Survey with Entrepreneurs III (Spectra Investments)

Summary

• Brazilian venture capital investments reached R$ 7.3 billion across 227 companies in 2023 and R$ 9.1 billion across 125 companies in 2024.p.1
• The survey compiled responses from 250 entrepreneurs collected online between March and April 2025.p.2
• SaaS and Fintech represent the largest founder groups surveyed, accounting for 45% and 33% of respondents respectively.p.2
• Kaszek, Monashees, Astella, Valor, and ONEVC were named the top five most respected local venture capital managers.p.5
• The number of local venture capital managers grew from 16 in 2010 to more than 100 in 2025.p.7

Key insights

1. Foreign venture capital investors have largely disappeared from early-stage investment rounds in Brazil.p.1
2. Founders of older startups focus on reputation and track record, whereas founders of newer startups prioritize hands-on operational support.p.1
3. When choosing an investor, term friendliness, manager alignment, and investment team quality outweigh overall VC brand reputation.p.1
4. Kaszek is primarily associated with unique qualities such as track record, reputation, and product/go-to-market support.p.5
5. If all VCs were to offer identical term sheets, Kaszek, Monashees, Valor, Astella, and Upload remain the top choices for founders.p.6
6. NXTP, Atlantico, and SaaSholic earned the highest evaluations from their portfolio companies for day-to-day operational support.p.6
7. The top angel investors most valued by founders are predominantly unicorn startup founders, led by David Vélez.p.7