Brazil’s Biggest VC and M&A in August 2025

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Brazil August 2025 deals reflected a strong recovery in venture funding and a renewed appetite for growth equity. Investors concentrated on sectors where Brazil continues to show global edge: fintech infrastructure, healthtech, and SaaS platforms with regional scalability. This dynamic underscores the resilience of Brazil’s venture market despite a cautious macroeconomic backdrop.

The venture side of Brazil August 2025 deals featured a mix of early-stage and expansion rounds. Healthtech Axenya and AI-driven Darwin AI led early financings, while IORQ and QI Tech drew significant attention to fintech infrastructure. InHire, raising growth capital in HR tech, highlighted how SaaS models with strong metrics remain investor favorites. Collectively, these rounds confirm that Brazil’s innovation ecosystem is still a magnet for capital.

Brazil August 2025 Deals in Venture Capital

Beyond the broad recovery trend, the Brazil August 2025 deals in venture capital revealed a mix of early-stage healthtech and AI rounds alongside larger fintech financings. Investors prioritized scalable infrastructure plays, such as IORQ and QI Tech, while also backing sector-focused SaaS and HR platforms like Dealops and InHire. This range of activity shows how the venture market is balancing innovation at the seed stage with more mature growth capital allocations.

• Axenya – US $12M Series A: São Paulo-based healthtech raised funds from Canary, Indicator Capital, and Zentynel.
  • Law firm: Demarest Advogados – partners Juliana Maluf and Beatriz Seixas.
• IORQ – R$35M Series A (~US $7M): Fintech platform for modular credit APIs, backed by Upload Ventures, Monashees, ONEVC, and Norte Ventures.
  • Law firms: Demarest Advogados (Juliana Maluf, Beatriz Seixas); Machado Meyer (Dianna Henne); Foley & Lardner LLP (André Thiollier); Pinheiro Guimarães (Fábio Yanitchkis Couto, Renato Ruschi); Nelson Mullins (Leandro Molina).
• Dealops – US $7M Seed: SaaS startup expanding into Brazil.
  • Law firm: Wilson Sonsini – partner Matt Squires.
• Darwin AI – US $4.5M Seed: AI automation for sales, led by Base10 Partners.
  • Law firms: not disclosed.
• Start Growth – R$20M Program: Capital allocation to fintechs, HR tech, martech.
  • Law firms: not disclosed.
• QI Tech – US $63M Series B extension: Continued growth in financial infrastructure, led by General Atlantic.
  • Law firms: not disclosed.
• InHire – Growth Investment: HR tech SaaS raised growth capital from DGF and Bridge One.
  • Law firms: Bronstein Zilberberg (Eduardo Zilberberg); Veirano Advogados (Guilherme Ohanian Monteiro).

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Brazil August 2025 Deals in M&A: Food and Retail

On the M&A side, Brazil August 2025 deals highlighted structural shifts in some of the country’s most important industries. Large-scale consolidation and restructuring were at the forefront, from food production to retail to payments infrastructure. These moves demonstrate how Brazil’s corporate market is balancing global expansion with domestic recovery.

The month’s most prominent M&A transactions were the Marfrig–BRF merger, the debt-for-equity restructuring at Casas Bahia, and Evertec’s acquisition of Tecnobank. Together, they illustrate how global players, local restructuring specialists, and fintech buyers are reshaping strategic sectors of Brazil’s economy.

• Evertec → Tecnobank (R$787M / ~US $144M): Evertec to acquire 75% of Tecnobank, pending CADE approval.
  • Law firms: Mattos Filho (Luciana Lorenzo, Paula de Oliveira); Lefosse (Luiz Lopes, Laura Affonso, Gustavo Paes).
• Marfrig + BRF → MBRF Merger: Share swap created a global food giant, with 0.8521 Marfrig shares for each BRF share.
  • Law firms: Linklaters (Matthew Poulter), TozziniFreire (Carlos Barbosa Mello), Lefosse (Leonardo Batista) for Marfrig; Simpson Thacher (Grenfel S. Calheiros), Eizirik Advogados (Marcus de Freitas Henrique) for BRF; Davis Polk and Cescon Barrieu (Lior Pinsky) for the independent committee.
• Casas Bahia / Mapa Capital (R$1.6B debt-to-equity swap): Mapa Capital converted debt into equity, becoming the 85% controlling shareholder.
  • Law firms: not publicly disclosed.

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The Firms Behind Brazil August 2025 Deals

• Demarest Advogados – Juliana Maluf, Beatriz Seixas
• Mattos Filho – Luciana Lorenzo, Paula de Oliveira
• Lefosse – Luiz Lopes, Laura Affonso, Gustavo Paes, Leonardo Batista
• Bronstein Zilberberg – Eduardo Zilberberg
• Veirano Advogados – Guilherme Ohanian Monteiro
• TozziniFreire – Carlos Barbosa Mello
• Eizirik Advogados – Marcus de Freitas Henrique
• Machado Meyer – Dianna Henne
• Cescon Barrieu – Lior Pinsky
• Foley & Lardner LLP – André Thiollier
• Wilson Sonsini – Matt Squires
• Simpson Thacher – Grenfel S. Calheiros
• Linklaters – Matthew Poulter

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Brazil August 2025 Deals: Key Takeaways

• Fintech momentum: Axenya, IORQ, QI Tech, InHire, and Tecnobank confirm the sector’s leadership in Brazil.
• Global consolidation: The Marfrig–BRF merger is the year’s most significant corporate alignment.
• Retail restructuring: Casas Bahia’s debt conversion highlights debt-for-equity as a survival strategy.
• Law firm activity: Partners from Demarest, Mattos Filho, Lefosse, Bronstein Zilberberg, Veirano, TozziniFreire, Eizirik, Machado Meyer, Cescon Barrieu, Foley & Lardner, Wilson Sonsini, Simpson Thacher, and Linklaters led August’s biggest transactions.

