Firms To Watch: Venture capital

The arrival of venture capital and private equity specialists João Busin, Juliana Maluf and Beatriz Seixas from TozziniFreire Advogados in May 2024 significantly boosted Demarest Advogados‘ position in the VC space.

Venture capital in Brazil

Bronstein, Zilberberg, Chueiri & Potenza Advogados

Founded in 2021, Bronstein, Zilberberg, Chueiri & Potenza Advogados specialises in deals involving venture capital and private equity funds. The practice handles an impressive volume of  transactional work on behalf of funds, start-ups and technology clients, who turn to the firm for its sector-specific expertise and ability to advise on other related areas, such as tax, fintech, fund formation and IP. In addition to assisting clients with investment and funding rounds, the practice is also well placed to handle significant M&A transactions. A group of recognised VC experts are at the helm of the practice: Eduardo Zilberberg stands out for his longstanding expertise in the VC space; Guilherme Potenza has assisted a number of international and Brazilian companies with VC rounds, venture-backed M&A, and other key technology transactions; Sergio Bronstein; and Pedro Chueiri, who is a name to note for cross-border VC and M&A deals.

Responsables de la pratique:

Eduardo Zilberberg; Guilherme Potenza; Sergio Bronstein; Pedro Chueiri


Autres avocats clés:

André Neves; Alfredo Neri; Priscila Menezes; Flávia Kasai


Les références

‘BZCP are the clear lead firm in Brazil in the VC space. This is both in terms of size, deal flow and expertise. ’

‘Of particular note from my experience are Eduardo Zilberberg, Pedro Chueiri, and Guillermo Potenza all of whom are incredibly knowledgeable, responsive and commercial. Seeing any of them in a matter immediately ensures a high level of confidence that the transaction will be successful, well run, and completed in as timely a manner as possible. ’

‘Quality of services provided, attention and care to resolve issues related to the deal, expertise above the market average.’

Principaux clients

Monashees Capital


Kaszek Ventures


Riverwood Capital


Ribbit Capital


Andreessen Horowitz


Kinea Ventures


Inovabra


Votorantim Energia


Igah Ventures


Andreessen Horowitz


Natura


Mar Saúde


Red Cerberus


Em casa


Furia Esports


Ília Digital


Jokr


Agenda Edu


Si Senor


Principaux dossiers


  • Advised Kinea Ventures on the $60m investment round in Digibee.
  • Advised Mottu on a $50m capital injection.
  • Advised LogComex on a $32.5m capital injection.

FM/Derraik

Leveraging its vast experience with various industry players, from funds and early stage companies, to corporate venture capital‘, the VC practice at FM/Derraik is proficient in the entire life cycle of VC transactions, from seed investments to strategic exits and IPOs. The highly regarded Fabiana Fagundes and Rodrigo Menezes, both of whom ‘stand out in the entrepreneurship and venture capital ecosystem‘, jointly oversee the department. Retained by clients from an array of tech-related industries, including healthcare, education, food, retail and agribusiness, Fagundes is an expert in both early and late stages of VC financings, and also takes the lead on PE and M&A transactions. In addition to VC, PE and M&A deals, Menezes is noted for his experience in advising established companies on the structuring of their CVCs. Pedro Ferreira acts for Brazilian and international companies and funds in M&A and VC deals.

Responsables de la pratique:

Fabiana Fagundes; Rodrigo Menezes


Autres avocats clés:

Pedro Ferreira; Juliene Piniano; Gustavo Dalcolmo; Marcela Rosolen


Les références

‘The firm has in-depth knowledge of our operations, our managed funds, both onshore and offshore, and also the operation of the manager itself, and a large part of our investee companies. Furthermore, they have great knowledge of local legislation, how the fund administrator views the legislation and help us a lot in numerous negotiations with all stakeholders.’

‘FM/Derraik stands out for its client-centric culture and personalised service in the venture capital market. Its experienced team provides strategic insights, leveraging its vast experience with various industry players, from funds to early stage companies, and corporate venture capital. This differentiates them in the national legal market.’

‘Gustavo Dalcolmo understands a lot about investment contracts in companies with a Cayman, Delaware and Brazilian structure. He is very talented at drafting contracts. Fabiana Fagundes has a lot to offer with her vast experience. Pedro Ferreira is very skilled when it comes to taking a position and arguing. He is technical and analytical.’

