Venture capital in Brazil

Bronstein, Zilberberg, Chueiri & Potenza Advogados

Founded in April 2021, Bronstein, Zilberberg, Chueiri & Potenza Advogados has quickly built a market-leading presence in the venture capital (VC) space. Complemented by its expertise in areas such as tax, fintech, finance and fund formation, the group is one of the first ports of call for advice on the entire spectrum of VC matters, ranging from fundraising to investment rounds and M&A involving emerging growth companies. The highly regarded Eduardo Zilberberg, who has a strong background in corporate and M&A, possesses over a decade of experience in venture capital, having advised on hundreds of VC investment rounds. Start-ups and technology clients regularly turn to Sergio Bronstein, who is also sought out by VC funds, private equity (PE) firms and corporate venture capital (CVC) structures. Guilherme Potenza has a wealth of experience in venture-backed M&A and investment rounds involving Brazilian and international companies, which are also core areas of expertise for Pedro Chueiri. André Neves, a key contact for investors, investment funds and start-ups, is noted for his in-depth knowledge of the fintech sector. Also part of the core team, Alfredo Neri and Priscila Menezes specialise in corporate governance and M&A. Paula Bobrow offers support at the associate level.

Practice head(s):

Eduardo Zilberberg; Guilherme Potenza; Sergio Bronstein; Pedro Chueiri


‘It is a firm that is very familiar with the CVC (Corporate Venture Capital) model, which is a new modality in the market. This knowledge facilitates negotiations with all parties (investors, founders and shareholders).’

‘Guilherme Potenza knows a lot about the CVC model. He conveys immense security at critical moments of negotiation, managing to bring peace of mind and solutions that please all parties.’

‘Priscila Menezes: technically very good. Can translate discussions and critical points into a model/clauses that put everyone at ease.’

Key clients

Monashees Capital

Kaszek Ventures

Riverwood Capital

Ribbit Capital

Andreessen Horowitz

Kinea Ventures


Votorantim Energia

Igah Ventures

Unbox Capital

Mercado Bitcoin





Alice Health

Mercado Livre




Work highlights

  • Advised Evino on its R$650m investment round led by Vinci Partners, which also had JCR and XP as co-investors.
  • Assisted Unico with raising $100m in its Series D investment round, which valued the company at $2.6bn.
  • Advised Flash on a capital injection of approximately $100m in a Series C funding round.


Highly specialised‘ firm FM/Derraik – noted for providing ‘clear‘ and ‘prompt‘ advice to foreign and domestic venture capital funds, private equity firms, development banks, accelerators, incubators and start-ups of all sizes – is at the forefront of the venture capital market in Brazil. Testament to its standing in the market is its recurrent involvement in sophisticated transactions, including fundraising, investment rounds and VC-backed M&A, in an array of sectors, ranging from healthtech to fintech. The group is under the joint leadership of two partners noted for their ‘vast technical knowledge of venture capital‘: Fabiana Fagundes, a reference for companies and funds engaged in complex early and late stage VC transactions; and Rodrigo Menezes, who in addition to his wealth of experience in advising funds on domestic and cross-border deals, is also proficient in CVC structures. Corporate law specialist Pedro Ferreira is active in M&A and VC mandates, having advised several large corporates on the structuring of their CVCs. Gustavo Dalcolmo, who acts for start-ups, angel investors, investment funds and corporate venturers, regularly handles investments and acquisitions. Marcela Rosolen stands out at the associate level for her involvement in Series A, B and C fund capitalisations and strategic exits.

Practice head(s):

Fabiana Fagundes; Rodrigo Menezes


‘VC experts, who know the background, structures, standard and non-standard terms of the industry.’

‘I’d highlight Fabiana Fagundes and Pedro Ferreira.’

‘Agility and efficiency is in the DNA of the firm. They did an excellent job! They will certainly be with us in the next rounds and challenges.’

Key clients

Valor Capital Group

Astella Investimentos

Z-Tech (Ambev)


Qualcomm Ventures

Mercado Livre

Caravela Capital




Mindset Ventures

Wilson Sons

Vox Capital


Wayra (Telefonica)


Raia Drogasil


FIP Avila


BR Malls

Scale Up Ventures (Endeavor Fund)


Volpe Capital

Mercado Bitcoin

UVC Investimentos

FIP Kortex Ventures

2TM Participações

Alexia Ventures


Work highlights

  • Assisted Solides in a $100m Series B funding round from Warburg Pincus.
  • Advised Vasta Educação on the acquisition of a 47.4% stake in Educbank for R$158m.
  • Assisted Vox Capital in the $25m Series A funding round to Nude.

