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Upload Ventures seeks $250M for Latin America-focused growth-stage fund

Upload Ventures, the Latin American-focused investment firm spun out of SoftBank’s investment arm less than a year ago, is looking to raise a $250 million fund, according to regulatory filings. The Mexico- and Brazil-focused firm has already secured an anchor investor, with Brazilian telecoms business TIM committing to investing

Acquah Nana Yeboah profile image
by Acquah Nana Yeboah
Upload Ventures seeks $250M for Latin America-focused growth-stage fund
Photo by Austin Distel / Unsplash

Upload Ventures, the Latin American-focused investment firm spun out of SoftBank’s investment arm less than a year ago, is looking to raise a $250 million fund, according to regulatory filings.

The Mexico- and Brazil-focused firm has already secured an anchor investor, with Brazilian telecoms business TIM committing to investing $50 million in the growth-stage focused fund over the next two years.

The new fund will focus on late-stage investments, an area that has been hit hard by the downturn in Latin America. Late-stage funding in the region declined by 93% in Q3 2022 compared to the previous year, with just three of the 290 investors focused on late-stage rounds in 2021 still active in Q3 2022.

📊 Venture funding in Latin America fell 79% in 2022
In 2022, venture funding in Latin America took a significant hit, as venture volume sank almost 60% from the previous year in the wake of a sharp shift in the startup funding climate. Per Crunchbase data, investor funding sat at $8.28 billion in the region in 2022, down 58%

This lack of available growth capital presents an opportunity for Upload Ventures, which has expanded its investment capabilities from an initial focus on early-stage investments.

The firm was co-founded by Rodrigo Baer and Marco Camhaji, who left SoftBank to focus on early-stage investments. The expanded capabilities will be executed by partners Mario Moraes and Carlos Simonsen. The team is now 13 people, including new venture partner Norberto Giangrande.

Acquah Nana Yeboah profile image
by Acquah Nana Yeboah

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