We partner with inevitable people.

A pre-seed and seed US-LatAm venture firm,

powered by a collective of inevitable founders.

Atman Capital Fund I LP

Disclaimer – Important Notice
This presentation (“the “Presentation”) has been prepared solely for use by potential investors in investment vehicles managed by Atman Master Egregore, LLC (together with its affiliates, “Atman”) and shall be maintained
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The Presentation does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities, which only can be made at the time a qualified offeree receives a Confidential Private Placement Memorandum
(“PPM”). All information contained herein is qualified in its entirety by information contained in the PPM. Any such offer or solicitation will be made in accordance with applicable securities laws.

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Atman in a nutshell

• 30M venture fund writing 250K-1.5M checks in pre-seed and

seed rounds in the US and LatAm.

• Distributed team, based in key cities. San Francisco, NYC, Miami,

and São Paulo.

• Founder centric and community led-sourcing process. Every

member of the collective has access to fund-level carry effectively
leveraging their personal network with capital. We see deals
ahead of others because of that.

• Concentrated portfolio construction with an investment strategy

that is TAM driven and mostly backing repeat entrepreneurs.

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A team that built and invested in category-defining companies
Prior investments
▪ 8 years as a VC
▪ Investor in 10+ Unicorns Co-Founder and GP of Fund I
▪ 11th hire at SendGrid ($2B
exit)
▪ Founded and sold first startup
▪ Invested in 90+ startups
Pedro Sorrentino
CEO, General Partner

▪ 7+ years in wealth
management focused on pre
and post-ipo founders
▪ Pre-IPO team at Riskified NYSE: RSKD
▪ Experience structuring special
Pedro Dias products tailored for founders
General Partner

▪ PM at Refinitiv for capital

markets and advisory services
▪ Consulted for Coca-Cola,
Duratex ($1.2B revenue)
▪ Ran a hydrogen plant at 25

Gabriel Sabbag
CFO, General Partner

▪ 10+ years building

communities of founders and
investors
▪ 7+ years in crypto
▪ Former VC-backed founder

Sarah Tulin
Head of Platform, Partner 4
Venture Capital is evolving faster than ever.

5
Founders are partially cashing in as they build.

They are one of the fastest sources of wealth creation today.

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Access and community are paramount to win.
Top 100 deals of a VC vintage often returns an entire year.

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The times of growth at all costs and abundant capital are over.

2023-2025 will be the best years to partner with inevitable founders at the earliest of stages
as terms and conditions return to an investor friendly territory.

Several legendary companies of today were built in a recession.

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Over the past year we asked over 100 self-made venture
backed CEOs

"What is missing in your professional and personal life?"

Our answer to this question is

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Meet our flywheel of perpetual alignment

Founders have a venture fund in their

pockets and can receive carried interest on
deals they source.
Leverage for founders'
deal flow We see deals weeks ahead of other firms
due to this alignment.

Collective investment opportunities

Personal and Spiritual Development
and introductions to strategic partners

We connect our CEOs with best in-class A community in which founders are
wealth managers and family offices for free. divided in tailored pods with other
builders.
Since day-1, we advise founders
holistically. One of the few places where a
successful founder can have their
Unique and exclusive investment guards down and surrender.
opportunities.

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What exactly is the Atman Egregore?

● Aligned incentives. All founders in the Egregore are LPs in the fund.
When Atman invests in a deal they introduced to us, we pay them 15%
of carry in that deal. We provide leverage to their personal network.

● A safe place for truth. We've grown tired of not having a place for
sincere conversations about what is happening in the world at large. In
our community, we discuss macro, personal challenges and aspirations
of CEOs that are in a relentless pursuit of greatness.

● Offline encounters. Atman frequently hosts dinners for the Egregore

and its LPs and is in the process of organizing the first Inevitable
Retreat for Egregore Founders.