Pinheiro Neto Advogados

One of the first full-service Brazilian firms to turn its attention to venture capital, Pinheiro Neto Advogados is well versed in acting for emerging companies, investors and venture capital funds in sophisticated local and cross-border investment rounds, from seed to late-stage matters. Rated for the ‘excellent standard of quality‘ at all levels of seniority, the team is comprised of practitioners with vast experience in corporate and financial transactions, fund formation and structuring mandates, and regulatory issues pertaining to the financial and technology sectors. In addition to his impressive track record in cross-border M&A and private equity deals, Alvaro Silas U. Martins dos Santos advises companies and VC funds throughout the entire financing cycle, and is especially active in transactions in the health and technology sectors. Bruno Balduccini and Fernando Mirandez Del Nero Gomes are singled out for their experience in fintech and banking matters. Thiago José da Silva, who was promoted to the partnership in January 2022, regularly advises on fund formation and has ‘in-depth knowledge of M&A‘. Eduardo Comparato Ferreira de Sá is frequently engaged in early and late-stage financings on behalf of companies and investors.


‘PNA is a complete outlier in the Brazilian market when it comes to legal advice. The firm’s offering covers absolutely every area we need, and the advice and level of service is impeccable in all. In a volatile and “creative” market, it is extremely important to be able to count on adequate advice, and PNA is sensational.’

‘Alvaro Santos manages to masterfully coordinate work with his colleagues in other areas.’

‘Multidisciplinary service, which helps a lot in M&A transactions. At PNA the entire team has an excellent standard of quality, from the partner to the junior lawyer.’

‘Thiago José da Silva is a lawyer with in-depth knowledge of M&A. He is very pro-business, which helps a lot in handling cases.’

Key clients

Cubo Capital (Itaú)

Blue Ground


Redpoint eVentures




Tiger Global

Indicator Capital

CapSur Capital

Delivery Hero

D1 Capital Partners

Volpe Capital

Canaan Partners

Experian Ventures (Serasa)




K1 Investment Management

Battery Ventures

Work highlights

  • Advised Redpoint eVentures on the R$35m Vittude Series A investment round.
  • Assisted Indicator Capital in the structuring of its second investment fund that raised R$240m from relevant investors, including BNDES, Qualcomm Ventures, Banco do Brasil and others.
  • Advised lead investor QED on all aspects of Brazilian law and the legal due diligence of the target company in relation to its $100m Series C Investment Round in Solfácil, a Brazilian fintech focused on providing financing lines for the purchase of solar panels.

Mattos Filho

Rated for its ‘strong knowledge of the venture capital ecosystem‘, Mattos Filho established a standalone practice in May 2022 dedicated to providing assistance to investors, start-ups and entrepreneurs. Benefitting from the firm’s full-service structure and strength in complementary areas, the group is well placed to advise on a litany of matters, ranging from strategic partnerships and joint ventures to investment rounds, exit strategies, fund formation and corporate venture strategies. The highly regarded Tomás Neiva joined from NBFA in cooperation with Garrigues in 2021 to support the firm in the creation and development of the recently launched VC practice, given his solid background in this space and strong transactional capabilities. Marina Procknor has a wealth of experience in assisting asset managers, sovereign funds and institutional investors in the formation and capitalisation of investment funds and related transactions, including venture capital. Camilla Martes, who is praised for her ‘excellent negotiation skills‘, focuses on tech-related M&A, deals involving VC-backed companies and investment rounds.

Practice head(s):

Marina Procknor; Tomás Neiva; Camilla Martes


‘Mattos Filho’s team offers broad legal services. Their strengths are professional communication, negotiation tactics, fast deliveries, excellent availability and wide support in additional matters.’

‘The MF team stands out for its availability, speed and negotiation tactics.’

‘MF has impressed me with their strong knowledge of the venture capital ecosystem. It is much appreciated to work with law firms that know what to do and how to close a transaction in this area of practice.’

Key clients

Headline / XP

Bain Capital

Mubadala Capital

Alpha Capital





Goldman Sachs

Warburg Pincus


Next47 GmbH

Sequoia Capital

Dr. Consulta


Work highlights

  • Advised Headline as lead investor in the R$36m Series A investment round in Smart Break.
  • Assisted Bioelements in the context of a primary investment in the amount of $30m performed by BTG Pactual Investimentos de Impacto Fundo de Investimento em Participações – Multiestratégia.
  • Advised Lightrock Group, a global private equity and venture capital platform, on leading an investment round in Dock Ltd., the Cayman-based holding company of Dock Group.