Principaux clients

Valor Capital Group


Astella Investimentos


Z-Tech (Ambev)


Ultra


Qualcomm Ventures


Mercado Livre


Caravela Capital


Vale


Atomico


Athelia


Mindset Ventures


Wilson Sons


Vox Capital


Fleury


Wayra (Telefonica)


Creditas


Raia Drogasil


Samsung


FIP Avila


Faber-Castell


BR Malls


Scale Up Ventures (Endeavor Fund)


big_bets


Volpe Capital


Mercado Bitcoin


UVC Investimentos


FIP Kortex Ventures


2TM Participações


Alexia Ventures


VIA


Principaux dossiers


  • Advised Caravela Capital on a $32.5m capital injection in a series B funding round received by LogComex from Riverwood Capital, Endeavor Catalyst, Spectra Investments, Igah, Ventures, Alexia Ventures and Caravela Capital.
  • Assisted Conta Simples with a  $41.5m capital injection in a series B funding round from Base10, Valor Capital Group, JAM FUND, Y Combinator, Big Bets, Broadhaven Capital Partners and DOMO VC.
  • Advised L4 Venture Builder on the $5.5m capital injection Vermiculus received from the corporate venture capital fund of B3 – Brasil, Bolsa, Balcão, L4 Venture Builder.

Pinheiro Neto Advogados

Full-service firm Pinheiro Neto Advogados has a strong presence in the VC space, advising emerging companies, investors and VC funds on transactions, fund formation and regulatory issues. The team is experienced in both onshore and offshore structures as part of its fund formation and structuring work, and handles the entire spectrum of transactional matters, including early and late-stage financings. Demonstrating particular strength in the health and tech sectors, Álvaro Uliani M. dos Santos is a key member of the VC team who advises emerging-growth companies and VC funds on the whole financing life-cycle. Fernando Mirandez Del Nero Gomes advises financial institutions and fintechs on both regulatory and transactional matters, while Thiago José da Silva handles VC funding rounds and M&A

Autres avocats clés:

Álvaro Uliani M. dos Santos; Fernando Mirandez Del Nero Gomes; Thiago José da Silva; Eduardo Comparato Ferreira de Sá


Principaux clients

Valor Capital Group


Turn2C


Kinea Ventures


Serasa


Vox Capital


Volpe Capital


Indicator Capital


Blueground


QED


Nubank


Sunley House (Advent)


BASF


Pismo


Tiger Global


Indicator Capital


CapSur Capital


B3


Canaan Partners


Hospital Albert Einstein


Cubo Capital (Itaú)


Principaux dossiers


Mattos Filho

Formed in 2022, the dedicated VC practice at Mattos Filho continues to grow and expand its expertise in assisting investors, founders, start-ups and emerging companies with the entire array of VC investment rounds. Drawing on its strong fund structuring, M&A and financing credentials, the practice brings together the necessary skills to assist with joint ventures, corporate venture strategies, investment rounds and exits. With a strong presence in the investment funds industry, Marina Procknor is noted for her capabilities in the fund formation space; her transactional and regulatory experience is also of note. A key contact for investors, Tomás Neiva focuses on VC and M&A transactions, including cross-border deals. Camilla Martes is also a primary team member, specialising in tech and VC-backed companies.

Autres avocats clés:

Marina Procknor; Tomás Neiva; Camilla Martes; Luca Codazzi


Les références

‘During the entire process, what impressed me most was the attention to detail and to quality. The lawyers were always available for any questions and always careful not to deviate from the scope of the contract. Furthermore, the work carried out was very collaborative and aligned with the demands of the parties involved.’

‘Our interaction took place mainly with Tomás Neiva and associate Luca Codazzi. Tomás Neiva’s team played a fundamental role in completing the transaction. Tomás and Luca’s work was fundamental in overcoming the obstacles that appeared during the fundraising process.’

‘Mattos Filho’s legal team distinguishes itself through a combination of deep expertise and collaborative approach. The team showcases strengths in client-focused solutions, and a comprehensive understanding of diverse industries. The team’s strong collaborative culture ensures seamless coordination and consistent high-quality service.’

