Plinia VENTURES

[nome provisório]
VALENCI4 VENTURE CAPITAL

Our itTeam
Does make
sense to
02
invest in Venture
Capital?
Our Cases
04

Our Proposal
00
VALENCI4 VENTURE CAPITAL

01

Our itTeam
Does make
sense to
invest in Venture
Capital? 03

Our Cases
04

Our Proposal
VALENCI4 VENTURE CAPITAL

Team
VALENCI4 VENTURE CAPITAL
Evandro
Campos
ENTREPRENEUR ANDSPECIALIST IN TECHNOLOGY.
Founder of Benie, a digital pharmacy
focused on chronic patients. Also
founded Monetar, investment
advisory platform sold to Plural
Bank. Worked in Gávea
Investimentos, Ágoraand Banco
Pactual
Sergio
Marques
ENTREPRENEUR ANDSPECIALIST IN FINANCE AREA.
Worked for 20 years in Grupo Globo as
corporate CFO, coordinating the
investment committee that started Globo
Ventures. Was board member of companies
like NET, ZAP, Órama, Bom Pra Crédito,
Cuidai, Buser, Ingresse and Ton (JV with
Stone). Also worked in Banco Pactual,
Atlantic (petroleum) and Ipiranga
 Team

Serial Entrepeneur
Team

• Sergio Marques
•

o Worked for 20 years in Grupo Globo as corporate CFO, coordinating the investment
committee that started Globo Ventures. Was board member of companies like NET, ZAP,
Órama, Bom Pra Crédito, Cuidai, Buser, Ingresse and Ton (JV with Stone). Also worked in Banco
Pactual, Atlantic (petroleum) and Ipiranga (petroleum)
o

• JMO
•

o Entrepreneur and specialist in finance area. Partner of Banco Pactual. Board member and COO
of Ágora. Founding partner of Opus Investimentos. Investor in healthcare industry including
RPH, leader in nuclear medicine, GSH, largest blood bank in the country, and OrthoPride, one
of the biggest chains of odontology clinics.
  
• Evandro
•

o Entrepreneur and specialist in technology. Founder of Benie, a digital pharmacy focused on

chronic patients. Also founded Monetar, investment advisory platform sold to Plural Bank.
Worked in Gávea Investimentos, Ágora and Banco Pactual.
VALENCI4 VENTURE CAPITAL

2
VALENCI4 VENTURE CAPITAL

Does it makesense Brazil is still behind in technology penetrationof businesses,

which represents a big opportunity

to investin
Venture Capital?
The VC industry advanced considerably inthe last few years,
but there is a long way aheadto get to the levels of more
developed areas.In this case, the lack of capital still benefits
investors. Local VCs are performing better than foreign

The recent success cases encourage a new generation of

entrepreneurs who were previously attracted to opportunities
in more mature companies

The nature of Brazilian capitalism delays incumbents’reactions

(“Things are different here; Brazil is nota place for amateurs”),
which benefits new companies

The macroeconomic environment favors allocation

in riskier, longer term assets
A budding class of entrepreneurs is emerging and tackling
some of the region’s biggest problems. While the gig
economy is creating jobs and new income sources,
digitally-native banking, healthcare and education
companies are delivering access to the masses at higher
quality and lower prices.
VALENCI4 VENTURE CAPITAL

Growth in the Latin American tech ecosystem should

accelerate significantly narrowing the “gap" between the
region’s GDP and its weight in tech.

LATIN AMERICA AS % OF GLOBAL TECH VALUE LATIN AMERICA AS % OF GLOBAL GDP

0.8% 6,2%
Latin AmericaTech Latin America GDP
Value
~8x
99.2% 93,4%
Global Tech Value Global GDP(excluding
(excluding Latin America) Latin America)
VALENCI4 VENTURE CAPITAL

Latin America could be the new Asia.

