Latin America

Week in Review: Brazil VC, M&A and Venture Debt (Sep 1-5, 2025)

Brazil VC M&A 2025 opened September with Kapital’s unicorn round, Mombak’s Series A, 180 Seguros’ hybrid venture debt, and major deals like Skala-Lola and CoreX-BHP, marking an active first week of the month.

Published

4 dias ago

setembro 6, 2025

Beyond the Law.News

Week in Review: Brazil VC, M&A and Venture Debt (Sep 1–5, 2025) — Kapital unicorn, Mombak Series A, Skala-Lola merger, CoreX-BHP, 180 Seguros venture debt — Beyond the Law, counsel including André Thiollier

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This Week in Brazil VC M&A 2025

Brazil VC M&A 2025 opened September with a major Latin American highlight: Kapital’s unicorn round. The week also featured Mombak’s Series A, a hybrid venture-debt deal for 180 Seguros, and significant M&A in beauty and mining, alongside infrastructure debt and corporate consolidations.

Venture Capital — Brazil VC M&A 2025 Highlights

Kapital — Series C (up to $100M; valuation $1.3B)

Deal Summary:
Fintech Kapital secured its Series C, reported at $86M with potential up to $100M, doubling valuation to $1.3B and cementing unicorn status in Latin America. The round was led by Tribe Capital and Pelion Ventures, with participation from Y Combinator, Marbruck Ventures, and Tru Arrow.

The Firms Behind the Deal:
Kapital was advised by Foley & Lardner LLP with partners André Thiollier, Louis Lehot, Rishi Sodhi, Casey Knapp, and team. Investor counsel included Mayer Brown, Seward & Kissel LLP, Stubbs Alderton & Markiles LLP, and Tribe Capital’s in-house team.

Mombak — Series A ($30M)

Deal Summary:
Amazon-focused reforestation and carbon credit platform Mombak raised $30M Series A to expand its climate-finance portfolio. This financing further underscores how climate-focused projects are shaping the landscape of Brazil VC M&A 2025.

The Firms Behind the Deal:
Mombak was represented by Gunderson Dettmer with partner Brian Hutchings leading the team. In previous related mandates, Pinheiro Neto Advogados advised the company in 2024 on a US$225M World Bank bond issuance, and Trench Rossi Watanabe represented AXA IM Altsin 2023 on a minority stake.

180 Seguros — Hybrid Financing (~R$50M)

Deal Summary:
Insurtech 180 Seguros raised R$50M in a hybrid round, combining R$35M in equity from 8VC, Monashees, Canary, and FJ Labs, with R$15M in subordinated venture-style debt.

The Firms Behind the Deal:
No legal advisors were publicly disclosed for this transaction.

M&A — Key Brazil Deals 2025

Skala × Lola from Rio — Merger (R$2B / ~US$400M)

Deal Summary:
Advent-backed Skala merged with indie brand Lola from Rio, creating a Brazilian beauty group positioned against international competitors such as L’Oréal, Natura, and Unilever.

The Firms Behind the Deal:
Lobo de Rizzo Advogados represented Skala.

CoreX Port Arm → BHP — US$465M Acquisition

Deal Summary:
BHP acquired the port unit of CoreX Holding for US$465M, consolidating its copper logistics footprint in Brazil.

The Firms Behind the Deal:
Mello Torres Advogados acted for CoreX.

Marfrig–BRF Merger Approved

Deal Summary:
CADE granted unconditional approval for the merger of Marfrig and BRF, forming the combined group “MBRF” and reshaping Brazil’s food industry.

The Firms Behind the Deal:
Linklaters, TozziniFreire Advogados, Lefosse Advogados, Simpson Thacher & Bartlett LLP, and Eizirik Advogados acted as legal counsel in the merger.

Anglo American Nickel Sale Under Investigation

Deal Summary:
CADE launched a probe into Anglo American’s planned US$500M sale of its Brazilian nickel assets to MMG, after a rival’s complaint.

The Firms Behind the Deal:
No law firms were disclosed in relation to this review.

Venture Debt & Corporate Debt — Brazil Deals 2025

EcoRodovias Debt Tap (R$2B / ~US$368M)

Deal Summary:
Infrastructure group EcoRodovias tapped the debt market for R$2B, highlighting investor appetite for logistics-linked securities in Brazil.

The Firms Behind the Deal:
Lobo de Rizzo Advogados advised EcoRodovias.

At-a-Glance Table

Deal / Round	Amount / Valuation	Type	Law Firms
Kapital – Series C	$86–100M @ $1.3B	VC	Foley & Lardner; Mayer Brown; Seward & Kissel; Stubbs Alderton & Markiles; Tribe (in-house)
Mombak – Series A	$30M	VC (climate)	Gunderson Dettmer; Pinheiro Neto (2024 bond); Trench Rossi (2023 AXA deal)
180 Seguros – hybrid	R$50M (R$35M equity + R$15M debt)	VC + venture debt	Not disclosed
Skala × Lola merger	R$2B (~US$400M)	M&A (consumer)	Lobo de Rizzo
CoreX → BHP	US$465M	M&A (infrastructure)	Mello Torres
Marfrig–BRF merger	Share-swap (approved)	M&A (food)	Linklaters; TozziniFreire; Lefosse; Simpson Thacher; Eizirik Advogados
Anglo American sale	US$500M (under investigation)	M&A (mining)	Not disclosed
EcoRodovias debt tap	R$2B (~US$368M)	Debt markets	Lobo de Rizzo

Other Relevant News — Latin America VC M&A

Brazil Bonds: The Treasury raised $3.25B in global bonds, complemented by Petrobras’ $2B notes—the most active start to September in nearly a decade. Investor demand highlights Brazil’s fiscal credibility despite global rate volatility.
Farmer Relief Program: The Lula administration launched a R$12B debt renegotiation package for small and medium rural producers. The program aims to ease climate-driven defaults and stabilize a politically sensitive sector ahead of planting season.
Fiscal Reform: The Senate approved phased inclusion of court-ordered debts in fiscal targets. The measure enhances transparency while preventing immediate budget strain.
Redata Incentives: Brazil unveiled the Redata Program with tax and duty exemptions for renewable-powered data centers. The initiative targets foreign tech investment while reinforcing Brazil’s clean-energy leadership.
Trade Retaliation Review: Brazil opened a review of countermeasures to U.S. tariffs, granting the Chamber of Foreign Trade up to 30 days. The step underscores heightened trade tensions with Washington.
Embraer Teaser: Embraer signaled a “milestone” U.S. announcement on September 10, likely tied to efforts to overturn a 10% tariff on its regional jets—critical for its global competitiveness.

These policy moves complement the surge of Brazil VC M&A 2025 activity seen in September’s first week.

Resumo em português

Na semana de 1-5 de setembro de 2025, os destaques foram a Série C da Kapital (unicórnio), a Série A da Mombak, a fusão Skala-Lola, a venda da unidade portuária da CoreX para a BHP e o financiamento híbrido da 180 Seguros, além da aprovação da fusão Marfrig-BRF e expectativa pelo anúncio da Embraer.

Resumen en español

En la semana del 1 al 5 de septiembre de 2025, los hitos incluyeron la Serie C de Kapital (unicorno), la Serie A de Mombak, la fusión Skala-Lola, la venta de la unidad portuaria de CoreX a BHP y el financiamiento híbrido de 180 Seguros, junto con la aprobación de la fusión Marfrig-BRF y la expectativa por el anuncio de Embraer.