Principaux clients

Visa


Inter-American Development Bank


EQT Ventures


Headline


Lightrock


Kamaroopin (Pátria)


Valor Capital


Finansystech


Cencosud


Bluecyber


Bessemer Venture Partners


RX Ventures


Goldman Sachs


Cloud9


Dr. Consulta


Klavi


OLX


Evertec


Principaux dossiers


  • Advised Headline as lead investors on several funding rounds, such as in Delfos, Trinus, Fin-X and Fiibo.
  • Advised EQT Growth Investment and Neuberger Berman on the Series F investment round in Gympass.
  • Advised Bluecyber on its seed funding round led by Invisto.

Nabarro & Pfeferman Advogados

Nabarro & Pfeferman Advogados is a specialist firm focusing on VC and M&A transactions within the technology sector. Investors, entrepreneurs and start-ups in the technology and fintech space regularly turn to the firm for advice on a range of corporate matters from fundraising, to corporate structuring, and operational agreements. The ‘highly engaged, disciplined and efficient team‘ is under the joint leadership of founders Diego Nabarro and Thomas Pfeferman; both partners have a wealth of experience in acting for local and international start-ups, angel investors, accelerators, VC and PE funds. Also part of the core team, Luiza Martinez is well versed in M&A and corporate contracts, while Matheus de Morais Barroso assists with a wide range of VC transactions.

Responsables de la pratique:

Diego Nabarro; Thomas Pfeferman


Autres avocats clés:

Luiza Martinez; Matheus de Morais Barroso


Les références

‘Highly engaged, disciplined and efficient team. Good knowledge of the subject and a very pleasant relationship.’

‘They go far beyond technical issues and understand the business angles and challenges of a technology company invested by VC funds. Always available to assist and help.’

‘Lawyers are extremely diligent, helpful and help their clients with everything necessary.’

Principaux clients

Hiplatform


Startse


Pipo Capital


Mightyhive


Quartz Capital


BM&C


TECH4Humans


Caju


TAG


Tecnisa


Yuool| Shoes


TEVA |Índices


Hand Talk


Basket


Yourviews


Meu Cambio


Neorisk


Global Med


Bitar| |Educação


Fretadão


Grupo Software


Better Drinks


Growing


Weni| Tecnologia da Informação


SeuGuru


NVA Capital


Inventa


Fluency Academy


Zak


NAV9


Principaux dossiers


Veirano Advogados

One of the first full-service firms to establish strong credentials in the VC space, Veirano Advogados continues to be a notable player in the market assisting major CVC funds, VC funds, and start-ups. Benefiting from close working relationships with the firm's other practice areas, such as IP, tax and banking, the team provides clients in this segment with well-rounded advice, but particularly excels in transactional matters. The practice is co-led by Guilherme Ohanian Monteiro and Daniel Augusto Malatesta. Monteiro handles a wide range of matters, including investment rounds, commercial negotiations, M&A, fund formation and offshore investment structures. Co-head Malatesta regularly works with start-ups, investors and technology companies on VC transactions.

Responsables de la pratique:

Guilherme Ohanian Monteiro; Daniel Augusto Malatesta


Autres avocats clés:

Fernão Henrique Pio Rocha Moura; Pamela Gerenutti de Campos Pinheiro


Les références

‘Veirano’s team provides detailed, practice-oriented and very though advice. The team does not hesitate to give broader perspective to the client, which is very helpful in light of complex jurisdictional matters.’

‘Guilherme Ohanian Monteiro was helpful beyond expectation and managed the matter on an outstanding level. ’

‘A major differentiator at Veiranos Advogados is that the team, in addition to in-depth legal knowledge, goes deep into understanding the context and market of each transaction. This ends up bringing more quality to negotiations. Furthermore, the team seeks alternative solutions to legal impasses that arise when discussing contracts and due diligence in order to ensure that transactions take place safely.’