Compared to China and India, LATAM can absorb 10x to 15x more Venture Capital

GDP TOTAL VC FUNDING LATAM AND BRAZIL VC CAPACITY

Latin Americanand Brazilian GDPs Total VC Funding todate in Latin Relative to China’s VC Funding-to-
are 46% and 17% thatof China, Americaand Brazil are 3% and GDP ratio, LATAM would have a
respectively. 2% that in China, respectively capacity for $83B in VC funding
and Brazil $31B, a 14x and 8x
increase respectively

100% China $12.2T

100% China $180B
LATAM
$83B Capacity
46% LATAM $5.6T
14X
21% India $2.6T Brazil
Capacity $31B
17% India $30B 8X
17% Brazil $2.1T
3% LATAM $6B
Brazil $4B $6B LATAM
2% Brazil $4B

SOURCES: WORLDBANK, LAVCA AND PITCHBOOK DATA (SINCE 2011)

VALENCI4 VENTURE CAPITAL

A Bright Future for

Brazil
Huge Potential Technology penetration still lags other regions,
presenting significant opportunity for growth
Brazil is a huge market, both in terms of population and economic potential.
Young population coupled with long-term potential economic growth present an
amazing opportunity for the next decade
TECH MARKET CAP AS A % OF GDP

Expanding Digital Penetration

39%
Mobile adoption is growing incredibly fast, resulting in great opportunities for tech
penetration across the region. The country has only begun to scratch the surface.

27%

Pro-innovation behaviour
A new class of entrepreneurs is emerging and proposing creative 13%
solutions to some of the county's biggest problems. E-banks, healthcare
and education companies are delivering access to great services to the
masses at higher quality and lower prices.
2,5% 2,2%

USA China India Brazil LatinAmerica*

Sources: Capital IQ and World Bank Open Data

VALENCI4 VENTURE CAPITAL

Latin America could be the new Asia.

Compared to China and India, LATAM can absorb 10x to 15x more Venture Capital

GDP BENCHMARK TOTAL VC FUNDING LATAM AND BRAZIL VC CAPACITY

The Latin Americanand Brazilian Total VC Funding todate in Latin Relative to China’s VC Funding-to-
GDPsare 46% and 17% thatof Americaand Brazil are 3% and GDP ratio, LATAM would have a
China, respectively. 2% that in China, respectively capacity for $83B in VC funding
and Brazil $31B, a 14x and 8x
increase respectively

100% China $12.2T LATAM Capacity $83B

100% China $180B

46% LATAM $5.6T

21% India $2.6T Brazil Capacity $31B
17% LATAM $30B
17 Brazil $2.1T LATAM $6B
3% India $6B
% Brazil $4B
2 Brazil $4B

SOURCES: 2018 WORLDBANK, LAVCA AND PITCHBOOK DATA (SINCE 2011)

VALENCI4 VENTURE CAPITAL

Venture Capital investment inBrazil is at an all-time

high, however,it still lags other regions when
adjusted by GDP

VENTURE CAPITAL INVESTMENTS IN LATAM, IN US$ M1 VENTURE CAPITAL INVESTMENTS AS A % OF GDP, 20192

+54%

Source: (1) LAVCA, (2) Pitchbook, Statista, International Monetary Fund

VALENCI4 VENTURE CAPITAL

Brazil is a thriving
tech/VC ecosystem:

Large Domestic Market Large Populationof Increasing VC Creating First+US$ 1B

Tech Enthusiasts Investments Companies
WORLD’S 7TH LARGEST BRAZILIANS EMBRACE ECOSYSTEM IN 8TH YEAR;US$ 1B+ IN ADDRESSING LARGE AND LOCAL
ECONOMY PLATFORM TECHNOLOGY; KEY MARKET FOR VC INVESTMENTS OPPORTUNITIES; APPROACHING
TO ACCESS LATAM. SEVERAL LEADING TECH PLAYERS. MAJOR LIQUIDITY EVENTS
VALENCI4 VENTURE CAPITAL

