KASZEK and Advent Fund Updates; iFood Acquires Caju; Vinci Acquires Sanar Stake

28 October 2026

This newsletter is authored by Carlos Ramos de la Vega, LAVCA’s Managing Director of Venture Capital.

To everyone who joined us in New York for LAVCA Week 2026, thank you. Seeing familiar faces, welcoming new ones and spending time together was a reminder of the importance of putting the region at the center of the global conversation. I left feeling grateful for the people behind this industry and excited about what we can build together.

To every speaker and moderator, thank you for your preparation, candor and generosity in sharing what you are learning.

A heartfelt thank-you to our sponsors: ABVCAP, ACON Investments, Advent International, Alexia Ventures, ApexBrasil, ARCAP, Ashmore, AWS, BTG Pactual, Canary, CMI Capital, First Citizens Innovation Banking, IDB Invest, IDB Lab, KASZEK, KPMG, L Catterton, Lexington Partners, Lightrock, PAG LAW, Riverwood Capital, Siguler Guff, Valor Capital Group, Volpe Capital and XP Asset Management. Your support makes this gathering possible, and we are deeply grateful for your commitment to LAVCA and the region.

And to our members, attendees and the LAVCA team: thank you for the care, curiosity and friendship you bring to this community throughout the year.

▸ EXIT | iFood acquired Caju, a Brazilian employee benefits, corporate expenses and HR management platform, at a reported ~USD187m valuation.

• The transaction represents an exit for Valor Capital Group, Volpe Capital, Canary, Caravela Capital and K1.
• This is iFood’s largest acquisition to date, according to Prosus.
• K1 led a USD25m Series B in August 2022, with follow-on from Valor Capital Group, Caravela Capital, Clocktower Ventures and FJ Labs.
• Valor Capital Group, Caravela Capital and Volpe Capital co-led a ~USD8.4m Series A in August 2021, with participation from Picus Capital, FJ Labs and Clocktower Technology Ventures.

▸ EXIT | Vinci Compass acquired a controlling stake in Sanar, a Brazilian medical education platform.

• The entirely secondary transaction provides full exits for DNA Capital, Valor Capital Group, Vox Capital, Igah Ventures, Península and Green Rock.
• DNA Capital and Valor Capital Group co-led a ~USD11.2m Series B announced in April 2020, with follow-on from Vox Capital and e.Bricks Ventures (now part of Patria).
• Sanar serves ~ 50k physicians and projects ~USD46.7m in revenue in 2026.

▸ Advent International raised USD30b across two private equity strategies, comprising nearly USD27b for Advent International GPE XI, its eleventh flagship fund, and more than USD3b in closed commitments for Advent Mid-Market Private Equity.

• GPE XI can invest alongside Advent’s Latin America funds on larger transactions in the region, particularly in Brazil. Global fund participation typically begins at a USD400-500m threshold, according to Managing Partner Juan Pablo Zucchini.
• Recent regional technology investments include Skyone and CONTPAQi.

▸ IDB Lab made a USD20m commitment to KASZEK Ventures VII, KASZEK’s seventh flagship early-stage fund with a USD600m target.

• KASZEK previously raised USD540m for KASZEK Ventures VI in 2023 and USD475m for KASZEK Ventures V in May 2021.
• Former Nubank CFO Guilherme Lago joined KASZEK as a partner in September.

▸ RETAIL |L Catterton and Partners Group co-led a USD180m Series F for Scanntech, a Uruguay-founded retail intelligence platform, with participation from Bradesco and SPX.

• The deal provides Warburg Pincus, which invested USD40m in 2023, with a partial exit.

▸ Sapphire Ventures and M&G’s Catalyst co-led a USD130m Series D for Tractian, a Brazil-founded, Atlanta-based industrial equipment monitoring and predictive maintenance platform, at a reported USD1.4b valuation, with participation from monashees, Endeavor Catalyst, N47, General Catalyst, Bosch Ventures, 53 Stations, Norte Ventures and YC.

• Sapphire Ventures led a USD120m Series C in December 2024.

▸ HEALTHTECH | IFC led a USD40m Series D for Alice, a Brazilian corporate health insurer, with participation from DEG and Finnfund, and follow-on from KASZEK, Canary, ThornTree Capital Partners and Next Billion Ventures.

• SoftBank led a USD127m Series C in December 2021. SoftBank reportedly sold part of its stake to Canary and left Alice’s board alongside the latest financing.

▸ At One Ventures led a USD21m Series A for Reuse, a Chilean consumer electronics resale platform, with participation from ALIVE Ventures, Endeavor Catalyst and Coppel Ventures, the VC arm of Mexican retailer Grupo Coppel, and follow-on from IGNIA, Dalus Capital and Cathay Innovation.

▸ WOMEN-LED | BBVA Spark provided a ~USD11.9m loan to Bold, a Colombian payments and financial services platform for SMEs, to expand lending to merchants.

• General Atlantic led a USD40m round in October 2025. Bold was co-founded by Ana Sandoval.

▸ IGNIA and Portage co-led a USD10.5m Series A for Kontempo, a Mexican credit management and financing platform for industrial suppliers, with participation from Tectonic Ventures and MS&AD Ventures.

• Portage led a USD6.5m seed round in August 2022; Kontempo also secured a USD25m debt facility from Upper90.

▸ HEALTHTECH | Astella led a USD6.5m seed round for Matria, a Brazilian platform connecting hospital data to deploy AI agents across patient communications, clinical documentation and care coordination, with participation from Endeavor Scale-Up Ventures, Floating Point and FluentVC, and follow-on from Afya.

▸ BIOTECH | Orion Industrial Ventures led a USD6.4m seed round for Giraffe Bio, an Argentine biotech startup developing mineral-specific reagents to improve copper recovery, with participation from BHP Ventures, the venture arm of mining company BHP, Twynam, Air Capital and Baruch Future Ventures.

▸ AI | Chingona Ventures led a USD6m seed round for Dapta, a US-based AI sales automation platform founded by Colombian entrepreneur Nicolás Rojas, with participation from Cometa, Crew Capital and Broom Ventures, and follow-on from 500 Global and Fen Ventures.

• Dapta’s ARR recently exceeded USD4m, according to the company.

▸ Rebill, an Argentine cross-border payments infrastructure platform, raised a USD5.4m pre-Series A with follow-on from Guillermo Rauch (Vercel) and others.

• Rebill previously raised USD3.6m in 2022; existing investors include Tiger Global, YC, SV Angel and Soma Capital.

▸ MININGTECH | MineMind, a Brazilian AI platform automating workflows for geologists and mining engineers, raised USD1m at a reported USD11m valuation from angels Edson Ribeiro (ex-Vale), Nick Fogarty (ex-Seequent), Francisco Bittencourt and Mauro Sérvulo Delgado Santos (both ex-Deswik and Fast2Mine).

▸ EDTECH | Leme, a Brazilian education analytics platform helping municipal school systems address learning inequalities, raised a ~USD224k pre-seed round from Potencia Ventures.

▸ EDTECH | Triaxis Capital and Crescera Capital co-led a ~USD187k seed round for AMentoria, a Brazilian university entrance exam preparation and mentoring platform, with participation from Insper Angels and Anjos do Brasil, and follow-on from WOW Aceleradora.

▸ CVC | Vivo Ventures investedin Brazilian enterprise AI platform Inner AI.

• Canary and ONEVC co-led Inner AI’s ~USD5.6m seed round in April 2026.

▸ B Venture Capital invested in Platam, a Colombian embedded lending platform providing working capital, factoring and supplier financing to SMEs. The amount was undisclosed.

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