Principaux clients

Antler


BTG and BTG Boostlab


Bradesco VC (Inovabra)


XP


Itaú Unibanco Holding


TPG Growth


Goldman Sachs


QED Investors


Citrino Ventures (Totvs CVC)


Citrino Gestão


BASF Venture Capital


Yara Growth Ventures


Latitud


Altos Ventures


Mandi Ventures


DGF


Topsort


StopClub


BaseMaker


Movestax


Imunotera


ZIG Tecnologia – The Global Funtech


Autaza


SIG – Software Investment Group


Cuisine Solutions


ARCA


Faster Tecnologia


Layertech 3D


Gargo Assessoria Financeira


Rede Parcerias


Belfort Gerenciamentos


MTS


E3 Capital Partners


Allievo Capital


Vector


Bunge Alimentos


Equitas VC


NG Cash


Iglu


Mabe Bio


Loft


Trusted Health


Sociedade Beneficente Israelita Brasileira Hospital Albert Einstein


Kzas


Singularus Capital


Coruja Capital


Softline / Noventiq


Lemon Cash


Microsoft


Facebook


Medway Residência Médica


Apis Partners


Aggir Ventures


Iveloz


Serena Care


Kuona


Stride


Mirscience Therapeutics


Biotimize


Gavea Marketplace


BIPA


Quantifind


Impinj


Gallagher Corretora de Seguros


Liber Soluções


Afterverse


Cubbo Holdings


Payface Pagamentos


Pag Dividido Tecnologia


The Magnectic Energy


Medicol


Omnilogic


LinkFit


Telavita


Elytron


Letsbank


Pipó


Bo Bags


Delivery Much Tecnologia


Bling


Investtools


WeCancer


Gulf Capital


Leblon Equities


AHK


Kyr Capital


Gelt


Easy Credito


Hoobox


S.Oleum Brasil Participações


Principaux dossiers


  • Advised Fundo de Investimento em Participações Multiestratégia Inovabra I – Investimento no Exterior (Inovabra – Bradesco VC) as the lead investor on an investment round of R$35m of Tenchi Security Consultoria.
  • Advised QED Growth as the lead investor on a Series C funding in the amount of $50m of Mottu Locação de Veiculos.
  • Advised CV Idexo (Totvs CVC) as the lead investor on an investment round of R$22m of Deep Brasil Informações e Tecnologia.

B/Luz

B/Luz has a well-rounded venture capital practice, which regularly assists tech companies, PE, VC and CVC funds in a wide range of transactions. The firm has handled a vast number of investment rounds for clients, including Series A investments, and is skilled in corporate structuring, financing and M&A matters. The practice is jointly led by Luis Felipe Baptista Luz, Rafael Peixoto Abal, Lia Esposito Roston and Adriana Gomes Dos Santos, the latter of whom is particularly active in the VC and CVC space, advising on projects related to new business investments.

Responsables de la pratique:

Luis Felipe Baptista Luz; Rafael Peixoto Abal; Adriana Gomes dos Santos; Lia Esposito Roston


Les références

‘Quality of service, attention, level of partnership.’

‘B/Luz stands out in the national legal market for the exceptional quality of its services and the expertise of its highly qualified team. Its client-centred approach, integrity and ethics are distinctive. In addition, the firm invests in innovation, adopting advanced technologies to improve efficiency and the client experience. These combined attributes solidify its position as one of the country’s leading law firms, offering excellent legal solutions and unrivalled service to its clients.’

‘The B/Luz team includes Adriana Gomes, who recognised for her expertise in corporate and commercial law. Adriana is praised for her client-centred approach.’

Principaux clients

Terracotta Ventures


AB Seed Ventures


Suzano


O Boticário


E3 Negócios


Viajanet


Nazar


Nagro


Aegro


Arezzo


Conta Comigo


Rappi


Startup Farm


1188 Participações


Darwin Starter Investimentos


Aquarela Inovação Tecnológica do Brasil


Apipass Tecnologia


Harmo Desenvolvimento de Software


RIA – Rede Anjos de Santa Catarina


Pecsmart Serviço De Inteligência Para Produção Animal


Condoconta


Fazenda Cheia


Creditares Tecnologia e Intermediação de Serviços


Guia da Alma


Honey Island by 4UM Fundo de Investimento em Participações Multiestratégia


Angra Partners


Principaux dossiers


  • Advised Positivo Tecnologia on a $6.5m investment in Earth Renewable Technologies (ERT).
  • Advised Nagro on the Series A investment round led by Kinea Ventures and Revolution who purchased Series A preference shares.
  • Advised Seed 2 and Terracotta Ventures on investments in Construex.

