Founded in April 2021, Bronstein, Zilberberg, Chueiri & Potenza Advogados has quickly built a market-leading presence in the venture capital (VC) space. Complemented by its expertise in areas such as tax, fintech, finance and fund formation, the group is one of the first ports of call for advice on the entire spectrum of VC matters, ranging from fundraising to investment rounds and M&A involving emerging growth companies. The highly regarded Eduardo Zilberberg, who has a strong background in corporate and M&A, possesses over a decade of experience in venture capital, having advised on hundreds of VC investment rounds. Start-ups and technology clients regularly turn to Sergio Bronstein, who is also sought out by VC funds, private equity (PE) firms and corporate venture capital (CVC) structures. Guilherme Potenza has a wealth of experience in venture-backed M&A and investment rounds involving Brazilian and international companies, which are also core areas of expertise for Pedro Chueiri. André Neves, a key contact for investors, investment funds and start-ups, is noted for his in-depth knowledge of the fintech sector. Also part of the core team, Alfredo Neri and Priscila Menezes specialise in corporate governance and M&A. Paula Bobrow offers support at the associate level.
Venture capital in Brazil
Bronstein, Zilberberg, Chueiri & Potenza Advogados
Responsables de la pratique:
Eduardo Zilberberg; Guilherme Potenza; Sergio Bronstein; Pedro Chueiri
Les références
‘It is a firm that is very familiar with the CVC (Corporate Venture Capital) model, which is a new modality in the market. This knowledge facilitates negotiations with all parties (investors, founders and shareholders).’
‘Guilherme Potenza knows a lot about the CVC model. He conveys immense security at critical moments of negotiation, managing to bring peace of mind and solutions that please all parties.’
‘Priscila Menezes: technically very good. Can translate discussions and critical points into a model/clauses that put everyone at ease.’
Principaux clients
Monashees Capital
Kaszek Ventures
Riverwood Capital
Ribbit Capital
Andreessen Horowitz
Kinea Ventures
Inovabra
Votorantim Energia
Igah Ventures
Unbox Capital
Mercado Bitcoin
Único
Tembici
QuintoAndar
Flash
Alice Health
Mercado Livre
Etsy
Solinftec
Gupy
Principaux dossiers
- Advised Evino on its R$650m investment round led by Vinci Partners, which also had JCR and XP as co-investors.
- Assisted Unico with raising $100m in its Series D investment round, which valued the company at $2.6bn.
- Advised Flash on a capital injection of approximately $100m in a Series C funding round.
FM/Derraik
‘Highly specialised‘ firm FM/Derraik – noted for providing ‘clear‘ and ‘prompt‘ advice to foreign and domestic venture capital funds, private equity firms, development banks, accelerators, incubators and start-ups of all sizes – is at the forefront of the venture capital market in Brazil. Testament to its standing in the market is its recurrent involvement in sophisticated transactions, including fundraising, investment rounds and VC-backed M&A, in an array of sectors, ranging from healthtech to fintech. The group is under the joint leadership of two partners noted for their ‘vast technical knowledge of venture capital‘: Fabiana Fagundes, a reference for companies and funds engaged in complex early and late stage VC transactions; and Rodrigo Menezes, who in addition to his wealth of experience in advising funds on domestic and cross-border deals, is also proficient in CVC structures. Corporate law specialist Pedro Ferreira is active in M&A and VC mandates, having advised several large corporates on the structuring of their CVCs. Gustavo Dalcolmo, who acts for start-ups, angel investors, investment funds and corporate venturers, regularly handles investments and acquisitions. Marcela Rosolen stands out at the associate level for her involvement in Series A, B and C fund capitalisations and strategic exits.
Responsables de la pratique:
Fabiana Fagundes; Rodrigo Menezes
Les références
‘VC experts, who know the background, structures, standard and non-standard terms of the industry.’
‘I’d highlight Fabiana Fagundes and Pedro Ferreira.’
‘Agility and efficiency is in the DNA of the firm. They did an excellent job! They will certainly be with us in the next rounds and challenges.’
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
- Assisted Solides in a $100m Series B funding round from Warburg Pincus.
- Advised Vasta Educação on the acquisition of a 47.4% stake in Educbank for R$158m.
- Assisted Vox Capital in the $25m Series A funding round to Nude.
