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Asian Investors in LatAm Startups (2013-2017)

February 26, 2018

Asian investors are playing an increasingly important role in financing Latin American startups, co-investing alongside local and global investors across a range of sectors and stages.

2017 saw landmark investments from SoftBank and Didi Chuxing into Brazilian rideshare company 99, significant deals from Singaporean sovereign wealth funds GIC (in Netshoes) and Temasek (Netshoes, IguanaFix, Neoway) and corporate investors Tencent (Satellogic) and Tsing Capital (Bluesmart); and blockchain investors Digital Finance Group and FGB Capital in Ripio (formerly BitPagos).

SoftBank and Didi Chuxing’s US$200m investment in 99, along with Riverwood Capital, is the largest publicly disclosed round of venture investment in a LatAm startup to date. Didi acquired 99 in early 2018 for ~US$600m, in a deal that officially put 99 in unicorn territory and marked one of Didi’s first acquisitions outside of China. Didi is also expanding to its first market outside of China: Mexico.

The deal speaks to the larger significance of Latin America’s rideshare market on the global scale. Uber’s top three cities by ride volume are all in Latin America, and the battle between local and international players is heating up: 99 competes with Uber and Cabify in LatAm. But Didi is also an investor in Uber, and Uber is Didi’s largest shareholder; SoftBank is invested in Didi, Uber and 99. And Cabify, which acquired Brazilian rideshare app Easy in 2017, received a US$160m cash injection in early 2018, led by Japanese corporate Rakuten Capital and others.

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HIGHLIGHTED ASIAN INVESTMENTS IN LATAM STARTUPS (2013-2017)

Startup Startup HQ Sector Stage* Investor(s)
99 Brazil Marketplace: Ridesharing Growth Didi Chuxing (China); Softbank (Japan)
Bitso Mexico Fintech Early Bitcoin Capital (Hong Kong)
Bluesmart Argentina IoT: Travel & Tourism Early Tsing Capital (China)
Geekie Brazil Edtech Early Mitsui (Japan)
IguanaFix Argentina Marketplace Early Temasek (Singapore)
Neoway Brazil Big Data Growth Temasek (Singapore)
Netshoes Brazil e-commerce Growth GIC (Singapore); Temasek (Singapore)
Nubank Brazil Fintech Growth DST Global (Hong Kong)
Psafe Brazil Digital Security Expansion Qihoo 360 Technology (China)
Rappi Colombia Logistics & Distribution Early DST Global (Hong Kong)
Ripio Argentina Fintech Early Digital Finance Group (Huiyin Blockchain) (China)
Satellogic Argentina Earth Observation Expansion Tencent (China)

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DATA METHODOLOGY

Investments took place during the period 2013-2017 and include verified LAVCA Industry Data on fund manager transactions, as well as other investor types from public sources.

This information has been gathered from sources believed to be reliable and from secondary sources that were checked whenever possible, but its accuracy and completeness are not guaranteed. LAVCA shall not be responsible for any inaccuracy unintentionally included in this publication. Readers should consult and rely solely on their own advisers regarding all pertinent information, legal, and accounting issues.

*Investments include the following stages:

  • Seed/Incubator: Startup capital for companies to incubate an idea into a company or product.
  • Early Stage: Startup capital for companies.
  • Expansion Stage: Capital for companies that have reached a sustainable level of development and may be shipping products.
  • Growth Financing: Non-control equity investment in an existing company to finance growth strategy.
Asian Investors in LatAm Startups (2013-2017) was last modified: March 9th, 2018 by Editor
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Quote

  • This is not the first and will not be the last measure that we are going to take. We are serious about changing the rules and having a better environment for entrepreneurship to thrive…

    Asian Investors in LatAm Startups (2013-2017) was last modified: March 9th, 2018 by Editor

    –Mariano Mayer
  • We are very careful about not overcapitalizing companies.

    Asian Investors in LatAm Startups (2013-2017) was last modified: March 9th, 2018 by Editor

    –Alan Patricof
  • Making an investment decision comes down to the people.

    Asian Investors in LatAm Startups (2013-2017) was last modified: March 9th, 2018 by Editor

    –Alex Rossi, Managing Partner, LIV Capital
  • We look at the longevity, the fit, deal attribution by team member. We look at their performance as well as how they focus and what their expertise is…What differentiates them from their peers?

    Asian Investors in LatAm Startups (2013-2017) was last modified: March 9th, 2018 by Editor

    –Adam Ritter, Vice President, Harbourvest
  • The most helpful thing that an investor can do for an entrepreneur is connecting them to great people, and then taking them to experts and connecting them to early customers and partners.

    Asian Investors in LatAm Startups (2013-2017) was last modified: March 9th, 2018 by Editor

    –Cyrus Massoumi
  • We never do a deal alone, never, not one single deal in our entire portfolio are we the only investor. We always have someone else.

    Asian Investors in LatAm Startups (2013-2017) was last modified: March 9th, 2018 by Editor

    –Alan Patricof
  • Empathy is one of the things we value a lot.

    Asian Investors in LatAm Startups (2013-2017) was last modified: March 9th, 2018 by Editor

    –Michael Nicklas, Partner, Valor Capital

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