Bicycle Capital Research
Investment Thesis
Bicycle Capital is a growth equity firm focused on Latin America, founded in 2022/2023 by Marcelo Claure (Executive Chairman and Managing Partner) and Shu Nyatta (Managing Partner and Co-Founder). Both are former leaders of SoftBank Group International's Latin America funds, where they jointly managed over $8 billion deployed across the region.
The firm's inaugural fund, Bicycle I, targets $500 million and closed with approximately $440 million in initial commitments, making it one of the largest first-time venture funds since the 2022 market correction. Anchor investors include Mubadala Investment Company (Abu Dhabi sovereign wealth fund) and Claure Group, Marcelo Claure's family office. The fund is distributed to accredited investors in Brazil through BTG Pactual's investment products platform.
Bicycle's thesis is built on the conviction that Latin America — particularly Brazil and Mexico — is home to exceptional founders addressing large markets who lack reliable growth capital. Both countries have large, young, digitally-savvy populations and are expected to rank among the top 6 economies globally by 2050. Even at its 2021 peak, VC investment in LATAM was only 0.3% of GDP versus 1.5% in the US. The fund is named "Bicycle" deliberately — a technology that empowers, includes, and endures — reflecting its mission. The firm explicitly does not invest in unproven ideas; they partner with founders who "already proved it works and need the next gear."
Sector Focus
Bicycle Capital is a generalist growth equity investor in technology-enabled businesses across Latin America, with concentration in:
- Financial technology and digital banking (Plata/Banco Plata, Wellhub)
- Logistics, mobility, and gig economy infrastructure (Mottu, PX/Motorista PX)
- B2B marketplaces and supply chain digitization (Cayena)
- Enterprise software and AI (Glean)
- Cybersecurity and sovereign AI defense (Dream Security)
The IDB Invest partnership specifically calls out eCommerce, fintech, and SaaS for SMEs as target sectors across Latin America and the Caribbean.
Stage Focus
Bicycle Capital invests at the growth equity stage — from Series B through pre-IPO. Per their IDB Invest partnership announcement: "growth-stage companies (from Series B to IPO) in Latin America." Portfolio data confirms this stage discipline: Series B (Cayena, PX/Motorista PX), Series C (Plata, Dream), and late-stage growth (Wellhub Series F, Glean Series F). Bicycle I targets 10-15 total investments with concentration in their conviction plays.
Check Size
No explicit check size has been publicly disclosed. Based on portfolio data, Bicycle Capital appears to deploy $25M–$150M per investment. The fund has demonstrated capacity to lead very large rounds — co-leading Dream's $260M Series C and leading Plata's $405M Series C — while also leading smaller rounds like PX's $47M Series B.
Lead Tendency
Bicycle Capital regularly leads and co-leads investment rounds:
- Led Cayena's $55M Series B (Sep 2024)
- Led Plata's $405M Series C at $5B valuation (Apr 2026)
- Co-led Mottu's $50M Series C with QED Investors (Sep 2023)
- Co-led Dream's $260M Series C with Group 11 at $3B valuation (Jun 2026)
- Led PX/Motorista PX's $47M Series B (Nov 2025)
Recent Activity
As of June 2026, Bicycle Capital is actively deploying from Bicycle I with 9 portfolio companies:
- Jun 2026: Co-led Dream's $260M Series C (Israel, sovereign AI/cyber)
- Apr 2026: Led Plata's $405M Series C (Mexico, digital bank, $5B valuation)
- Nov 2025: Led PX/Motorista PX's $47M Series B (Brazil, logistics)
- Jun 2025: Participated in Glean's $150M Series F (US, enterprise AI search, $7.2B valuation)
- Sep 2024: Led Cayena's $55M Series B (Brazil, B2B food marketplace)
- Sep 2023: Co-led Mottu's $50M Series C (Brazil, motorcycle rental/gig mobility)
- Aug 2023: Invested in Wellhub Series F (Brazil/global, corporate wellness, $2.4B valuation)
Fund status: actively deploying from Bicycle I.
Portfolio Highlights
Notable portfolio companies:
- Plata / Banco Plata — Mexico's most valuable privately-held digital bank at $5B valuation. 3.5M+ active credit card customers, $600M+ annualized revenue in under 3 years, reportedly faster than any digital bank ever built globally. Received full banking license in Mexico in 2026.
- Dream (Dream Security) — AI platform for national cyber resilience for governments, co-founded by Shalev Hulio and former Austrian Chancellor Sebastian Kurz. $3B valuation as of June 2026.
- Glean — Enterprise AI search platform, $7.2B valuation, backed by Wellington Management and Khosla Ventures. Integrates with Slack, Figma, Google, and 100+ enterprise apps.
- Wellhub (formerly Gympass) — Leading corporate wellness platform, $2.4B valuation, 15,000+ corporate clients in 11 markets.
- Mottu — Brazilian motorcycle rental platform enabling gig workers to access transportation for food delivery and logistics. Raised $150M+ total.
- Cayena — Brazil's largest B2B food marketplace, connecting restaurants and food businesses directly with 20,000+ wholesale food suppliers.
- PX / Motorista PX — Brazilian logistics platform with 300K+ registered professional freight drivers and cargo assistants.
Team
- Marcelo Claure, Executive Chairman & Managing Partner — Founder & CEO of Claure Group (multi-billion dollar investment firm); former CEO of SoftBank Group International (launched $8B Latin America funds); built Brightstar into the world's largest wireless distribution company; led Sprint-T-Mobile merger ($195B deal); invested $100M in SHEIN as Chairman of Latin America.
- Shu Nyatta, Managing Partner & Co-Founder — Former Managing Partner at SoftBank Group International; co-founded SoftBank's Latin America Fund with Claure; also co-founded SB Opportunity Fund for underrepresented US founders; former JPMorgan investment banker and McKinsey consultant; invested across semiconductors, AI, genomics, marketplaces, and fintechs globally from 2015.
- Matthew Pieterse, General Partner — Ex-SoftBank; based in Miami.
- Felipe Fujiwara, General Partner — Ex-SoftBank; based in São Paulo; engineering degree from Escola Politécnica da USP.
- Ezequiel Piantoni, Partner — Ex-SoftBank; based in São Paulo/Miami.
- Stephania Greco, Chief of Staff — Core team member since fund launch in 2023.
Decision Process
Partnership model with Marcelo Claure as Executive Chairman and Shu Nyatta as Managing Partner driving deal leadership. Given the concentrated strategy targeting 10-15 total investments, decisions involve the full partnership. The team's deep SoftBank LATAM experience enables quick diligence on regional opportunities. The firm has announced IDB Invest as a strategic LP with non-financial advisory support for ESG/impact tracking.
Founder Preferences
Bicycle Capital seeks founders who have already demonstrated product-market fit and are ready to scale. Their philosophy: "We don't invest in ideas. We invest in founders who already proved it works and need the next gear." Key preferences:
- Companies at or past Series B with meaningful revenue traction
- Founders committed to Latin America as primary or significant market
- Ambition to build resilient, world-class companies at global scale
- Operators who can navigate Brazil and/or Mexico market dynamics
- Companies where Bicycle's network (global tech firms, commercial partners, talent) creates leverage
Geographic Focus
Primary focus: Brazil (4+ investments) and Mexico (2+ investments), with Latin America broadly as the mandate. The fund may also invest opportunistically in global growth-stage companies with meaningful Latin American business exposure — demonstrated by US-based Glean (enterprise AI search) and Israel-based Dream Security (sovereign cyber AI).