Pinheiro Neto Advogados
One of the first full-service Brazilian firms to turn its attention to venture capital, Pinheiro Neto Advogados is well versed in acting for emerging companies, investors and venture capital funds in sophisticated local and cross-border investment rounds, from seed to late-stage matters. Rated for the ‘excellent standard of quality‘ at all levels of seniority, the team is comprised of practitioners with vast experience in corporate and financial transactions, fund formation and structuring mandates, and regulatory issues pertaining to the financial and technology sectors. In addition to his impressive track record in cross-border M&A and private equity deals, Alvaro Silas U. Martins dos Santos advises companies and VC funds throughout the entire financing cycle, and is especially active in transactions in the health and technology sectors. Bruno Balduccini and Fernando Mirandez Del Nero Gomes are singled out for their experience in fintech and banking matters. Thiago José da Silva, who was promoted to the partnership in January 2022, regularly advises on fund formation and has ‘in-depth knowledge of M&A‘. Eduardo Comparato Ferreira de Sá is frequently engaged in early and late-stage financings on behalf of companies and investors.
Les références
‘PNA is a complete outlier in the Brazilian market when it comes to legal advice. The firm’s offering covers absolutely every area we need, and the advice and level of service is impeccable in all. In a volatile and “creative” market, it is extremely important to be able to count on adequate advice, and PNA is sensational.’
‘Alvaro Santos manages to masterfully coordinate work with his colleagues in other areas.’
‘Multidisciplinary service, which helps a lot in M&A transactions. At PNA the entire team has an excellent standard of quality, from the partner to the junior lawyer.’
Principaux clients
Cubo Capital (Itaú)
Blue Ground
Antler
Redpoint eVentures
BASF
Braskem
SoftBank
Tiger Global
Indicator Capital
CapSur Capital
Delivery Hero
D1 Capital Partners
Volpe Capital
Canaan Partners
Experian Ventures (Serasa)
Einstein
QED
B3
K1 Investment Management
Battery Ventures
Principaux dossiers
- Advised Redpoint eVentures on the R$35m Vittude Series A investment round.
- Assisted Indicator Capital in the structuring of its second investment fund that raised R$240m from relevant investors, including BNDES, Qualcomm Ventures, Banco do Brasil and others.
- Advised lead investor QED on all aspects of Brazilian law and the legal due diligence of the target company in relation to its $100m Series C Investment Round in Solfácil, a Brazilian fintech focused on providing financing lines for the purchase of solar panels.
Mattos Filho
Rated for its ‘strong knowledge of the venture capital ecosystem‘, Mattos Filho established a standalone practice in May 2022 dedicated to providing assistance to investors, start-ups and entrepreneurs. Benefitting from the firm’s full-service structure and strength in complementary areas, the group is well placed to advise on a litany of matters, ranging from strategic partnerships and joint ventures to investment rounds, exit strategies, fund formation and corporate venture strategies. The highly regarded Tomás Neiva joined from NBFA in cooperation with Garrigues in 2021 to support the firm in the creation and development of the recently launched VC practice, given his solid background in this space and strong transactional capabilities. Marina Procknor has a wealth of experience in assisting asset managers, sovereign funds and institutional investors in the formation and capitalisation of investment funds and related transactions, including venture capital. Camilla Martes, who is praised for her ‘excellent negotiation skills‘, focuses on tech-related M&A, deals involving VC-backed companies and investment rounds.
Responsables de la pratique:
Marina Procknor; Tomás Neiva; Camilla Martes
Les références
‘Mattos Filho’s team offers broad legal services. Their strengths are professional communication, negotiation tactics, fast deliveries, excellent availability and wide support in additional matters.’
‘The MF team stands out for its availability, speed and negotiation tactics.’
‘MF has impressed me with their strong knowledge of the venture capital ecosystem. It is much appreciated to work with law firms that know what to do and how to close a transaction in this area of practice.’
Principaux clients
Headline / XP
Bain Capital
Mubadala Capital
Alpha Capital
Kamaroopin
Bioelements
Parcelex
Finansystech
Goldman Sachs
Warburg Pincus
Lightrock
Next47 GmbH
Sequoia Capital
Dr. Consulta
Bankuish
Principaux dossiers
- Advised Headline as lead investor in the R$36m Series A investment round in Smart Break.
- Assisted Bioelements in the context of a primary investment in the amount of $30m performed by BTG Pactual Investimentos de Impacto Fundo de Investimento em Participações – Multiestratégia.
- Advised Lightrock Group, a global private equity and venture capital platform, on leading an investment round in Dock Ltd., the Cayman-based holding company of Dock Group.
TozziniFreire Advogados
TozziniFreire Advogados fields a ‘well-trained’, ‘accessible‘ and ‘attentive’ venture capital team, which has a strong track record in investments and fundraising, advising investors and emerging growth companies on early and late-stage funding rounds. The team, which ‘boasts a differentiated position given its international profile‘ and core focus on technology and innovation, is also well placed to assist in the structuring and formation of funds, and implementation of corporate venture capital programmes. João Busin, Juliana Soares Zaidan Maluf, Beatriz Seixas and Fernando Silveira Carvalho are no longer at the firm.
