INFOGRAPHIC: LatAm's Top Weekly Startup Funding — Week 14

• Lexter.ai secures $3.2M to expand analysis of legal documents with AI
• Inner AI raises $2.4M to perform tasks faster with AI solution
• Koin raises $7.3M to expand offerings to tourism services
• Brazilian Startup IZI secures $800K to invest in growth
• Palenca Secures $2.4M to expand access to credit products in Latin America

Lexter.ai Secures $3.2M to Expand Analysis of Legal Documents With AI

• Lexter.ai has secured a substantial investment of $3.2M in a Series A round led by Alexia Ventures. Other notable investors include Grão VC, Canary, and Endeavor Scale Up.
• Lexter.ai specializes in using a combination of GPT-4 with proprietary artificial intelligence to optimize the work of lawyers, reading, analyzing and writing contracts, petitions, and other types of legal documents. Lexter.ai acquired almost 200 customers in 2023 and grew revenue three times compared to 2022, driven mainly by its recently launched Lexter Assistant.
• The funding will help the company improve its technology, invest in information security and AI-related education for lawyers, and strengthen the Lexter Institute.

Inner AI Raises $2.4M to Perform Tasks Faster With AI Solution

• Inner AI has secured $2.4M in a pre-seed round led by Canary. Other notable investors include LASP Capital, Play9, Alexia Ventures, Crivo Ventures, and Newtopia VC.
• Inner AI specializes in using AI to streamline workflows giving individuals the ability to accomplish tasks faster. Its users can now convert existing files into new text, images, and videos, and add cuts, edits, transcriptions, and voiceovers. The AI startup already serves major companies in Brazil like Embraer, Claro, Mercado Libre, and Bayer.
• The company plans to use the funding to launch its platform in the Brazilian market and continue to invest in AI research and development.

Koin Raises $7.3M to Expand Offerings to Tourism Services

• Koin has secured $7.3M through a FIDC fund structured by Itau. Its investors include Barikuta Partners, Crestone Venture Capital, International Finance Corporation, and Speedinvest.
• The fintech was founded in 2014 and is owned by an Argentinian group called Despegar. The company functions as a buy-now-pay-later (BNPL) digital wallet where customers can buy items and pay in instalments up to 12 times using its payment system called Pix. Additionally, Koin totals over 400 daily transactions with an average ticket of $500. The fintech has over 1,000 retailer clients in 8 countries in Latin America.
• Koin plans to invest this fund towards expanding its Buy Now, Pay Later services, focusing on tourism sector loans.

Brazilian Startup IZI Secures $800K to Invest in Growth

• Brazilian startup IZI secured $800K in a round led by Domo VC. Other investors include Bossanova Investimentos.
• IZI was founded in 2019 as a business intelligence platform for supermarkets and recently launched IZI Cash to provide credit for supermarket suppliers.
• IZI plans to use the fund for growth investment and expand its sales and product team. It also wants to impact the entire supermarket chain, especially suppliers with little access to financial institutions, such as rural producers and agribusiness associations.

Palenca Secures $2.4M to Expand Access to Credit Products in Latin America

• Palenca secured $2.4M in a strategic funding round from Serasa Experian. Other investors include Gilgamesh Ventures, Foundation Capital, Y Combinator, and Harvard Management.
• Palenca is a Mexican startup that came to Brazil in 2022 and has built a Payroll API that enables banks and fintechs to verify income details and employment history for salaried and gig workers in Latin America. The company's coverage reaches more than 100 million workers in Mexico and Brazil, and it has serviced more than 4 million consumers seeking access to financial products in those markets.
• Palenca plans to use the funds to support the optimization of the credit journey and promote the financial inclusion of professionals with different types of activity, including those who work informally, temporarily, or freelance. As part of the deal, it will allow Serasa Experian to resell its income verification product alongside its services in Brazil, enabling banks to access credit and income data through a single API.

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