Solvento Raises $53.5 Million and Other Venture Deals in LatAm

Below are the venture funding activities we are tracking in the Latin American region this week.

Solvento Raises $53.5 Million in Debt and Equity Round

• Solvento, a Mexican fintech startup specializing in logistics, has secured $50 million in debt financing from Lendable and raised an additional $3.5 million in a seed extension led by Quona Capital, with participation from Dynamo Ventures, Ironspring Ventures, Proeza Ventures, and Zenda VC. The new funding will be used to expand its current loan product in Latin America.
• Founded in 2021, Solvento Audita utilizes APIs from transportation management systems and popular Latin American apps like WhatsApp to automate billing documentation verification. Since its launch, it has provided more than $80M in loans supporting more than 1,000 freight transportation companies.
• Alongside the funding, it also unveiled Solvento Audita, an artificial intelligence-driven billing and auditing software aimed at enhancing billing transparency across the supply chain.

Letrus Secures R$36 Million

• Brazilian edtech Letrus has raised R$36 million in a funding round led by Crescera Capital, with participation from Owl Ventures, Altitude, Lemann Foundation, and VelezReyez+.
• Since its establishment in 2017, Letrus has raised a total of R$60 million. The startup offers a school program utilizing artificial intelligence to enhance students' writing and reading skills. To date, 180,000 students across 630 schools in Brazil use the platform.
• Letrus plans to allocate the funds to product development and marketing, aiming to reach 1 million students in public and private networks within two years. The investment will focus on evolving its AI integration into pedagogical experiences and enhancing student journeys for improved engagement and language proficiency.

Deep Agro Secures $2M in Initial Funding Round

• Argentine artificial intelligence startup Deep Agro has successfully concluded an initial financing round, raising $2 million. The funding round was led by Draco Capital, with participation from Grupo Dacas and notable funds such as BYX Ventures and Innventure.
• Founded in 2017, the company, headquartered in Casilda, Santa Fe, plans to expand to Brazil in February 2024 and explore opportunities in the United States.
• Deep Agro's intelligent system focuses on minimizing agrochemical use in agriculture, and the funding will support its expansion efforts and product launches. The startup employs deep learning techniques to enhance agricultural production efficiency and reduce the environmental impact of chemical applications.

Brazil's Prosas Secures R$4 Million Investment

• Prosas, a Minas Gerais-based govtech facilitating connections between public and private organizations supporting social and cultural projects with entrepreneurs, has received a R$4 million investment from KPTL, managed by Cedro Capital.
• Prosas streamlines the complex process of navigating Brazil's incentive and development laws. It acts as a bridge between organizations that want to support social and cultural projects and qualified operators that can meet the requirements of these projects. The platform has managed over 1,500 notices, receiving more than 185,000 support requests.
• The investment will be utilized to enhance the platform's infrastructure for improved stability and user experience.

CMPC Launches $100M Innovation Fund

• CMPC, the Chilean forest holding company, has unveiled a $100 million innovation fund aimed at early-stage startups, research and development (R&D) collaborations, and partnerships with other companies.
• The fund represents the company's largest capital investment in this area and will support bio-solutions for the next century. The first $50 million will be allocated to building the project portfolio, while the remaining $50 million will scale the defined solutions.
• CMPC has already invested $15 million in projects, including Pulpex, a UK-based company creating sustainable paper bottles, and Finnish startup Woamy, using CMPC cellulose for a biologically based foam material. The fund aims for strategic alliances in digitization, circularity, sustainable packaging, wood applications, bio-materials for construction, and green energy.

Follow our full coverage of the Latin America startup and technology scene and get up to date with what's happening in the key markets within the region.