TozziniFreire Advogados

TozziniFreire Advogados fields a ‘well-trained’, ‘accessible‘ and ‘attentive’ venture capital team, which has a strong track record in investments and fundraising, advising investors and emerging growth companies on early and late-stage funding rounds. The team, which ‘boasts a differentiated position given its international profile‘ and core focus on technology and innovation, is also well placed to assist in the structuring and formation of funds, and implementation of corporate venture capital programmes. João Busin, Juliana Soares Zaidan Maluf, Beatriz Seixas and Fernando Silveira Carvalho are no longer at the firm.


‘The firm boast a differentiated position given its international profile, completely integrated with the best market practices in general. They value efficiency, personalised service, diversity and sophistication to act in highly complex cases.’

‘The firm quickly understands the client’s needs and works in favour of the business, seeking, in an agile way, alternatives for deals to materialise, mitigating risks with an entrepreneurial eye.’

‘All very responsive, accessible. Always very attentive and confident in what they say.’

‘TozziniFreire Advogados’ team is uniquely qualified to advise asset managers and their investees. The team has a longstanding transactional experience, both in domestic and internationally.’

Key clients


Bitci Tecnologia

Bell Rock Gestora de Recursos

Naia Capital


Opea Capital





Louis Dreyfus Company

Performa Investimentos

Sea Capital



MSW Capital

EB Capital

JB3 Investimentos

X8 Investimentos

GEF Capital Partners




Yaya Capital

GlobalYeast JV CO Brasil


Kinea Investimentos


Vox Capital


Fors Capital

Next Tecnologia e Serviços Digitais

Work highlights

  • Advised on a Series A-2 investment round led by ADM, Amaggi, Cargill and Louis Dreyfus Company in Grão Direto, a Brazilian company that operates an electronic marketplace for trading grains.
  • Acted as counsel to Sea Capital on the Series B Investment round in the amount of $45m in the Brazilian Fintech Stark Bank.
  • Acted as Brazilian counsel to Softbank on the Series A Investment round for the amount of $25m in Trela, a Brazilian collective shopping start-up.

BRZ - Barbosa, Raimundo, Gontijo, Câmara e Zanotta Advogados

A popular choice for investment firms, BRZ - Barbosa, Raimundo, Gontijo, Câmara e Zanotta Advogados‘ venture capital department is often instructed in investment rounds, corporate matters and M&A transactions. Tech-related deals are a core area of focus for the team, which further showcases knowledge of the telecoms, insurance, health and fintech sectors. Julio Barbosa is proficient in M&A and capital markets transactions, which are also key areas of activity for Rodrigo Câmara. Alessandra Salgado is the main point of contact for venture capital funds and VC-backed emerging companies seeking advice on fundraising, governance and investments.

Practice head(s):

Julio Barbosa; Rodrigo Câmara; Alessandra Salgado


‘BRZ is the ideal firm for investment companies. Lawyers are super close to the client, experts in VC investments and have excellent commercial considerations – not every firm can combine these characteristics. In addition, they have a large and diverse team, which adds a lot to the analysis.’

‘Alessandra Salgado is the partner who works for us and we have already recommended her to several of our partners. She has impeccable technical skills and dominates the VC market; in addition, she is available, practical and very firm in her answers.’

‘Agility, high alignment with the client’s needs, knowledge and depth to advise in various areas of law.’

Key clients

Raia Drogasil

Valor Capital Group


Fuse Capital VC

Tembici Participações

Justos Seguros

Igah Ventures

Crescera Capital



Quona Capital



Work highlights

  • Advised Valor Capital Group on Agrolend’s Series A round.
  • Advised Geopost Energy on its sale to Katalyst.
  • Advised Shift Capital on an investment round in direct-to-consumer eyewear brand Zerezes.

Cescon Barrieu

Venture capital funds, corporate ventures and start-ups turn to Cescon Barrieu for assistance throughout all stages of the investment cycle. The firm brings together multidisciplinary teams – specialised in M&A, funds, capital markets, tax and regulatory matters – to advise on the setting up of investment vehicles, early and late-stage funding rounds and divestments. The group is under the joint leadership of a capable trio: Cristina de Freitas Bueno, who advises Brazilian and international players on M&A and VC deals; Alexandre Gossn Barreto, who specialises in financing transactions; and Tania Liberman, a partner focused on technology and IP.