Les références
‘The firm boast a differentiated position given its international profile, completely integrated with the best market practices in general. They value efficiency, personalised service, diversity and sophistication to act in highly complex cases.’
‘The firm quickly understands the client’s needs and works in favour of the business, seeking, in an agile way, alternatives for deals to materialise, mitigating risks with an entrepreneurial eye.’
‘All very responsive, accessible. Always very attentive and confident in what they say.’
Principaux clients
ClickSign
Bitci Tecnologia
Bell Rock Gestora de Recursos
Naia Capital
Nomad
Opea Capital
Softbank
Cargill
ADM
Amaggi
Louis Dreyfus Company
Performa Investimentos
Sea Capital
Nanovetores
Car10
MSW Capital
EB Capital
JB3 Investimentos
X8 Investimentos
GEF Capital Partners
Vitamina
Lightrock
Urobrasil
Yaya Capital
GlobalYeast JV CO Brasil
Fitbank
Kinea Investimentos
Creditas
Vox Capital
Magnamed
Fors Capital
Next Tecnologia e Serviços Digitais
Principaux dossiers
- Advised on a Series A-2 investment round led by ADM, Amaggi, Cargill and Louis Dreyfus Company in Grão Direto, a Brazilian company that operates an electronic marketplace for trading grains.
- Acted as counsel to Sea Capital on the Series B Investment round in the amount of $45m in the Brazilian Fintech Stark Bank.
- Acted as Brazilian counsel to Softbank on the Series A Investment round for the amount of $25m in Trela, a Brazilian collective shopping start-up.
BRZ - Barbosa, Raimundo, Gontijo, Câmara e Zanotta Advogados
A popular choice for investment firms, BRZ - Barbosa, Raimundo, Gontijo, Câmara e Zanotta Advogados‘ venture capital department is often instructed in investment rounds, corporate matters and M&A transactions. Tech-related deals are a core area of focus for the team, which further showcases knowledge of the telecoms, insurance, health and fintech sectors. Julio Barbosa is proficient in M&A and capital markets transactions, which are also key areas of activity for Rodrigo Câmara. Alessandra Salgado is the main point of contact for venture capital funds and VC-backed emerging companies seeking advice on fundraising, governance and investments.
Responsables de la pratique:
Julio Barbosa; Rodrigo Câmara; Alessandra Salgado
Les références
‘BRZ is the ideal firm for investment companies. Lawyers are super close to the client, experts in VC investments and have excellent commercial considerations – not every firm can combine these characteristics. In addition, they have a large and diverse team, which adds a lot to the analysis.’
‘Alessandra Salgado is the partner who works for us and we have already recommended her to several of our partners. She has impeccable technical skills and dominates the VC market; in addition, she is available, practical and very firm in her answers.’
‘Agility, high alignment with the client’s needs, knowledge and depth to advise in various areas of law.’
Principaux clients
Raia Drogasil
Valor Capital Group
VIA VAREJO
Fuse Capital VC
Tembici Participações
Justos Seguros
Igah Ventures
Crescera Capital
MERAMA
GLOBO VENTURES
Quona Capital
Quansa
MeuChope
Principaux dossiers
- Advised Valor Capital Group on Agrolend’s Series A round.
- Advised Geopost Energy on its sale to Katalyst.
- Advised Shift Capital on an investment round in direct-to-consumer eyewear brand Zerezes.
Cescon Barrieu
Venture capital funds, corporate ventures and start-ups turn to Cescon Barrieu for assistance throughout all stages of the investment cycle. The firm brings together multidisciplinary teams – specialised in M&A, funds, capital markets, tax and regulatory matters – to advise on the setting up of investment vehicles, early and late-stage funding rounds and divestments. The group is under the joint leadership of a capable trio: Cristina de Freitas Bueno, who advises Brazilian and international players on M&A and VC deals; Alexandre Gossn Barreto, who specialises in financing transactions; and Tania Liberman, a partner focused on technology and IP.
Responsables de la pratique:
Cristina de Freitas Bueno; Alexandre Gossn Barreto; Tania Liberman
Principaux clients
Ória Capital
TC Traders Club
Méliuz
Blue Like an Orange Sustainable Capital – BlaO
Quartz Gestão de Recursos
Pipo Capital Gestão de Investimentos
Nubank
Hypera
Lightrock
Zigpay
Insole Energia Solar
Encora Holding
Bradesco
Bornlogic
Banco BTG Pactual
Domo Invest
Cloud9 Capital
Movidesk
Voll Soluções em Mobilidade Corporativa
IPG Corporation
Credit Core Tecnologia de Crédito
ENGENETIQ
Grupo SC
Principaux dossiers
- Advised Lightrock on the drafting and negotiation of the R$260m Series D funding round raised by Cortex Intelligence.
