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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

• LATAM’s leading Fintech Nubank is considering moving its legal headquarters to the UK to prepare for global expansion.

• The Central Bank of Brazil extended the deadline for public consultations on Banking as a service and virtual assets to February 28, 2025.

• Mexican fintech R2 partnered with Uber Eats to launch a credit line designed to improve financing access for small and medium-sized restaurants.

• Brazilian startups in the corporate benefits sector criticized government proposals for changes to the PAT program arguing they won't reduce inflation and could increase costs.

• 18 Chilean startups have joined OpenSeniors, a program by the University of Chile aimed at improving the lives of older adults.

💸 Top Funding Rounds

• Itaú Unibanco invested $15 million in NeoSpace, a generative AI startup, and made a minority investment in Kanastra, a fund and securitization company.

• Turbi, a digital vehicle rental company, raised $12.32 million in Series D funding aiming to expand its fleet to over 5,000 vehicles.

• Solfium received an investment from Wayra Hispam to accelerate its development and expansion across LATAM, raising a total of $4.2 million.

• Brazilian healthtech startup Cycles Nutrition raised $2.57 million from Headline Ventures to develop high-quality nutritional products.

• Beauty for All raised $2.57 million, with $1.71 million from 4Equity Media Ventures, to strengthen its digital presence and boost its B2C operations.

💰️ Notable Exits

• Nigerian mobility startup Moove acquired Brazilian car rental startup Kovi to strengthen its presence in Latin America, expanding its fleet to 36,000 vehicles.

• Sorenson acquired Hand Talk, a Brazilian startup using AI for sign language translation, which has been recognized by the UN and BID.

• OvareGroup has acquired Togetherwith, fully integrating the Argentine creative agency into its network to strengthen its creative capabilities.

• Lovelytics has acquired Datalytics, a data and AI consulting firm, forming a 340-person team focused on Databricks and AI solutions.

🏦 About Investors

• Oria Capital resolved a corporate dispute and is now focused on raising its fourth investment fund after winning two arbitrations against former partner Fabiana Cid de Andrade who sought reinstatement and bonuses.

• Braskem announced shutting down its startup investment hub Oxygea, which had $150 million for sustainability and digital transformation, after investing over $2.74 million in startups.

📊 Investment Highlights

Despite global economic headwinds and a cautious investment climate across LATAM, Argentina’s startups are charting an impressive growth trajectory. From fintech leaders like Ualá reshaping digital finance to innovators like Patagon AI transforming marketing, these companies have attracted multimillion-dollar funding rounds. Discover how Argentina’s bold entrepreneurs are navigating market challenges, leveraging local talent, and driving innovation to new heights.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Turbi

Turbi, a 100% digital vehicle rental company founded in 2017 by Diego Lira and Daniel Prado, has raised $12.32 million in its Series D funding round to accelerate its growth and expansion. Based in São Paulo, Brazil, Turbi has grown its fleet to 4,000 vehicles and is now focusing on expanding to over 5,000 vehicles while transitioning to a fully owned fleet to optimize operational efficiency and profitability. With breakeven achieved in December 2024, the company plans to raise $170 million in 2025 through operations like FIDCs and debenture issuances, aiming to solidify its position as one of Brazil's top rental firms while boosting its revenue by 40%.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Oria Capital

Oria Capital, a São Paulo-based private equity and venture capital firm specializing in B2B technology investments, has resolved a corporate dispute with former partner Fabiana Cid de Andrade, who sought reinstatement and bonuses through arbitration. With the legal battle concluded in their favor, the firm's focus now shifts to raising its fourth investment fund, which is already in an advanced stage. Founded in 2008, Oria Capital has built a portfolio valued at over $170 million and has completed more than 40 transactions across Latin America, including IPOs, follow-ons, and mergers and acquisitions.

🤑 Opportunity Radar

Call for Applications: Nordic Open Innovation Challenge 2024

Apply to the Nordic Open Innovation Challenge 2024 by February 17, 2025, and collaborate with leading Nordic corporations to drive innovation in quality control and sustainability. Open to startups and SMEs, this challenge offers over $35,000 in grants and funding support, mentorship, and co-development opportunities. Shortlisted participants will engage with industry leaders and gain access to state-of-the-art facilities to refine their solutions. Don’t miss your chance to contribute to building a more sustainable future. Submit your proposal today!