BRZ - Barbosa, Raimundo, Gontijo, Câmara e Zanotta Advogados

The venture capital and start-ups practice at BRZ - Barbosa, Raimundo, Gontijo, Câmara e Zanotta Advogados largely assists funds and emerging growth companies on a range of corporate issues. With particular expertise in the healthcare and technology sectors, the team excels in investment rounds, corporate restructurings, corporate structured finance transactions and M&A. The practice is co-led by Julio Barbosa, Rodrigo Câmara, and Alessandra Salgado. Salgado is the main name to note for VC funds and VC-backed companies seeking assistance with fundraising, governance issues, and investments. Founding partners Câmara and Barbosa are best-known for their work in M&A and corporate transactions.

Responsables de la pratique:

Julio Barbosa; Rodrigo Câmara; Alessandra Salgado


Les références

‘Direct involvement of partners with clients, from strategy to final execution, always available for closer monitoring. Partners and senior team with extensive knowledge of the dynamics of the venture capital market and willing to work on transactions with different business models and innovative technologies.’

‘Rodrigo Câmara has in-depth knowledge of the venture capital industry, M&A transactions and corporate aspects involving multiple jurisdictions.

‘Speed ​​and lots of experience with this type of transaction involving start-ups.’

Principaux clients

Valor Capital Group


Raia Drogasil


Crescera Capital


Fuse Capital VC


Acre Venture Partners


Lumx Studios


VB Cosméticos


Merama


NXTP Ventures


Pattern Ag


Globo Ventures


L4


Principaux dossiers


Machado Meyer Sendacz e Opice Advogados

The venture capital and start-ups practice at Machado Meyer Sendacz e Opice Advogados brings together M&A, private equity and banking and finance specialists to assist VC funds, investors, publicly-held companies and start-ups in investment rounds and M&A, which often involve cross-border implications. Practice head Manuela Lisboa Gentil Monteiro routinely handles fundraisings, governance matters, investment rounds and exit transactions. Corporate lawyer Gustavo Secaf Rebello focuses on investment mandates, including VC, PE and M&A deals, while Fernanda Sá Freire Figlioulo advises on indirect taxes and foreign trade issues.

Responsables de la pratique:

Manuela Lisboa Gentil Monteiro


Autres avocats clés:

Gustavo Secaf Rebello; Fernanda Sá Freire Figlioulo; Mariana Meditsch; Alessandra Carolina Rossi Martins


Principaux clients

Mercato Partners Acquisition Corporation


Sterling EMEA Holdings UK


Banco Bradesco (Inovabra)


Omiexperience


Hypera Pharma


Lojas Renner


Sequoia Logística e Transportes


GIC Special Investments


Magazine Luiza


Treecorp Fundo de Investimento em Participações III Multiestratégia


Eyemobile Tecnologia


Warburg Pincus LLC


Treecorp Saúde Animal Participações


Plugify Tecnologia


Minuto Corretora de Seguros


Crescera Capital


Aliansce Sonae Shopping Centers


Loggi Tecnologia


Principaux dossiers


  • Assisted General Atlantic with the acquisition of a minority interest stake in QI Tech Cayman.
  • Assisted Mercato Partners with the acquisition of the totality of shares issued by Nuvini Holdings Limited for purposes of combination of businesses with Mercato.
  • Assisted Bom Negócio Atividades de Internet with the acquisition of the totality of the capital stock of Altimus Desenvolvimento de Software.

Marcus Valverde Sociedade de Advogados

Marcus Valverde Sociedade de Advogados is a boutique firm focused on VC, M&A and corporate law which is well versed in assisting national and international VC funds and technology companies with transactional work and corporate governance issues. The practice has recently advised several clients on early-stage VC deals, including Series A investments. Practice head and founding partner Marcus Valverde, an ‘outstanding lawyer who specialises in venture capital law‘, regularly assists VC funds and emerging growth companies in corporate, contractual and transactional mandates; his 'comprehensive knowledge of the nuances of VC transactions' is highlighted by clients.