- Assisted Movidesk on the sale of an equity interest representing 97.3791% of its capital stock to Zenvia.
- Assisted Vadu’s shareholders in the sale of the totality of its quotas to Dimensa.
Machado Meyer Sendacz e Opice Advogados
Machado Meyer Sendacz e Opice Advogados offers support to a diverse client roster comprised of venture capital funds, strategic investors, start-ups, entrepreneurs and listed companies in relation to fundraisings, investment rounds and exit strategies. A specialist in domestic and cross-border M&A, private equity and corporate restructurings, Manuela Lisboa Gentil Monteiro is a key contact for clients from the banking and technology sectors, among others. She oversees the practice, which also features Paulo Henrique Carvalho Pinto and Guilherme Bueno Malouf, the latter of whom is proficient in investment fund-related matters.
Responsables de la pratique:
Manuela Lisboa Gentil Monteiro
Principaux clients
Omiexperience
Hypera Pharma
Lojas Renner
Movile/iFood.com
Sequoia Logística e Transportes
GIC Special Investments
Magazine Luiza
TREECORP Fundo de Investimento em Participações III Multiestratégia
Eyemoblie Tecnologia
Warburg Pincus
Treecorp Saúde Animal Participações
Plugify Tecnologia
Sankhya Jiva Investimentos e Participações
Banco C6
Minuto Corretora de Seguros
Crescera Capital
Ambev
Aliansce Sonae Shopping Centers
Bom Negócio Atividades de Internet (OLX)
Loggi Tecnologia
Principaux dossiers
- Advised the Razor Group on the Brazilian law aspects of the acquisition of Valoreo.
- Assisted Warburg Pincus in making a million-dollar investment through a Series B round in Sólides Technologia.
- Assisted GIC Special Investments in the acquisition and subscription of 35% of new shares issued by the holding company QI Participações.
Nabarro & Pfeferman Advogados
Demonstrating ‘a strong capacity to support start-ups in corporate organisation and investment rounds‘, Nabarro & Pfeferman Advogados is best known for its expertise in venture capital and M&A involving technology companies. Founded in 2020, the firm acts in the full array of mandates, from fundraising to investment rounds, CVCs and exits. Commended for his ‘in-depth knowledge of the investment market and clients’ business needs‘, Diego Nabarro is recurrently sought by domestic and foreign start-ups, angel investors, accelerators, VC firms and PE funds. He jointly heads up the practice with Thomas Pfeferman, another contact for mandates involving emerging growth companies, private equity and capital markets.
Responsables de la pratique:
Diego Nabarro; Thomas Pfeferman
Les références
‘Among all the firms we spoke and worked with, the NPA team stood out for its ability to evaluate our business and give clear recommendations on which paths we should follow, regardless of the risks.’
‘Diego Nabarro is always present in the discussions, bringing seniority and quality to the conversations. In addition, he has a very proactive attitude in bringing points of view on matters that are not within the scope of his practice.’
‘We were really pleased with the outcome. The involvement of the partners throughout the process brings a lot of knowledge to the discussion and security. They were instrumental in negotiating with the other party, improving pre-established contracts and creating future opportunities for the business.’
Principaux clients
Hiplatform
Startse
Webjump
Mightyhive
Quartz
BM&C
TECH4Humans
Caju
TAG
Tecnisa
Yuool Shoes
TEVA Índices
Hand talk
Basket
Yourviews
Meu Cambio
Neorisk
Global Med
Bitar Educação
Fretadão
Grupo Software
Principaux dossiers
- Advised Startse Sistemas on the acquisition of a majority stake in Captable.
- Assisted Fretadão Tecnologia in the sale of a minority stake of its corporate capital to Domo Invest.
- Advised Caju on all aspects of its Series B funding round.
Trench Rossi Watanabe
Trench Rossi Watanabe houses a ‘well-coordinated team‘ devoted to assisting start-ups, private equity and venture capital funds in a variety of transactional matters, including early-stage fundraising and advanced investment rounds. Combining strong credentials in corporate, contractual and regulatory issues, the group is skilled in domestic and cross-border deals, drawing on its cooperation with the Baker McKenzie network. Leading the practice, Monica Cavalcanti ‘is recommended for her ability to mediate and negotiate M&A contracts in the venture capital market’; she has steered several rounds of investments, from early-stage matters to scale-ups and successful exits. Paula Alonso, who specialises in corporate and M&A, offers key support at the associate level.