BRFAZIL DIGITAL TRANSFORMATION

Digital Acceleration Main Drivers

Capital flow to fund innovation has greatly increased from

local and global sources

The gig economy has become one of the

largest employers in the region

Top graduates are choosing tech and

entrepreneurship above all other fields

The region has a history of pro-innovation regulation

VALENCI4 VENTURE CAPITAL

Students are looking 26% 39%

to startups and of students want to work for of students plan on founding a
technology startups or big tech* startup in the future
companies to start
their careers and
are eager to start
their own

Finance

Law Firm

This number increases to 60%among Computer

Science Studentsand is similar, at 32% for students
of universities in the Top 10**
27% are already interning at
startups or big tech
VALENCI4 VENTURE CAPITAL

The recent success cases encourage a new generation of

entrepreneurs who were previously attracted to opportunities
in more mature companies
VALENCI4 VENTURE CAPITAL

Latin America’s high internet usage and adoption has come

despite slow internet speeds and expensive mobile data

*
Mobile InternetConnection Speed Cost of mobile data as a percentage of
monthly salary
AVERAGE DOWNLOAD SPEED OF MOBILEINTERNET CONNECTIONS, IN MBPS, 20201 AVERAGE COST OF 1GB OF MOBILE DATA DIVIDEDBY AVERAGE MONTHLY SALARY AFTER TAXES
20192
VALENCI4 VENTURE CAPITAL

Historically, there has been a shortageof technical talent in

Latin America
When we look at STEM* graduates relative to the population, Brazil and *STEM: Sciences, Technology, Engineering and MathematicsSource: Atlantico

Mexico lag even other emerging economies Analysis with data from Euromonitor International - Economies and Consumers
Annual Data and World Bank

Total number of STEM* graduates in the Total STEM* graduates

last 20 years, in millions by 2019 population
Note: more information about the survey in the appendix* This number jumps to
77% when considering only Computer Science students (n=103) ** Based on
Times Higher Education ranking, best universities in Brazil, n=454
Source: Atlantico Study June 2020: n = 1682, 1516 students in 236 universities in
Brazil, 166 Brazilian students in 65 universities abroad.
VALENCI4 VENTURE CAPITAL

The pipeline for “Stock Option Millionaires” is

strong among regional unicorns and should
accelerate attraction of talent

“Unicorn Millionaires”
NUMBER OF EMPLOYEES WITH EQUITY VALUED* AT OVER R$1M

Historically, only founders got rich from

successful startups

With the widespread adoption of stock option

programs, employees now share in the upside
they contributed to build

Employee stock options typically represent 6-10% of

total equity in LatAm unicorns

* Equity value considers vested and unvested stock options and grants and does not consider strike price of options** Each company here represents a real Latin American unicorn and numbers are real, company
identities have been preserved for confidentialitySource: Atlantico interviews with Latin American companies that have publicly been labelled “unicorns" by the media or by company releases
VALENCI4 VENTURE CAPITAL

The recent success cases encourage a new generation of

entrepreneurs who were previously attracted to opportunities
in more mature companies
VALENCI4 VENTURE CAPITAL

The recent success cases encourage a new generation of

entrepreneurs who were previously attracted to opportunities
in more mature companies
VALENCI4 VENTURE CAPITAL

The tech ecosystem in Latin America has

recently passed a tipping point andhas increased
its pace of growth since then

VC INVESTMENTS IN LATIN AMERICA

Amount Invested ($ in millions)

Number of transactions
VALENCI4 VENTURE CAPITAL

Why Brazil? The Brazilian Tech ecosystem is the most mature in LaTam,
with is now reaching Escape Velocity

