State of the Startup Secondaries Market in Brazil 2025 (Spectra Investments)

Summary

• In 82% of startup secondary cases, founder sales account for less than 10% of their equity stake.p.4
• A total of 91% of founders who conducted secondary sales reinvested a portion of the proceeds back into startups.p.4
• The majority of founder secondary sales occur during funding rounds, with 36% negotiated at a discount to valuation.p.4
• 55% of founders who executed a secondary transaction sold less than 5% of their total equity stake.p.11
• Venture capital funds serve as the primary buyers, accounting for 85% of secondary sales during funding rounds.p.9
• About 52% of surveyed startups had cap table members who executed secondary transactions.p.19
• Among investors who never purchased secondary stakes, 45% express interest in making a transaction in the next 12 months.p.41

Key insights

1. Founders view secondary sales primarily as a tool for financial balance and risk reduction rather than an exit.p.4
2. Cap table secondary sales feature a higher incidence of valuation discounts compared to founder-only secondary sales.p.19
3. Lack of buyer demand represents the largest barrier for 44% of founders who considered but did not execute a secondary sale.p.22
4. Family offices and VC funds differ significantly in market sentiment, with 62% of VC funds reporting performance in line with expectations compared to only 17% of family offices.p.31
5. Investor origin matters, as 86% of prospective secondary buyers state that significant valuation discounts are the top factor to entice their first deal.p.41
6. Reinvestment among selling founders is widespread, with the 5% to 10% reinvestment bracket being the most common choice.p.17