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Snapshot Table — August 2025

Deal	Sector	Amount	Investors / Buyer	Law Firms (Partners)
Axenya – Series A	Healthtech	US $12M	Canary, Indicator Capital, Zentynel	Demarest (Juliana Maluf, Beatriz Seixas)
IORQ – Series A	Fintech Infra	R$35M (~US $7M)	Upload Ventures, Monashees, ONEVC, Norte	Demarest (Juliana Maluf, Beatriz Seixas); Machado Meyer (Dianna Henne); Foley & Lardner (André Thiollier); Pinheiro Guimarães(Fábio Yanitchkis Couto, Renato Ruschi); Nelson Mullins (Leandro Molina)
Dealops – Seed	SaaS	US $7M	Seed investors	Wilson Sonsini (Matt Squires)
Darwin AI – Seed	SaaS / AI	US $4.5M	Base10 Partners	—
QI Tech – Series B ext.	Fintech Infra	US $63M	General Atlantic, Across Capital	—
InHire – Growth Investment	HR Tech	—	DGF, Bridge One	Bronstein Zilberberg (Eduardo Zilberberg); Veirano (Guilherme Ohanian Monteiro)
Evertec → Tecnobank	Payments	R$787M (~US $144M)	Evertec	Mattos Filho (Luciana Lorenzo, Paula de Oliveira); Lefosse (Luiz Lopes, Laura Affonso, Gustavo Paes)
Marfrig–BRF Merger	Food	Share swap	Marfrig + BRF	Linklaters (Matthew Poulter); TozziniFreire (Carlos Barbosa Mello); Lefosse (Leonardo Batista); Simpson Thacher (Grenfel S. Calheiros); Eizirik (Marcus de Freitas Henrique); Cescon Barrieu (Lior Pinsky)
Casas Bahia / Mapa Capital	Retail	R$1.6B swap	Mapa Capital	—

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🔄 Update — September 2025: Deals We Missed in August

While preparing our August roundup, several additional transactions surfaced that deserve mention. These highlight the breadth of capital flowing into Brazil’s AI, SaaS, fintech, and aerospace ecosystems:

Firecrawl – $14.5M Series A

Y Combinator-backed Firecrawl, co-founded by Brazilian entrepreneur Nicolas Camara, secured $14.5 million in a Series A led by Nexus Venture Partners, with participation from Shopify CEO Tobias Lütke and Y Combinator. The startup offers developer-first APIs for web crawling, scraping, and structured search for AI applications.

The Firms Behind the Deal: Not disclosed.

Starian – R$640M (~US$115M) Strategic Funding

Starian, a multi-vertical SaaS provider spun off from Softplan in June, raised R$640 million (approx. US$115 million) from General Atlantic. The investment supports growth across verticals like construction (Sienge), legal (Projuris), and workflow tools (Runrun.it, Checklist Fácil).

The Firms Behind the Deal: Pinheiro Neto Advogados advised General Atlantic; Machado Meyer Advogados represented Softplan.

Iniciador – R$32M (~US$6M) Series A

Fintech Iniciador, focused on Pix and Open Finance infrastructure, raised R$32 million (~US$6 million) in a Series A led by Valor Capital Group, with participation from big_bets, Alter Global, Actyus, and Norte Ventures. Its infrastructure powers advanced Pix modalities for clients such as iFood, Stone, and Nomad.
The Firms Behind the Deal: Not disclosed.

Eve Air Mobility – US$230M Direct Offering

Eve, Embraer’s eVTOL subsidiary, raised US$230 million in a registered direct offering, with participation from BNDESPar, Embraer, and U.S. institutional investors. The deal also supported a dual listing, with BDRs on B3 under ticker EVEB31.

The Firms Behind the Deal: Skadden, Arps, Slate, Meagher & Flom LLP and Lefosse Advogados represented Eve.

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Related Reading

• Evertec Tecnobank acquisition: Puerto Rican payments giant enters Brazil (read here)
• IORQ Series A investment for fintech infrastructure in Brazil (read here)
• Woba Series B funding: Brazil’s corporate coworking scale-up attracts investors (read here)
• Chinese M&A deal volume in Brazil hits eight-year high for first semester (read here)
• August 2025: Top five fintech funding stories of the month in the world (read here)

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Resumo em português

O Brazil August 2025 deals incluíram a fusão Marfrig–BRF, a reestruturação da Casas Bahia pela Mapa Capital e aportes em fintechs como Axenya, IORQ, QI Tech, InHire e Tecnobank. Sócios de escritórios como Demarest, Mattos Filho, Lefosse, Bronstein Zilberberg, Veirano, TozziniFreire, Eizirik, Machado Meyer, Cescon Barrieu, Foley & Lardner, Wilson Sonsini, Simpson Thacher e Linklaters atuaram nas principais operações.