BRAZILIAN VC FUNDING BY YEAR

Yearly Funding BRAZIL’SINFLECTION

Cumulative Funding POINT

$4,000M BRAZILIAN RECESSION

SOLD TO DIDI
FOR $1B
$3,000M

PRIVATE

$4B VALUATION
$2,000M

$5.6B IPO
$8.8B IPO

$1.2B

$1,000M $859M

$368M $415M
$260M $298M $279M
$101M
$0M

Source: 2018 LAVCA Investment Data

 SOLD TO DIDI
FOR $1B

PRIVATE

$4B VALUATION

$5.6B IPO
$8.8B IPO

Source: 2018 LAVCA Investment Data

VALENCI4 VENTURE CAPITAL

Wheels getting in motion

Tech markets WHEELS IN MOTION

continue to grow
SOLD TO DIDI
FOR $1B
US$ 1.1B Other VCs follow first
generation of high profile
tech startups
Growth investors
more selective Sold to Naspersfor US$ 375M

Top SV VCs look at

Total VC capital invested in Brazil Brazil for the first
time
First significant
Brazil takes off
liquidity events 6%

BUILDING THE
IPO
FIRST GENERATION
Beginning of virtuous
cycle
Nasdaq TAKEOFF
Crash

EARLY HYPE
NUCLEAR WINTER OF TECH

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

-3%

Source: Pitchbook, Tracxn, Worldbank, monashees’analysis

VALENCI4 VENTURE CAPITAL

Local Funds are outperforming Global BenchmarksLess

developed ecosystems present exceptional opportunities, with the
scale tilted towards the investors

Distribution of Regional Venture Funds 2020 Global Investors

% OF FUNDS PERFORMING IN GLOBAL BENCHMARK TOP QUARTILES (EXAMPLES)

Second Quartile
Top Quartile

Based on the largest funds from 9 managers with vintages between 2011-2018
VALENCI4 VENTURE CAPITAL

Local funds are outperforming foreign

ones. Less developed ecosystems
present exceptional opportunities, with
a scale tiled towards the side of
capital.We see this environment as
highly favorable to VC investments
Local funds are outperforming foreign ones. Less developed ecosystems present exceptional opportunities,
with a scale tiled towards the side of capital. We see this environment as highly favorable to VC
investments
VALENCI4 VENTURE CAPITAL

Traditional capital from Brazilian family offices

also anticipates a near doublingin its allocation to
venture capital

Changes in Brazilian Family Office CapitalAllocation by Asset Class

37%
2020 Actual
2025 Planned

111%
In a survey of 30 of the largest family officesin Brazil,
families shared their plans to more than double their
allocations to venture capital, driven primarily by a desire
to seek greater returns in a scenario of low interest rates.

Source: Atlantico “Family Office Radar 2020” interviews with 31

family offices in Brazil, July - September 2020
VALENCI4 VENTURE CAPITAL

Large markets under disruption Source: CA, Worldbank, BACEN, ABEC, USDA, EBT, eMarketer,
ILOS, ABCOmm, Tracxn, monashees’analysis

Urban Mobility& Logistics FinancialServices e-Commerce

& Marketplaces

4th largest highway system Logistics 4th in number of credit card holdersUS$ 1T 11th largest retail e-commerce salesUS$ 18B
cost represents 12% of GDP, 24% of in creditUS$ 500B invested by consumers total e-commerce sales22% growth on sales
household spending per year

URBAN MOBILITY CONNECTINGDRIVERS AND LEADING REAL ESTATE MARKETPLACEIN LATIN

MOBILE-FIRSTRETAIL BANKTotal Funding: US$ 21MMajor
PASSENGERSTotal Funding: US$ 328M (exited in Jan 2018) AMERICATotal Funding: US$ 70MMajor Investors: 500
Investors: undisclosed investors
Major Investors: Didi Chuxing, monashees, Qualcomm enters, startups, Dragoneer, Kaszek, monashees, Spark Capital, Social
Riverwood, SoftBank, Tiger Global Capital, Valiant

ON-DEMAND DELIVERY APP FOR VIRTUALLY FURNITURE E-COMMERCE WITH PROPERTY DROP-
ONLINE LENDING OFFERINGUNSECURED LOANS
EVERYTHING IN LATAMTotal Funding: US$ 198M SHIPPING TECH PLATFORMTotal Funding: US$ 38M
TO MIDDLE CLASSTotal Funding: US$ 3MMajor
Major Investors: Andreessen Horowitz, DST,monashees, Major Investors: Flybridge Ventures,JCR, Kaszek,
Investors: monashees
Sequoia, Y Combinator monashees

