Week in Review: Brazil Deals and the Firms Behind Them

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Introduction
This Week Review Brazil Deals highlights Brazil’s most relevant venture capital and M&A moves. Healthtech and AI startups continued to attract investors, while cross-border consolidation in fintech underscored international appetite for scale. As always, leading law firms were at the center of the week’s deal review.

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Beyond the Law – Week Review Brazil Deals

1. Axenya Series A (August 2025)

Deal Summary

• Company: Axenya — a healthtech startup based in São Paulo, developing AI-powered healthcare orchestration tools like LifeVault and Axenya IQ.
• Transaction: Raised US $12 million in Series A financing, led by Canary, with co-lead Indicator Capital and Zentynel.

The Firms Behind the Deal

• Demarest Advogados advised Axenya, with partners Juliana Maluf and Beatriz Seixas leading the team, supported by associates Ilson Maciel and Pedro Uchino.

Axenya’s raise stands out in this Week Review Brazil Deals, confirming healthtech’s appeal.

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2. Start Growth, Darwin AI, and Dealops Rounds in Brazil Venture Capital Roundup

Deal Summary

• Multiple VC rounds marked this week’s Brazil venture capital roundup: Start Growth launched a BRL 20 million program, Darwin AI raised US $4.5 million with Base10’s support, and Dealops secured US $7 million in seed financing.

Together, these financings highlight the strength of the Brazil venture capital roundup this week.

The Firms Behind the Deal

• Dealops was advised by Wilson Sonsini Goodrich & Rosati, with attorneys Lang Liu, Alex Youssef, and Isaac Reed.
• No law-firm details were provided for Start Growth or Darwin AI.

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3. Evertec Acquires 75% of Tecnobank in Brazil M&A Weekly

Deal Summary

• Buyer: Evertec (via Evertec Brasil Informática)
• Target: 75% stake in Tecnobank — fintech in Brazil
• Deal Value: R$787 million (~USD $144 million)
• Timing: Expected to close in Q4 2025, subject to CADE approval.

This cross-border M&A is a major highlight in our Brazil M&A weekly coverage.

The Firms Behind the Deal

• Mattos Filho advised Evertec, led by partners Luciana Lorenzo and Paula de Oliveira, with support from Mateus Telles Valle, Lucas Ruggero de Oliveira, Rafaella Barbosa Boccia, and Sophia Laiko.
• Lefosse represented Tecnobank, with partners Luiz Lopes, Laura Affonso, and Gustavo Paes, supported by Karina Vlahos, Lucas Queiroz, Luisa Leite, and Vinicius Salvino.

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4. InHire Investment: Part of Brazil Deal Review

Deal Summary

• Company: InHire — Brazilian HR tech platform (aiming to compete with Gupy).
• Funding Highlights: Strong 2024 performance: 300% growth, ~70% gross margin, <1.5% churn, and LTV/CAC ~8.

The Firms Behind the Deal

• Bronstein, Zilberberg, Chueiri & Potenza Advogados represented InHire, led by partner Eduardo Zilberberg, alongside Paula Bobrow, Paloma Batt, and Eduarda Ribeiro.
• Veirano Advogados advised DGF & Bridge One, with partner Guilherme Ohanian Monteiro, João Pedro Zagni, and Luciana Figueiredo Maffei.

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Week in Review Brazil Deals– Snapshot

Deal	Company/Target	Deal Type	Amount/Key Metrics	Law Firms (Buyer / Target)
Axenya Series A	Axenya	Series A (VC)	US $12M	Demarest Advogados (Axenya)
Start Growth, Darwin AI, Dealops Rounds	Start Growth, Darwin AI, Dealops	VC Rounds	R$20M, US $4.5M, US $7M	Dealops: Wilson Sonsini; others not disclosed
Evertec → Tecnobank	Tecnobank	M&A	R$787M (~USD $144M)	Mattos Filho (Evertec) / Lefosse(Tecnobank)
InHire → DGF & Bridge One	InHire	Growth Investment	300% growth, ~70% GM, <1.5% churn, LTV/CAC ~8	Bronstein Zilberberg (InHire) / Veirano Advogados (Investors)

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Market Highlights & Insights from this Week in Review Brazil Deals

• High venture momentum in Brazil’s tech sector continues, particularly in AI-enabled startups (Axenya, Darwin AI, Dealops) and healthtech.
• Strategic takeovers remain strong—Evertec’s significant fintech play in Tecnobank shows robust cross-border M&A appetite.
• Institutional law firms are deeply involved across both VC and M&A transactions, with Demarest Advogados, Wilson Sonsini, Mattos Filho, Lefosse, Bronstein Zilberberg, and Veirano Advogados playing prominent roles. Other notable international law firms actively advising on deals in Brazil include Gunderson Dettmer, Foley & Lardner, Morrison Foerster, Davis Polk, and this year combined A&O Shearman.

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Resumo em português

Na nossa Week in Review, o Brasil registrou aportes em healthtech e IA (Axenya, Darwin AI, Dealops), além da aquisição bilionária da Tecnobank pela Evertec. Os escritórios Demarest Advogados, Wilson Sonsini, Mattos Filho, Lefosse, Bronstein Zilberberg e Veirano estiveram entre os protagonistas jurídicos. Menção a ser dada também em sua atuação no Brasil são as firmas Gunderson Dettmer, Foley & Lardner, Morrison Foerster, Davis Polk e A&O Shearman.