Responsables de la pratique:
Monica Cavalcanti
Les références
‘Well-coordinated team with robust knowledge, including foreign legislation. The performance of Monica Cavalcanti and her team were essential for our deal to go ahead. Documents were carefully prepared and reflected the points requested by the client.’
‘Monica Cavalcanti is recommended for her ability to mediate and negotiate M&A contracts in the venture capital market. Unique performance, dedicated, attentive, creative solutions that added a lot of value to the negotiation. Super competent, and with a robust knowledge of the sector.’
Principaux clients
bLive
Joy Street
Datarisk
Pagcerto
Easy Crédito
Crescera Growth Capital
Tencent Holdings Limited
Uninformare Informática
FIP Capital Semente Criatec II
FIP Crescera Venture III
Triaxis Capital
AKKR – Accel-KKR Company
Thoma Bravo
Rhone Capital
Lions Trust
Valid
ClearSale
Wide Tecnologia
Prepona Sistemas
BR Education Venture
FIP Criatec 4 ASG
Compass
Cliver
Principaux dossiers
- Advised Crescera Growth Capital on the venture capital investment into the scale-up mental health tech company Vittude.
- Advised Clear Sale on the investment into Chargeback Ops, a US scale-up technology company.
- Assisted Venture Fund III in a Series A equity investment into Leads2B.
Veirano Advogados
At Veirano Advogados, the venture capital department offers support to major corporate venture capitalists, funds and start-ups in their fundraising efforts, investment rounds and exits. M&A transactions involving tech companies also feature in the team’s portfolio. Guilherme Ohanian Monteiro, who has a strong transactional background, is counsel of choice for founders, VC and CVC funds, corporations and banks seeking advice on investment rounds in Brazil and involving offshore structures; he is also proficient in fund formation and tech-related M&A. He co-leads the department with Daniel Augusto Malatesta, who was promoted to the partnership in 2022, and is a name to note for start-ups, investors and established tech companies. Lior Pinsky, who oversees the private equity group, has recently advised on VC financings as well as venture-backed M&A. Associates Pâmela Pinheiro and Fernão Castro are also active in the venture capital space.
Responsables de la pratique:
Guilherme Ohanian Monteiro; Daniel Augusto Malatesta
Les références
‘I work directly with Lior Pinsky, Guilherme Monteiro, Daniel Augsto Malatesta and Pamela Pinheiro and I commend the entire team for their professionalism, agility and commitment in conducting transactions, actively participating in defending the interests of clients.’
‘Many firms have good technical legal knowledge and I believe this team has great depth. However, I really admire their ability to understand our specific demands and be a key player in the success of negotiations.’
Principaux clients
Bunge Alimentos
Loft
Vector
Citrino Ventures
Goldman Sachs
Itaú Unibanco Holding
Equitas VC
XP
Altos Ventures
Trusted Health
BASF Venture Capital
Yara Growth Ventures
TPG Growth
Mercado Livre
Sociedade Beneficente Israelita Brasileira Hospital Albert Einstein
Kzas
Singularus Capital
Mandi Ventures
Coruja Capital
Softline
Lemon Cash
E3 Capital Partners
Allievo Capital
Microsoft
Medway Residência Médica
Apis Partners
Aggir Ventures
NG Cash
Iveloz
Serena Care
Kuona
Stride
Biotimize
Gavea Marketplace
BIPA
Quantifind
Impinj
Gallagher Corretora de Seguros
Liber Soluções
Afterverse
Dossier
Cubbo Holdings
Payface Pagamentos
Pag Dividido Tecnologia
The Magnectic Energy
Medicol
Omnilogic
LinkFit
VBeauty
Telavita
Elytron
Letsbank
Pipó
Bo Bags
Delivery Much Tecnologia
Bling
Investtools
WeCancer
Gulf Capital
Leblon Equities
Clínica da Gávea
DGF
AHK
Kyr Capital
Gelt
Easy Credito
Hoobox
Principaux dossiers
- Assisted Itaú Unibanco in an investment of an initial stake of 35% in Avenue Holding Cayman, the holding entity of Avenue Securities, a digital investment platform, for an amount of approximately R$493m.
- Assisted Altos Ventures in connection with a $16.7m Series A funding round of Galena Education Corporation led by Altos Ventures and followed by Exor’s Owl Ventures, Reaction, Globo Ventures and individual investors.
- Advised NG Cash and its founders on an investment round in the amount of $10m led by A16z and Monashees.