Parceiro Ventures

Parceiro Ventures Research

Investment Thesis

Parceiro ("Partner" in Portuguese) is a B2B software and tech-enabled-business venture firm built by operators who helped scale several of Latin America's largest tech companies. The team's stated approach is to combine capital with hands-on operating support, drawing on partners' direct experience running growth, sales, marketing, and M&A functions at companies like Google, Cargill, Gupy, Ebanx, and Conta Azul. The firm's tagline positions it as "investing in Brazil's best," reflecting a thesis that the biggest B2B software outcomes in the region will come from vertical and horizontal software that digitizes traditionally offline or fragmented Brazilian industries (retail, real estate, agriculture, logistics, healthcare, and legal services).

Sector Focus

Parceiro's published focus spans a wide set of B2B verticals: AgTech, Cyber Security, Enterprise Software, ERP/Business Management, FinTech, Hardware, Healthcare, HR, LegalTech, Logistics, Procurement, Real Estate, Retail, SMB Software, Travel & Expense, Vertical Software, and Wellness. In practice, the portfolio clusters around SMB- and enterprise-focused vertical software (ERP, HR, legal, real estate, retail management) with a secondary concentration in fintech/payments infrastructure for those same verticals. Several recent investments (Morada.ai, Einship) lean explicitly on generative AI as a product wedge, suggesting AI-enabled vertical software is an increasing area of interest.

Stage Focus

Parceiro invests across seed through Series B, with the bulk of activity concentrated at seed and early Series A. Recent disclosed rounds (Einship seed, Whalemate seed) confirm an active seed practice, while the Morada.ai round appears to be a later, larger check into an existing relationship — consistent with a fund that follows on into portfolio winners.

Check Size

Reported investment sizes range from roughly $100K to $5M per company, spanning small seed checks up to larger Series A/B participations.

Lead Tendency

Parceiro consistently leads the rounds it's publicly associated with — it led Einship's $1M seed (announced August 2026), Whalemate's $1M seed (announced August 2025), and Morada.ai's R$17M round (announced December 2025). No co-investors were disclosed alongside Parceiro in any of these three rounds, suggesting a willingness to be the sole institutional check at this stage.

Recent Activity

• August 2026: Led a $1M seed round in Einship, an AI-native trade and logistics platform.
• December 2025: Led a R$17M (~$3M) round in Morada.ai, a generative-AI platform for the Brazilian real estate market; this follows an earlier ~R$6M investment in the company roughly a year prior.
• August 2025: Led a $1M seed round in Whalemate, a cybersecurity/phishing-training SaaS platform expanding from Argentina into Peru and the wider LatAm market.

Aggregators (Crunchbase, PitchBook, CB Insights) credit the firm with roughly 19 investments to date, consistent with the 17 companies listed on its own portfolio page.

Portfolio Highlights

The public portfolio spans 17 companies, nearly all B2B software serving Brazilian SMBs and enterprises:

• Paytrack — travel & expense management software (paytrack.com.br)
• Next Fit — business management software for the wellness sector (nextfit.com.br)
• netLex — legal tech / contract management platform (netlex.io)
• Welbe — healthcare and HR enterprise management (welbecare.com)
• SEEDZ — AgTech enterprise software (seedz.ag)
• Magis5 — SMB retail business management (magis5.com.br)
• Morada.ai — generative AI for real estate (morada.ai)
• Mell.ro — fintech/real estate software for SMBs (mellro.com)
• Prolog — logistics hardware and software (prologapp.com)
• Joinin — ERP/HR management software (joinin.com.br)
• BonifiQ — retail business software (bonifiq.com.br)
• Sinc Finance — fintech management platform (sinc.finance)
• Loopia — enterprise/retail software (loopia.com.br)
• Whalemate — cybersecurity/phishing-training SaaS (whalemate.com)
• Einship — AI-native trade & logistics/procurement platform (einship.com)
• Eyecare Health — healthcare/wellness/HR management (eyecarehealth.com.br)
• Cotabox — procurement and ERP software (cotabox.com.br)

No public exits were identified for the portfolio as of this research.

Team

Parceiro's team blends two General Partners with prior VC/PE and operating backgrounds, plus a deep operating-partner bench drawn from Latin American B2B software and fintech leadership roles:

• Paul Anderson, General Partner — 15 years across venture, growth, and private equity investing; founder of TraverseIQ (acquired by Intapp); finance and accounting degrees from the University of Minnesota.
• Felipe Salles, General Partner — investment experience at VR Investments and VR Benefícios; former M&A manager at Cargill and private equity investor at BRZ Investments; MBA from Chicago Booth.
• Jéssica Bortolato, Operating Partner — led sales and marketing at Gupy (HR tech) and Ebanx (payments); founder of PlugLead, a sales/marketing automation platform.
• Andre Ocuno, Operating Partner — 15+ years in high-growth tech at Google and Conta Azul, including COO, CSO, and Head of M&A roles.
• Caio Andrade, CFO/COO — investment professional at Invest Tech; background in equity research and corporate governance advisory.
• Diane Zehil, Vice President — former venture associate at ACE Startups (a LatAm accelerator); recognized as an emerging women investor by LAVCA; FGV degree.
• Lucas Orfaly, Senior Analyst — prior experience at a corporate-backed venture firm with a $120M AUM, 30+ company portfolio; business administration degree from Insper.

Decision Process

With two General Partners plus a multi-person operating and investment team, decisions likely run through a small partnership rather than a solo GP or formal investment committee — treated here as a partnership process with moderate confidence.

Founder Preferences

The team's own operating backgrounds (Google, Cargill, Gupy, Ebanx, Conta Azul) and the portfolio's composition suggest a preference for founders building practical, revenue-generating B2B/vertical software for underserved Brazilian SMB and enterprise segments, often with a digitization or AI-enablement angle on a previously offline or manual process (agriculture, logistics, real estate, legal, retail operations).

Geographic Focus

Parceiro's site lists a San Francisco, CA headquarters, but its stated mission ("Investing in Brazil's Best") and its entire disclosed portfolio are Brazil/Latin America focused, with the firm's own team based primarily in Brazil.