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The Atman Egregore
A founder group that has built over $25B in Enterprise Value over the last decade and raised over $5B in capital from institutional investors

Arthur O'Keefe Felipe Moraes Bogdan Alexandrescu Emanuel Mazzilli Alessio Alionço John Sung Kim Gabriel Engel Adam Burrows
Bamboo, iFood, Movile, Bamboo, Innova Capital, Saga.xyz, Apple, Twitter, Robinhood, Facebook, Pipefy, Endeavor JetBridge, DoctorBase, Rocket.Chat, Endeavor, Range Ventures, Guild
Prosus Group Pacific Investimentos Blocktech Ventures Twitter, Blocktech Ventures Five9 Konecty, Vodafone Education, HomeAdvisor

Cesar Mufarej Anthony Eigier Alexandre Liuzzi Douglas Storf Adhemar Neto Ricardo Bechara Lucas Olmedo Tiago Dalvi
Fanatee, Tree Labs, NeuralMed, Eigier Remassa Online, SWAP, Endeavor, DiDi, Kovi, 99, Bain & Co Loopi, Rappi, Mobly Fligoo, Promedon Olist, Endeavor,
Banco Votorantim Diagnostics, Fanatee finpass, MAR Ventures 99, Mckinsey Solidarium

Michel Ank Israel Salmen Andy Wang Damian Scavo Felipe Lamounier Diego Gomes
Lastlink, Bume, Vale Meliuz, Endeavor, Aestuary, First Day Streetbeat, Samba ChicoAI, StartSe, Rock Content,
Solo Asset Life, Bain & Co, TV, Axwave Olivia Inc., TOTVS SaaSholic

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Atman Capital Investment Thesis

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US-LatAm is the biggest opportunity in venture today

The US continues to outperform LatAm is still underserved With world-class exits

▪ US-VC Backed companies generated $513.6B in
exit value in 2021*
▪ 2/3 of all IPOs in the US in 2021 were VC-backed
▪ 597 deals over 100M in 2021
▪ Estimated dry powder for 2022 ~$221B from VCs
and $350B from non-traditional investors that will
invest in VC in 2022
▪ $14.8B, 772 deals in 2021, 6x more than all Tier-1 Companies in LatAm always raise
from US Investors and perform above
capital deployed between 2015-2020
average
▪ 10+ expected US-based IPOs at valuations above
$5B until 2023
NASDAQ: MELI $45B Mkt
▪ Better regulatory environment than China Cap
▪ Capital to GDP Ratio still shows a 4x potential
growth at a minimum in the next 5 years NYSE: NU $14B Mkt Cap

NYSE: PAGS $4.5B Mkt

GDP by Region (2021) Total Yearly VC Funding (2021) Cap
China $146B
US$17.7
T Acquired by OKTA for
$22.1B
$6.5B
LatAm
US$5.5
T
$35.5B
NASDAQ: STNE $3.3B Mkt
India
US$3.2
Cap
T
Brazil $13B NYSE: VTEX $800M Mkt
US$1.6 T
Cap

Market cap valuations as of Oct 31, 2022

*Source: Q321 Venture Monitor Report NVCA 14

Our 6-step investment heuristics for early-stage venture

1.Market 2.People 3.Product Velocity

Teams must score an 8/10 on Anti-fragile product deployed over

Bottom-up TAM of $2B+ high-velocity iterations.
Atman's Inevitable Ethos

4.Founder Empathy 5.Thematic Checklists 6.Background Checks

We see deals before they become
Eradicate biases through mental
"official" given our Egregore 5-6 reference checks per founder
models
dynamics

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Why we will win in both geographies

1. Local presence 2. Track-record 3. Unique model

US Investments
25 investments, 6 unicorns
3 exits, 1 secondary sale, 2 M&As

$27B in total market cap

$3.0B total capital raised by invested startups
~$4M deployed in total

Realized portfolio*:
6.95x MOIC / 119% IRR

LatAm Investments

13 investments, 3 unicorns
One exit, through a secondary sale

$11.2B in market cap

$3.6B raised
Almost $12M deployed in total

Realized portfolio:
4.09x MOIC / 47% IRR

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* Excluding Waggl, that was sold at undisclosed terms
Investment themes