FULL STACK MARKETPLACE FOREXPRESS AND E-COMMERCE STORE SELLINGSPORTING GOODS

FINANCIAL SERVICE PROVIDERFOR SMALL AND
SAME-DAY DELIVERYTotal Funding: US$ 33MMajor ONLINETotal Funding: US$ 605MMajor Investors: IFC,
MEDIUM BUSINESSTotal Funding: US$ 1.1MMajor
Investors: Dragoneer, IFC, Kaszek, monashees, Qualcomm Kaszek, Riverwood Capital, Tiger Capital, Temasek
Investors: monashees
Ventures

ONLINE MARKETPLACE FORBOOKING CREDIT CARD ADMINISTRATORWITH MOBILE APP ONLINE MARKETPLACE TO BUY AND SELL CARS
TRUCKLOAD CARRIERSTotal Funding: US$ 34MMajor Total Funding: US$ 178MMajor Investors: DST, Founders Total Funding: US$ 36MMajor Investors: FJ Labs,
Investors: Goldman Sachs, Lumia Capital, Qualcomm Fund, Goldman Sachs, Kaszek, QED, Sequoia, Tiger Global FundersClub,Lumia Capital, Rise Capital
Ventures, Valor Capital
VALENCI4 VENTURE CAPITAL
Large markets under disruption
EnterpriseSoftware
21M active companies50M formal
EmployeesUS$ 1.1B cloud computing
revenue
MARKET INTELLIGENCE SOFTWARE APPLICATIONS THAT
HELP COMPANIES MAKE BETTER BUSINESS DECISIONSTotal
Funding: US$ 43MMajor Investors: Accel, monashees, QMS, Temasek
ONLINE ACCOUNTING AND FINANCIAL MANAGEMENT
SOLUTION FOR SMALL AND MEDIUM COMPANIESTotal
Funding: US$ 19MMajor Investors: monashees, Ribbit Capital,Tiger
Global, Valar Ventures
STORES, MANAGES AND PROVIDES INTELLIGENCE
FROM ELECTRONIC FISCAL DOCUMENTSTotal Funding:
US$ 5MMajor Investors: monashees
MARKETING AUTOMATION PLATFORM FOR SMBS
Total Funding: US$ 23MMajor Investors: DGF, Endeavor,
Redpoint, TPG
HealthServices
28% diagnosed with chronic disease47M
insured lives796M private examinations
NETWORK OF PRIVATE CLINICS THAT OFFERS QUALITY
MEDICAL AND DENTAL CARE AT AFFORDABLE PRICESTotal
Funding: US$ 7MMajor Investors: monashees, Temasek
PATIENT PRESCRIPTIONS WITH UP-TO-DATE INFORMATION
ABOUT ANY PHARMACEUTICAL AVAILABLETotal Funding: US$
5MMajor Investors: monashees, Qualcomm Ventures,Redpoint, Vostok
NETWORK OF POPULAR CLINICSTotal Funding: US$
26MMajor Investors: Kaszek, LGT Impact Ventures,
Omidyar
A SUITE OF SOFTWARE SOLUTIONS FOR HOSPITAL
PROCESS MANAGEMENTTotal Funding: US$ 22M
Major Investors: Intel Capital, Riverwood
Source: Frost & Sullivan, IBGE, ANS, Tracxn,
monashees’ analysis
Agriculture
2nd largest beef producer21% of Brazil’s
GDPUS$ 483B livestock production chain
MULTICHANNEL RETAILER FOCUSED ON SELLING PRODUCTS
TO BOTH DAIRY AND BEEF CATTLE FARMERSTotal Funding: US$
4MMajor Investors: AGV, monashees
CROP MANAGEMENT AND FARM ANALYTICS
Total Funding: US$ 2MMajor Investors: Barn
Investimentos, monashees, Qualcomm Ventures
CLOUD SOFTWARE FOR ANALYTICS ON FARM DATATotal
Funding: US$ 1MMajor Investors: SP Ventures, SVG Partners, Up
Brasil
AUTOMATION OF AGRICULTURAL LOGISTICS PROCESSTotal
Funding: undisclosedMajor Investors: TPG
Source: Frost & Sullivan, IBGE, ANS, Tracxn, monashees’ analysis
VALENCI4 VENTURE CAPITAL

