The startup ecosystem continues to feel the effects of the macroeconomic crisis and global political uncertainties. In August, Brazilian companies raised $174.2 million in investments, distributed across 43 rounds, according to the most recent edition of the Inside Venture Capital study, carried out by innovation hub Distrito in partnership with Bexs Banco.
The volume is 80.2% lower than in the same period last year, when startups raised $880.3 million in 77 rounds. The survey recalls that in August 2021 there were rounds with very significant values, raising the basis for comparison. Proptech QuintoAndar had received a contribution of $120 million; pet products firm PetLove raised BRL 750 million from Riverwood Capital; and fintech Cora increased its cash position with a $116 million round from Greenoaks Capital. There was also the round in support of enterprise systems firm Omie, which closed a series C round of BRL 580 million.
“It is worth mentioning that the total raised by startups in August of last year was the highest since we started the historical series, in 2013”, said Gustavo Gierun, co-founder and president at Distrito in a statement. He pointed out that, analyzing the evolution of investments, the first eight months of 2022 already exceed the total for 2020, showing that the venture capital market will remain relevant in the country.
The state of the market
According to the survey, the trend for the year is for the fall to continue. Between January and August, the market raised $3.6 billion, a volume 45% less than the $6.6 billion raised in the first eight months of 2021. With greater risk aversion on the part of investors, rounds in advanced stages saw a decline, as is the case with series D deals, which dropped from $132.3 million to $124.1 million.
But there were also optimistic news. According to the survey, the average ticket of initial funding rounds, from angel to Series A, grew in 2022. Pre-seed rounds grew from $350,600 to $788,100, and seed rounds jumped from $1.5 million to $2.4 million.
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The fintech segment, which had already been leading the ecosystem in Brazil in terms of number and volume of deals, was the one that attracted the most investments in the month. There were $97.6 million in 12 negotiations in that space. In second place are healthtechs, with US$ 47.5 million in 6 deals.
“Fintechs continue to lead in funding – which they have maintained since 2018. We also see a growing interest in healthtechs, which appear in second place in terms of number of contributions in the year (44). In terms of volume, retailtechs stand out, with US$ 384.4 million”, Gierun said.
When it comes to highlights of the month, the list includes healthtech Dr. Consulta with its BRL 170 million series D, Pega Leve, which raised a $25.8 million series A, and HRTech Caju, which ended the month with a $25 million boost led by US firm K1 Investment Management.
Also in August, the survey listed 14 mergers and acquisitions, also down from the same period last year, when there were 21 operations of that type. The accumulated for the year remains stable compared to 2021 – there were 155 transactions last year and 154 this year.
