Software leading dealmaking
Software and technology were again the leading segments in M&As and fundraising for companies in Colombia, Argentina and Chile in 2024, according to TTR Data’s regional dealmaking report.
In Chile, the segment saw 42 deals last year. That compares to 367 dealmaking operations considering all industry segments, said TTR.
Meanwhile, in Colombia, the consultancy tracked 38 deals involving software companies, out of 281 mapped during 2024. Argentina saw 36 software deals out of a total of 238.
Music AI
Platform Music AI, created by Brazilian-founded startup Moises, raised US$40mn in a series A round co-led by São Paulo-based investment fund Monashees and the UK’s Connect Ventures.
According to Monashees, Music AI is a leading provider of an AI-powered music and audio platform used by record labels, agencies, technology companies and developers. It reportedly offers more than 50 stackable AI audio solutions. The company also specializes in audio restoration.
Currently headquartered in the US, Moises was founded in 2019 by Brazilian entrepreneurs Geraldo Ramos, Jardson Almeida and Hugo Rodrigues. The Music AI service was launched at the end of 2023.
Fintech Moove moving M&As – in Brazil
Nigeria’s Moove, an Uber-backed startup providing vehicle financing for app drivers, acquired Brazil’s Kovi, which specializes in car rentals through subscription. Values were not disclosed.
With this deal, Moove will integrate Kovi’s IoT software and driver behavior assessment algorithm. The acquisition is also expected to support Moove’s expansion in Latin America.
Founded in 2020, Moove claims to have completed more than 50mn rides in partnership with Uber. It has raised more than US$500mn from investors such as BlackRock, Mubadala, Franklin Templeton, Janus Henderson and the International Finance Corporation (IFC).
Kovi, launched in 2018, last secured funding in a US$104mn series B round in 2021, backed by Valor Capital, Prosus Ventures, and Quona Capital.
Itaú buys stake in NeoSpace
Itaú Unibanco, Latin America’s largest commercial bank by assets, bought a 15% stake in startup NeoSpace, which developed genAI solutions for the financial sector.
The amount was not disclosed, but according to reports, Itaú contributed US$15mn in an US$18mn round.
The deal includes a commercial partnership, allowing Itaú to integrate NeoSpace’s AI solutions into its customer service and personalization strategies. NeoSpace was founded by Bruno Pierobon, Felipe Almeida and Gustavo Debs.
The startup trains its models on data structures provided by Oracle, as detailed by Pierobon at a recent Oracle press event in São Paulo.
MercadoLibre backing Chilean entrepreneurs
In a bid to support small and medium-sized businesses in Chile, MercadoLibre has partnered with the Luksic Foundation to offer entrepreneur training programs.
The Luksic Foundation is a non-profit educational institution focused on training individuals and developing talent. As part of this initiative, 50 SMEs recently participated in training sessions at MercadoLibre’s Chilean offices, learning how to leverage the e-commerce platform.
According to a report from Chile’s chamber of commerce on workforce digitization, 70% of surveyed workers reported having intermediate digital skills. However, this figure drops to 48% among adults aged 35 to 65.
Cemex ranks ‘construtechs’
Cemex Ventures, the corporate venture capital and open innovation unit of Mexican cement producer Cemex, has launched the sixth edition of its ranking of the most promising construction technology startups.
The 2025 selection is based on the areas of green construction (sustainability), improved productivity (efficiency), construction supply chain (agility) and future of construction (disruption).
The latest edition of the Cemex Ventures Top 50 includes an overview of the construction technology industry in 2024 and a forecast of innovation and investment trends for 2025. The selected startups represent a global mix of cutting-edge solutions.
The full list can be accessed here.