Practice head(s):

Cristina de Freitas Bueno; Alexandre Gossn Barreto; Tania Liberman

Key clients

Ória Capital

TC Traders Club


Blue Like an Orange Sustainable Capital – BlaO

Quartz Gestão de Recursos

Pipo Capital Gestão de Investimentos





Insole Energia Solar

Encora Holding



Banco BTG Pactual

Domo Invest

Cloud9 Capital


Voll Soluções em Mobilidade Corporativa

IPG Corporation

Credit Core Tecnologia de Crédito


Grupo SC

Work highlights

  • Advised Lightrock on the drafting and negotiation of the R$260m Series D funding round raised by Cortex Intelligence.
  • Assisted Movidesk on the sale of an equity interest representing 97.3791% of its capital stock to Zenvia.
  • Assisted Vadu’s shareholders in the sale of the totality of its quotas to Dimensa.

Machado Meyer Sendacz e Opice Advogados

Machado Meyer Sendacz e Opice Advogados offers support to a diverse client roster comprised of venture capital funds, strategic investors, start-ups, entrepreneurs and listed companies in relation to fundraisings, investment rounds and exit strategies. A specialist in domestic and cross-border M&A, private equity and corporate restructurings, Manuela Lisboa Gentil Monteiro is a key contact for clients from the banking and technology sectors, among others. She oversees the practice, which also features Paulo Henrique Carvalho Pinto and Guilherme Bueno Malouf, the latter of whom is proficient in investment fund-related matters.

Practice head(s):

Manuela Lisboa Gentil Monteiro

Key clients


Hypera Pharma

Lojas Renner


Sequoia Logística e Transportes

GIC Special Investments

Magazine Luiza

TREECORP Fundo de Investimento em Participações III Multiestratégia

Eyemoblie Tecnologia

Warburg Pincus

Treecorp Saúde Animal Participações

Plugify Tecnologia

Sankhya Jiva Investimentos e Participações

Banco C6

Minuto Corretora de Seguros

Crescera Capital


Aliansce Sonae Shopping Centers

Bom Negócio Atividades de Internet (OLX)

Loggi Tecnologia

Work highlights

  • Advised the Razor Group on the Brazilian law aspects of the acquisition of Valoreo.
  • Assisted Warburg Pincus in making a million-dollar investment through a Series B round in Sólides Technologia.
  • Assisted GIC Special Investments in the acquisition and subscription of 35% of new shares issued by the holding company QI Participações.

Nabarro & Pfeferman Advogados

Demonstrating ‘a strong capacity to support start-ups in corporate organisation and investment rounds‘, Nabarro & Pfeferman Advogados is best known for its expertise in venture capital and M&A involving technology companies. Founded in 2020, the firm acts in the full array of mandates, from fundraising to investment rounds, CVCs and exits. Commended for his ‘in-depth knowledge of the investment market and clients’ business needs‘, Diego Nabarro is recurrently sought by domestic and foreign start-ups, angel investors, accelerators, VC firms and PE funds. He jointly heads up the practice with Thomas Pfeferman, another contact for mandates involving emerging growth companies, private equity and capital markets.

Practice head(s):

Diego Nabarro; Thomas Pfeferman


‘Among all the firms we spoke and worked with, the NPA team stood out for its ability to evaluate our business and give clear recommendations on which paths we should follow, regardless of the risks.’

‘Diego Nabarro is always present in the discussions, bringing seniority and quality to the conversations. In addition, he has a very proactive attitude in bringing points of view on matters that are not within the scope of his practice.’

‘We were really pleased with the outcome. The involvement of the partners throughout the process brings a lot of knowledge to the discussion and security. They were instrumental in negotiating with the other party, improving pre-established contracts and creating future opportunities for the business.’

Key clients











Yuool Shoes

TEVA Índices

Hand talk



Meu Cambio


Global Med

Bitar Educação


Grupo Software

Work highlights

  • Advised Startse Sistemas on the acquisition of a majority stake in Captable.
  • Assisted Fretadão Tecnologia in the sale of a minority stake of its corporate capital to Domo Invest.
  • Advised Caju on all aspects of its Series B funding round.