Cases
VALENCI4 VENTURE CAPITAL

Globo Ventures led the Series E

round in November 2018 and gained
a place as board observer. With
Globo’s support, Enjoei intensified
its media advertising campaigns,
notably expanding its reach and
strengthening its brand
In June 2020, Globo co-invested in
Series F with R6, supporting the
companies’ growth strategy
Still in 2020, Enjoei had its IPO,
yielding an ROI of 7x

Investors:
VALENCI4 VENTURE CAPITAL

Jornada ZAP

Acquisition of 50% of ZAPfrom Grupo

Estado in 2012
Investment in the company by leveraging
Grupo Globo’s media assets, transforming
ZAP into a national player and leader of the
real estate market
Merger of ZAP with Viva Realin 2017,
consolidating its leadershipin the Brazilian
market
Sale to OLX for R$ 2,9 billion in 2020

Investors:
VALENCI4 VENTURE CAPITAL

Investment in Series B round ledby Delivery

Hero in March 2018.The company was
beginning its operation in Brazil through
São Paulo
In August 2018, we accepted the request
from DST (which led Series C round) not to
exercise our pro-rata right. Series C closed
at 1.6x our Series B valuation
In August 2019, we accepted the secondary
offer from Soft Bank, which led companies’
Series D round. In 16 months of investment,
we had a return of 3.1x the capital invested

Investors:
VALENCI4 VENTURE CAPITAL

Globo Ventures invests in Óramain

2017, supporting it in adopting
innovative communication, and
transforming it into one of themost
admired companies in Brazil
SulAmérica invests in 2019, helping
with the solidification and speedof the
companies’ growth, which doubles in
size every year. Broughting in strategic
valuefrom its network of brokers
Unsolicited bids in 2020yielding
expected value by Nx

Investors:
VALENCI4 VENTURE CAPITAL

Propos
VALENCI4 VENTURE CAPITAL

Brasil Tech OurVC

Ecosystem

• Younger generations and • Strong and dedicated team with

entrepreneurial culture are unique investment experience,
becoming highlights in our society. establishing solid base for
Increasing volume and quality of continuous success
tech startups •

• • Portfolio management with clear

• Greater access to capital visibility of companies that will
•
yield returns
• Expanding ecosystemwith new •

players emergingfor different roles • Team with access to talent, capital,

allover the country opportunities and deal flow
• •

• More and more M&A andIPO • Vibrant support of investor

activity. Recent events promoting community for sustainable growth
virtuous cycle of portfolio
•

• International investors interested in • Few LPs and selected partners,

Brazilian cutting-edge technology aligned on long term
VALENCI4 VENTURE CAPITAL

We invest in initial stage companies that are disrupting

markets, creating value and improving the lives of
people through technology.We support the best
entrepreneurs who willtransform the way we buy, inform
and educate ourselves, and take care of our health.