B2B Software Commerce Consumer Fintech

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 Atman Capital Fund I Investments

Investment Memo Arthur O’Keefe (CPO) and Felipe Moraes (CEO) Felipe Lamounier, Chico's CEO

Company Description
Bamboo: a tech-enabled capital markets platform for Brazil that allows
investors and originators to see and digest company data, organize
on-demand roadshows, and use data science to properly filter the
highest caliber opportunities of the market in a single place. Making
the entire process more efficient, transparent and credible.
Company Description
Chico: a financial intelligence API for LatAm. The company leverages
alternative consumer financial data so banks and fintechs can properly build,
deploy and underwrite financial solutions at scale. Through Chico's API,
banks and fintechs can improve underwriting as well as ship new fintech
products that are safer and more profitable.

Investment, Round Size, Valuation $800K, $4M, $16M (post-money) Investment, Round Size, Valuation $600K, $5M, $36M (post-money)

Current Round Seed Current Round Seed

Co-Investors GFC, Latitud Co-Investors Lachy Groom, SVAngel, Latitud, Norte Ventures, SOMA Capital

Investment Thesis - Large, underserved market that needs digital transformation and
growth at 25% CAGR (~$20B/year in corporate debt issued in
Brazil)
- Veteran team with operational and investment experience that has
worked together in the past (Board Members at iFood)
- Clear path towards $100M in revenue and ability to have a
sustainable business model
Runway 40+ Months
Investment Thesis - Stellar US-team that built and scaled robust ML and AI platforms at
Google, Apple and LinkedIn
- TAM Tailwinds. In Brazil, there is a new regulation called Open Banking
Initiative, with the advent of these measures, customers will be able to
share data across financial institutions. In Q3 of 2022, any company
that wants data previously only available to banks, will be able to
obtain such data, granted it has the correct commercial relationships
- Company rapidly gathered 10+ paid pilots with impressive logos
Runway 40+ Months

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Atman Pre-Fund I Investments
Initial Total Follow on Total
Participating Entry Current Deal Current
Company Description Location Investment Round Funding Business Status Raised Co-Investors
Round Valuation Markup Source Stage
Size To-date

Buys and grows DTC San Francisco, $250,000 Pre-Seed 4M 15M CAP 2M at 70M 4.6x Egregore Seed 6M Tectonic
eCommerce brands on US (Post-Money) CAP Founder $15M in gross Ventures, Index
Shopify. (Post-Money) revenue, $3M+ of Ventures and
EBITDA. Bessemer
Venture Partners

An investment app for Palo Alto, US $200,000 Pre-Seed 4M 15M CAP 5.5M at 60M 4x Egregore Seed 115K customers, 9.5M TTV Capital, Arab
Stocks and Crypto that (Post-Money) CAP Founder passed $1.3M Angels, Seraph
automatically brings (Post-Money) ARR in October Group
the power of data and 2022
algo-trading to the
everyday investor.

Buy and sell any Sao Paulo, $250,000 Pre-Seed 5M 25M CAP - - Atman Seed $500K in monthly 5M monashees,
crypto token using Brazil (Post-Money) Team TPV across Canary, ONEVC,
digital wallets and the ~10,000 orders Hans Tung
PIX payment system

A no-code process San Francisco, $360,000 Series C 80M 798M (Post) - - Atman Series C $27M ARR (Q322) 123M OpenView, Insight
orchestration platform US Team Venture Partners,
to easily automate Trinity Ventures,
workflows and manage Long Journey
business processes. Ventures, Valor
Capital

A financial intelligence Palo Alto, US $110,000 Pre-Seed 1M 12M CAP 5M at 36M 3x Atman Seed 10+ Paid Pilots, 6M Lachy Groom, SV
API for LatAm. (Post-Money) CAP Team two $250K/YR Angel, SOMA
(Post-Money) contracts Capital, Latitud,
converting in Q1 Norte