Responsables de la pratique:

Marcus Valverde


Les références

‘Marcus is an outstanding lawyer who specialises in venture capital law. His comprehensive knowledge of the nuances of VC transactions is truly remarkable. Marcus exhibits exceptional attention to detail and strategic acumen, allowing him to manoeuvre through intricate deals with precision. He possesses excellent communication skills and excels in negotiating advantageous terms for his clients. Marcus’s commitment to staying abreast of the latest developments and regulations in venture capital ensures that his clients receive the highest level of representation. I wholeheartedly endorse Marcus for his expertise and dedication in the field of venture capital law.’

‘Marcus Valverde Sociedade de Advogados stands out in the Brazilian legal market, mainly because of its solidity and the depth of knowledge demonstrated in all interactions with our company. The speed with which they responded and the efficiency with which they dealt with our needs, particularly in the context of fundraising, were remarkable. The team was extremely professional, with high-level interactions and always provided precise responses, which allowed us to move forward with our projects with confidence and legal certainty.’

‘An outstanding feature of Marcus Valverde is the ability to personalise the relationship with the client, adapting to our specific context and using accessible, non-technical language. Their experience and professionalism clearly indicate that they are among the best in the market, not only meeting but exceeding expectations in terms of specialised legal service. In this respect, Marcus Valverde Sociedade de Advogados has established itself as one of the best law firms in the world.’

Principaux clients

Indicator Capital


DASA


Ingresse


Pipefy


Kortex Ventures


Oncoclínicas


Carpa Family Office


Astella Ventures


Hubii


Principaux dossiers


  • Advised Indicator Capital on its R$10m investment in Anitya, which involved a reorganisation of companies located in Estonia, Luxembourg and Brazil.
  • Advised Hubii on its transnational venture capital investment by Headline Ventures.
  • Advised Indicator Capital on its venture capital financing of Neowrk.

Trench Rossi Watanabe

Trench Rossi Watanabe, ‘a truly full-service firm where clients can count on multidisciplinary teams with knowledge and experience for the most diverse matters‘, is well placed to handle transactions, from early stage funding to investments and acquisitions, on behalf of start-ups, PE firms, VC funds, and investment banks. Comprised of experts from multiple practice areas, including corporate, M&A, tax and regulatory, the team is overseen by Monica Castro Pereira Cavalcanti, whose ‘extensive experience and in-depth knowledge of the industry‘ is noted by clients. M&A specialist Bruno Dreifus often advises on investments and acquisitions in this space. The team was strengthened in August 2024 by the addition of Cristina de Freitas Bueno, who was previously at Cescon Barrieu.

Responsables de la pratique:

Monica Castro Pereira Cavalcanti


Autres avocats clés:

Bruno Dreifus; Munique Stragliotto Isoppo; Cristina de Freitas Bueno


Les références

‘We had an excellent experience with Trench Rossi Watanabe, an extremely competent team, with in-depth knowledge of the subject, very technical. They surprised us a lot with the approach given to our case, bringing different perspectives and special solutions. Professional treatment but very close and friendly. They exceeded our expectations.’

‘Monica Castro Pereira Cavalcante stands out.’

‘Trench Rossi Watanabe is a truly full-service firm where clients can count on multidisciplinary teams with knowledge and experience for the most diverse matters. They have special knowledge in corporate law and M&A transactions with numerous experienced professionals and dedication to the client that is well above the average found in the market.’

Principaux clients

bLive


Ouro Preto Investimentos


Adam Capital


International School Partnership


FIP Aerotec


Crescera Growth Capital


Tencent


FIP Criatec 4


FIP Capital Semente Criatec II


FIP Crescera Venture III


Triaxis Capital


AKKR – Accel-KKR Company LLC


Thoma Bravo LLC


Rhone Capital


Lions Trust


Valid S.A.


ClearSale


Wide Tecnologia


Accenture


Prepona Sistemas


BR Education Venture


FIP Criatec 4 ASG


Compass


Cliver


WGF Partners


Tembici Participações


Principaux dossiers


  • Advised Crescera Growth Capital on an investment round and subsequent follow-on for the subscription of additional shares into a SaaS company.
  • Advised ISP – International Schools Partnership on investments in the Brazilian educational market.
  • Advised Ouro Preto Investimentos and FIP Aerotec on the venture capital divestment of two portfolio companies, Xmobots and Unicoba.