Paytech Kuady launched a physical prepaid Mastercard card in Peru, offering users secure in-store and online payment options.

• SEMARNAT has launched the Environmental Digital Window, a platform to streamline environmental processes in Mexico, starting with 11 procedures in 2025.

💸 Top Funding Rounds

• Buk raised $50 million in Series B funding to expand in Latin America, enhancing its HR platform, and doubling its team and customer base.

• Rhino, a São Paulo-based armored vehicle mobility startup, obtained $1.64 million in a media-for-equity deal with 4Equity Media Ventures.

• Archo Medical raised $930,000 to advance its innovative device for treating aortic aneurysms, targeting its first human implant in 2025.

• The Men's raised $430,000 in a funding round led by BR Angels to expand its male health care product portfolio and reach new market niches.

• Loocal secured $200,000 in funding to enhance its platform, optimize delivery logistics for retailers, and expand operations to new Brazilian cities.

💰️ Notable Exits

• OKTO acquired a majority stake in U4C to enhance Pix payment operations, integrate capabilities, and transition toward operating as Okto Bank.

• Invent Software acquired TaskDo, a Santa Catarina-based startup specializing in tax and accounting automation.

• Red5 acquired fan engagement startup Dale to enhance its solutions portfolio, integrating features like guest management and multi-view layouts.

🏦 About Investors

• SRM Ventures has launched Obrabank under its venture builder umbrella, investing $3.27 million to address cash flow challenges in the real estate sector.

📊 Investment Highlights

Discover the largest funding rounds shaping Brazil's future in fintech, agritech, and retail sectors in 2024. From Cloudwalk's impressive $444 million raise to Agrion Agrisolutions' sustainable innovations, Brazil's startups continue to thrive amidst global challenges. Delve into the full article to explore the key investments driving transformation across these industries, the visionary entrepreneurs behind them, and the growth potential that positions Brazil as a leader in Latin America's innovation landscape.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Buk

Buk, a Mexico City-based HR software company founded in 2016, raised $50 million in a Series B funding round led by Headline, with participation from Workday, Endeavor Catalyst, Greenoaks, and Base10. Buk’s platform centralizes HR tasks like payroll, employee management, and training, serving over 1.5 million users across 7,000 companies in Latin America. The investment will fuel Buk’s expansion in Mexico and other Latin American markets, focusing on product development and growing its team. With a particular focus on Brazil, Buk aims to strengthen its position as a leading benefits ecosystem and continue creating happier workplaces across the region.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

SRM Ventures

SRM Ventures, a corporate venture capital firm based in São Paulo, Brazil, has partnered with Insper’s Paulo Cunha Innovation and Entrepreneurship Hub to launch ObraBank, its first fintech startup under the SRM Venture Builder umbrella. Specializing in credit financing for the real estate sector, ObraBank focuses on advancing receivables for suppliers of materials and services, helping address cash flow challenges in construction projects. SRM Ventures invested $3.27 million to support ObraBank’s credit operations and business development. SRM Ventures aims to continue expanding its venture builder platform, promoting innovation and addressing market needs. Founded in 2020 by André Szapiro, SRM Ventures focuses on fostering the growth of fintech startups and technological advancements within the financial sector.

🤑 Opportunity Radar

Call for Applications: THRIVE Academy program

Apply now to the THRIVE Academy program by January 19, 2025, and accelerate your agrifood tech startup journey. Designed for pre-seed to early seed-stage companies, this 12-week pre-accelerator offers intensive virtual programming, expert mentorship, and valuable resources to help you become market and investor ready. Throughout the program, you’ll build a strong foundation for scalable growth, refine your go-to-market strategy, and prepare to secure investment. Don’t miss the chance to bring your ground breaking agrifood innovations to life—apply today!