STRATEGIC PILARS:

• Lead or co-lead Series Aand • Support portfolio companies

exceptional seed rounds, looking for on future rounds of funding
relevant participation in portfolio •

companies
• Have the right LPs,
• entrepreneurs and co-investors
• Preferably, be the first VC investor in •

the company
• Proactive approach to deal
• flow: disciplined, but always
• Strong partnerships with entrepreneurs with an open mind
specially on difficult times
VALENCI4 VENTURE CAPITAL

Fund Size US$ 50 mm

Geography Brazil
Stage Seed - Series A (focus)
First Investment US$ 0,25 mm — US$ 2 mm

Proposal
Full Investment US$ 1 mm — US$ 5 mm
Investment 3 Years

Our Period
Industry
Number of
Investments
Tech
20 — 30

Usual Target < US$ 10 mm

Revenues
Expected Return +5✕
Holding Period 5 to 6 Years
CLosing June 2021
Structure Cayman
Term 10 + 2 Years; Investiment period 5
years
Management fee 2% p.a.
Performance fee 0.2
co-investments […]
Currency US$
Legal Counsel [Harneys]
VALENCI4 VENTURE CAPITAL

Proposal
Our
Fund Size US$ 20 mm Structure Cayman
Geography Brazil Term 10 + 2 Years;Investiment period 5
Stage Seed - Series A (focus) years
First Investment US$ 0,25 mm — US$ 1 Management fee 2% p.a.
mm
Full Investment US$ 1 mm — US$ 2 mm Performance fee 0.2
Investment 3 Years co-investments […]
Period Currency US$
Industry Tech
Number of 20 — 30 Legal Counsel [Harneys]
Investments Auditors […]
Usual Target < US$ 10 mm Tax Advisors […]
Revenues
Expected Return +5✕
Holding Period 5 to 6 Years
US$ 50 mm
Brazil
Seed - Series A (focus)
US$ 0,25 - 2 mm
US$ 1 - 5 mm
3y
Fund size
Tech
Geography
20-30
Stage
<US$ 10 mm
First Investment
+5x
Full Investment
5-6y
Investment Period
Jun/21
Industry
Number of Investments
Usual Target Revenues
Expected Return
Holding Period
Closing
 Structure Cayman
Term 10 + 2 y; Investiment period 5 y
Management Fee 2% p.a.
Performance Fee 20%
Co-investments […]
Currency US$
Legal Counsel [Harneys]
Auditors […]
Tax Advisors [...]
Anexos
VALENCI4 VENTURE CAPITAL

"We tend to overestimate the

effect of a technology in the
short run and underestimate
the effect in the long run.”

— Amara’s Law
VALENCI4 VENTURE CAPITAL

“The battle between every startup and

incumbent comes down to wether the
startup gets distribution before the
incumbent gets innovation."

— Alex Rampell
Governança

Advisory Comeettee (SLM, JMO, Major LPs)

Investment comm (SLM, JMO, EC, BR, M)
GP Directors (SLM)

Remuneração
Adm (Fixo Evandro; 0 ZM; % Bonnus)
Carry (50%; 40%; 10% Carry Pool)
Cronograma
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ut ut
Definição                                        
Papeis/Remuneração/Tipo de
estrutura
Definir pre-op Funding                                        
Análise Regulatória                                        
Análise Tributária                                        
Marca ID Visual                                        
Road Show Presentation                                        
Definir Configuração final                                        
Partership
Documentação Partnership                                        
LP/GP
Fechar termos/parâmetros do                                        
Estrutura Investimento

Tx perf

Limited Partner General Partner

Offshore
Holdings Tx adm

Delaware ou Cayman ou ...

Brasil

Operational Management
Companies Company
Staff
Casos?

Lista Completa
Agora
Rappi
Enjoei
BPC
Ingresse
Idwall
Tech.fit
Buser
Ágora e outros (?) Ton
ZAPxVR
Órama: Investimento em 2017. Investimento da SulAmérica em 2019. Pixellot
Hash
Unsolicited bid em 2020 @ 5x MOIC Arena
Rappi: Entrada na série D liderada pela Delivery Hero. Após rodada
liderada pelo DST, saímos na rodada liderada pelo Soft Bank. Saída em 16
meses @3,1x MOIC
Jornada ZAP: Compra de 50% do ZAP do Grupo estado em 2012.
Investimento tornando o ZAP um player nacional e líder em real estate.
Fusão do ZAP com o Viva Real em 2017. Venda para a OLX por R$2,9 bi
em 2020.