Trench Rossi Watanabe

Trench Rossi Watanabe houses a ‘well-coordinated team‘ devoted to assisting start-ups, private equity and venture capital funds in a variety of transactional matters, including early-stage fundraising and advanced investment rounds. Combining strong credentials in corporate, contractual and regulatory issues, the group is skilled in domestic and cross-border deals, drawing on its cooperation with the Baker McKenzie network. Leading the practice, Monica Cavalcanti ‘is recommended for her ability to mediate and negotiate M&A contracts in the venture capital market’; she has steered several rounds of investments, from early-stage matters to scale-ups and successful exits. Paula Alonso, who specialises in corporate and M&A, offers key support at the associate level.

Practice head(s):

Monica Cavalcanti


Well-coordinated team with robust knowledge, including foreign legislation. The performance of Monica Cavalcanti and her team were essential for our deal to go ahead. Documents were carefully prepared and reflected the points requested by the client.’

‘Monica Cavalcanti is recommended for her ability to mediate and negotiate M&A contracts in the venture capital market. Unique performance, dedicated, attentive, creative solutions that added a lot of value to the negotiation. Super competent, and with a robust knowledge of the sector.’

Key clients


Joy Street



Easy Crédito

Crescera Growth Capital

Tencent Holdings Limited

Uninformare Informática

FIP Capital Semente Criatec II

FIP Crescera Venture III

Triaxis Capital

AKKR – Accel-KKR Company

Thoma Bravo

Rhone Capital

Lions Trust



Wide Tecnologia

Prepona Sistemas

BR Education Venture

FIP Criatec 4 ASG



Work highlights

  • Advised Crescera Growth Capital on the venture capital investment into the scale-up mental health tech company Vittude.
  • Advised Clear Sale on the investment into Chargeback Ops, a US scale-up technology company.
  • Assisted Venture Fund III in a Series A equity investment into Leads2B.

Veirano Advogados

At Veirano Advogados, the venture capital department offers support to major corporate venture capitalists, funds and start-ups in their fundraising efforts, investment rounds and exits. M&A transactions involving tech companies also feature in the team’s portfolio. Guilherme Ohanian Monteiro, who has a strong transactional background, is counsel of choice for founders, VC and CVC funds, corporations and banks seeking advice on investment rounds in Brazil and involving offshore structures; he is also proficient in fund formation and tech-related M&A. He co-leads the department with Daniel Augusto Malatesta, who was promoted to the partnership in 2022, and is a name to note for start-ups, investors and established tech companies. Lior Pinsky, who oversees the private equity group, has recently advised on VC financings as well as venture-backed M&A. Associates Pâmela Pinheiro and Fernão Castro are also active in the venture capital space.

Practice head(s):

Guilherme Ohanian Monteiro; Daniel Augusto Malatesta


‘I work directly with Lior Pinsky, Guilherme Monteiro, Daniel Augsto Malatesta and Pamela Pinheiro and I commend the entire team for their professionalism, agility and commitment in conducting transactions, actively participating in defending the interests of clients.’

‘Many firms have good technical legal knowledge and I believe this team has great depth. However, I really admire their ability to understand our specific demands and be a key player in the success of negotiations.’

Key clients

Bunge Alimentos



Citrino Ventures

Goldman Sachs

Itaú Unibanco Holding

Equitas VC


Altos Ventures

Trusted Health

BASF Venture Capital

Yara Growth Ventures

TPG Growth

Mercado Livre

Sociedade Beneficente Israelita Brasileira Hospital Albert Einstein


Singularus Capital

Mandi Ventures

Coruja Capital


Lemon Cash

E3 Capital Partners

Allievo Capital



Medway Residência Médica

Apis Partners

Aggir Ventures

NG Cash


Serena Care




Gavea Marketplace




Gallagher Corretora de Seguros

Liber Soluções



Cubbo Holdings

Payface Pagamentos

Pag Dividido Tecnologia

The Magnectic Energy









Bo Bags

Delivery Much Tecnologia




Gulf Capital

Leblon Equities

Clínica da Gávea



Kyr Capital


Easy Credito


Work highlights

  • Assisted Itaú Unibanco in an investment of an initial stake of 35% in Avenue Holding Cayman, the holding entity of Avenue Securities, a digital investment platform, for an amount of approximately R$493m.
  • Assisted Altos Ventures in connection with a $16.7m Series A funding round of Galena Education Corporation led by Altos Ventures and followed by Exor’s Owl Ventures, Reaction, Globo Ventures and individual investors.
  • Advised NG Cash and its founders on an investment round in the amount of $10m led by A16z and Monashees.