Brazilian VC major Monashees eyes fintech, other deals with $150m eighth fund close

Brazilian venture capital major Monashees has closed its latest fintech, transport and healthcare tech fund on its $150 goal amount.

AltAssets revealed just over six months ago that Monashees was out looking to raise that amount for Fund VIII, which picked up backing from entities including the University of Minnesota, Horsley Bridge Partners and Temasek.

The raise brings the total raised by Monashees to more than $430m. The firm has over 55 active companies in the Latin America region, where it looks to back visionary founders capitalising on global trends and using technology to solve important problems and address large market opportunities.

Monashees co-founder and managing partner Eric Acher said, “With the market opportunity stronger than ever, we are eager to continue supporting bold founders as they build the companies that will drive the future of the region.”

The firm says global players are increasingly recognizing the significant market opportunities present in LatAm, where large urban populations are coming online, mobile internet usage outpaces the United States, and fragmented and inefficient markets are ripe for disruptive innovation.

The new crop of local billion-dollar startups, including its portfolio companies 99 and Rappi, and major funding rounds, such as SoftBank’s recent investment in Loggi, are testaments to this trend, it added.

University of Minnesota CIO Stuart Mason said, “Monashees brings a truly unique set of skills to the table, with a disciplined investment strategy, as well as the unmatched local expertise and knowledge that leads the team to identify and invest in the region’s best founders.

“The recent billion-dollar acquisition of 99 by DiDi is not only a milestone for the local ecosystem, but validation of this sentiment and suggests that there’s no liquidity hurdle for great companies in Latin America.

“We are excited to partner with monashees as it continues to find and nurture the best opportunities going forward.”

Copyright © 2018 AltAssets

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