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Advisory board

Vanessa Larco Ilan Nissan Allen Taylor Mike Hennessey John Duffy
Partner Partner, Head of PE & VC Managing Director Managing Director Founder

Rocker & Camber

Clients include well-known
Leads enterprise SaaS and
global asset managers
consumer and sat on
including top-tier PE and VC
Robinhood's board until
funds, hedge funds, family
IPO. Vanessa was previously
offices and multi-strategy
director of product
investors. Ilan is also a
management at Box.
lecturer in law at Columbia.
Supports high-growth Consulting for founders,
Made 30+ investments
companies in emerging and funds, and investors.
globally with 11 exits.
underserved markets having Previously, Vice Chairman at
Mentor at Endeavor for 10+
made 170+ investments in J.P. Morgan, CEO of U.S.
years. Mike realized the
30+ countries, and 12 exits. Private Bank, and founder of
power of the blockchain in
Allen is a Fulbright Scholar Morgan Private Ventures.
2012.
and Kauffman Fellow.

Advisors are aligned by also being LPs in the fund, directly or through their firms.
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 Key Fund Terms and Summary
Fund Name and Size Atman Capital Fund I LP. $30M target, $8M first close in September 2022.
Legal Partners

8-year fund, 4-year investment period. One 2-year extension with the approval of
Fund Term the GP, and one 2-year extension with the approval of the LP.

Banking
Investing in 24-26 companies the US and LatAm.
Portfolio Construction
Targeting an average of 7% in ownership, with pro-rata rights.

Fund Administrator
Fund Structure Delaware-GP-LP

20% carried interest and 2% management fee (1.8% if fund extended to 10 years,
Terms
and 1.6% if fund extended to 12 years).

Major Investor LPs investing >$3M can receive special conditions via side-letter. Taxes & Audit Partner

GP Commitment 1%

Communications Monthly Newsletter, Quarterly Financial Statements. % of Capital Called 20%

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“Luck Is What Happens When Preparation
Meets Opportunity". – Seneca

Thank you.

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Appendix

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A private and public facing community of Inevitable founders

● 2000+ subscribers on the Atman monthly newsletter

● Biweekly Inevitable Podcast
● Quarterly dinners
● Biannual Retreat and Offsites for the Egregore
Community

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Speed and alignment matters

Our model allows us to see deals ahead of the market

Atman analyzes the Post-Investment

Atman Founder sources Deal introduced to
deal alongside the Decision economics are
a deal Atman
founder distributed

1 2 3 4 5

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Track Record
Company Current Valuation Co-investors Company Current Valuation Co-investors

11.0B 355M

5.25B 158M

4.2B 119M

2.2B 100M

2.0B 80M

1.6B 60M

1.1B 56M

1.0B 32M

1.0B 24M Exit

902M 22.3M

795M 20.0M

550M 18.4M

450M 18M

400M 15M
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 Portfolio
Highlights

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Pipefy was our first ever investment in a startup. The CEO is a founding egregore
partner of the firm, with a GP stake. From an 8M valuation to 795M in 6 years.

Company Description

Developer of a workflow management tool designed to create custom processes and workflows for
organizations. Pipefy’s platform offers team members to plot out standard, replicable operating procedures
that permit to streamline multistep processes, thereby enabling clients to organize, manage and automate
all processes in a single platform with multiple features efficiently. ▪ Business/Productivity
Software
Investment Return* ▪ San Francisco, CA, US
Series A1 – 24.39x | 133% ▪ Private company, Series C
Series A – 11.83x | 98%
Series B – 2.87x | 55%
▪ Investments in Series A,
Overall (from Series A1 through Series C) – 3.80x MOIC / 77% IRR; with 10.39x MOIC / 113% IRR on Series B and Series C
realized portion and 2.50x MOIC / 54% IRR on unrealized portion ▪ www.pipefy.com
Total deployed – $2.2M, from Series A1 through Series C
Key Milestones ▪ Other Investors:

$153.21M raised so far ($85M on Series C round in October 2021) and valuation of $795M post Series
C round

$21M ARR, 3,000 paid customers in over 150 countries running over 1B automations a year

Atman “Factor”

Alessio is a founding partner of the Atman Egregore and the only company in which Pedro Sorrentino
has invested in 100% of his VC professional chapters.
28
* Calculations exclude FundersClub investment
The first check we wrote in KOVI the company had 6 cars on their fleet. Today
they have over 30,000 cars on the road. From a 6M to 400M company in 3 years.

Company Description

Developer of an online car rental platform built for rideshare and delivery drivers. Kovi operates on an
asset-light model by partnering with automakers and traditional car rental companies while offering an
online on-demand rental platform, enabling users to ensure flexible, convenient and economical travel and ▪ Automotive / Ridesharing
commute.
▪ São Paulo, Brazil
Investment Return ▪ Private company, Series B

2.99x MOIC / 76% IRR, unrealized ▪ Investments in Seed, Series A

Total deployed – $3.7M, from Seed through Series B and Series B
▪ www.kovi.com.br
Key Milestones
▪ Other Investors:
$164.50M raised so far ($124M on Series B round in August 2021), with revenues of $45M in 2021 and
valuation of $400M post Series B round

Atman “Factor”

We have been involved with the company from early days as a board observer, deeply involved in
building a competitive Series A and Series B.

We recruited KOVI’s CTO, Chief of Staff and other key-positions to fuel its growth.

Adhemar (CEO) is a part of the Atman Egregore.

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Codecov went from a 5M company to 100M in less than 2.5 years. De-facto
becoming a category-defining company in the developer tools space.

Company Description

Codecov is an online platform that provides hosted testing reports and statistics for its users helping its
customers ship healthier code, faster with less risk.

Investment Return ▪ Developer Tools

Last financing done at a $100M valuation. Pre-Series A. ▪ Distributed / Fully-Remote

▪ Private company, Post-Seed
Key Milestones ▪ Investments in Pre-Seed and
Seed
Over 1M developers across 29,000 organizations use Codecov today
▪ www.Codecov.io
2.5M ARR (pre-Series A) over 100% net-mrr-retention rate
▪ Other Investors:
Afterpay, Doordash, Lyft, Salesforce, Grab are customers

Atman “Factor”

Jerrod is a part of the Atman Egregore and we continued to have access to partnering with Codecov
overtime.

Always involved in back-channeling conversations with investors and strategy for future fundraise.
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The first VC after YC to partner with the company. We opened their operation in Brazil
and have invested from Seed through Series C. From 20M to 5.5B in 5 years.

Company Description

Operator of an on-demand delivery platform designed to connect consumers with local stores. Rappi’s
platform helps consumers to order groceries, food, and drugstore medications as well as send money to
someone or have a courier withdraw money from their bank account or from an ATM and get it delivered to
them, enabling users to shop for any item and get it delivered to their home within minutes.

Investment Return* ▪ E-commerce / B2C

Non-Financial
Series A – 10.97x MOIC / 65% IRR
Series B – 4.02x MOIC / 45% IRR ▪ Bogotá, Colombia
Series C – 2.70x MOIC / 35% IRR
Overall (from Series A through Series C) – 4.09x MOIC / 47% IRR, realized ▪ Private company, Series F
Total deployed – $1.8M, from Series A through Series C
▪ Investments in Seed, Series
Key Milestones A, Series B and Series C
Operations in over 10 countries in LatAm ▪ www.rappi.com
▪ Other Investors:
De-facto leader as an everything app for LatAm

$2.25B raised so far ($500M on Series F round in July 2021) and valuation of $5.25B post Series F round

Atman “Factor”

Close relationship with the company from Seed until the Series C. Having opened their operations in
Brazil and being able to participate in several rounds of financing in lieu of other branded investors.

* Calculations exclude FundersClub seed investment 31

10 Principles of Inevitable Founders (part 1)

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10 Principles of Inevitable Founders (part 2)

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