Category: Chile

Charted: Lithium Production by Country (1995-2020)



The following content is sponsored by Scotch Creek Ventures.

Global lithium production by country

Charted: Lithium Production by Country

Lithium is often dubbed as “white gold” for the development of electric vehicles.

With several countries committed to phasing out new gasoline and diesel engine vehicles by 2040, the recent growth in electric vehicle (EV) adoption has fueled a global boom in lithium production.

For that reason, lithium production more than doubled between 2016 and 2020, up from 40,000 tonnes to 86,300 tonnes.

The above infographic from our sponsor Scotch Creek Ventures charts 25 years of lithium production by country from 1995 to 2020.

A Brief History of Lithium Mining

Countries began producing significant amounts of lithium after World War II, with annual production averaging 5,000 tonnes between 1955 and 1980.

The U.S. was by far the largest lithium producer until 1995, followed by Zimbabwe and Australia. From 1995 to 2010, Chile took over as the dominant producer with a lithium mining boom in the Salar de Atacama, the country’s largest salt flat.

Lithium production grew steadily between 1995 and 2010, up from 9,500 tonnes to 28,000 tonnes. But the advent of rechargeable batteries and electric vehicles brought in a new wave of demand, fueling an exponential production surge.

The Largest Lithium Producing Countries

Today, three countries—Australia, Chile, and China—mine roughly 86% of the world’s lithium.

Country2020 Lithium Production* (tonnes)% of World Total
Australia ??40,00046.3%
Chile ??20,60023.9%
China ??14,00016.2%
Argentina ??6,2007.2%
Brazil ??1,9002.2%
Zimbabwe ??1,2001.4%
(Read more...)

Chilean fintech Xepelin secures $230M in debt and equity from Kaszek, high-profile angels



Chilean startup Xepelin, which has created a financial services platform for SMEs in Latin America, has secured $30 million in equity and $200 million in credit facilities.

LatAm venture fund Kaszek Ventures led the equity portion of the financing, which also included participation from partners of DST Global and a slew of other firms and founders/angel investors. LatAm- and U.S.-based asset managers and hedge funds — including Chilean pension funds — provided the credit facilities. In total over its lifetime, Xepelin has raised over $36 million in equity and $250 million in asset-backed facilities.

Also participating in the round were Picus Capital; Kayak Ventures; Cathay Innovation; MSA Capital; Amarena; FJ Labs; Gilgamesh and Kavak founder and CEO Carlos Garcia; Jackie Reses, executive chairman of Square Financial Services; Justo founder and CEO Ricardo Weder; Tiger Global Management Partner John Curtius; GGV’s Hans Tung; and Gerry Giacoman, founder and CEO of Clara, among others.

Nicolás de Camino and Sebastian Kreis founded Xepelin in mid-2019 with the mission of changing the fact that “only 5% of companies in all LatAm countries have access to recurring financial services.”

“We want all SMEs in LatAm to have access to financial services and capital in a fair and efficient way,” the pair said.

Xepelin is built on a SaaS model designed to give SMEs a way to organize their financial information in real time. Embedded in its software is a way for companies to apply for short-term working capital loans “with just three clicks, and (Read more...)

Nowports raises $16M to build the OS for LatAm’s shipping industry



Nowports, an automated digital freight forwarder in Latin America, has raised $16 million in Series A funding.

Mouro Capital — a venture capital fund focused on fintechs and adjacent businesses that is backed by Banco Santanderled the round for the Monterrey, Mexico-based startup. Foundation Capital also participated in the financing, which included participation from existing backers Broadhaven Ventures, InvestoVC, Monashees, Base10 Partners and Y Combinator.

A number of angels also put money in the round, including Justo.mx founder Ricardo Weder, Luuna’s Carlos Salinas from Luuna and Tinder co-founder Justin Mateen. The investment brings Nowports’ total raised since its 2018 inception to over $24 million.

Nowports raised its initial seed round in 2019 after graduating from Y Combinator’s Winter 2019 batch with a mission to innovate the freight forwarding industry by helping companies improve the import process. Its software and services track freight shipments from ports to destinations across Latin America. Over time, it has expanded its offerings and now also automates insurance policies for, and provides financing, to its clients. 

“In this way, we allow our clients to import and export more, which helps them grow their businesses and improves the foreign trade conditions of the region,” said Nowports CEO and co-founder Alfonso de los Rios.

2020 was a good year for Nowports, which saw its revenue climb by 605% compared to 2019.

“Our 2021 goal is 400% to 600%,” de los Rios told (Read more...)

Kaszek Ventures leads a $15 million round in Chilean asset management startup, Fintual



Like other financial sectors in Latin America, the retail investing space is getting a facelift by local tech startups that are cashing in on the untapped potential for democratizing asset management in the region. One of those startups is Chilean-based Fintual, which today announced a $15 million round led by Kaszek Ventures, the largest fund in Latin America.

Fintual is an automated passive investment platform that allows the average person in Chile or Mexico to invest in mutual funds containing ETFs (Exchange Traded Funds), investment vehicles that aren’t as well known, or as readily accessible in Latin America.

“The idea that got to me was that we were allowing people to invest in the long term, we enable them to invest in instruments they didn’t have access to before,” said Pedro Pineda, co-founder and CEO of Fintual.

Before starting Fintual in 2018 with his three co-founders, Pineda was an astronomer and an entrepreneur, who built and sold a Groupon copycat company in Chile called “Queremos Descuentos” (We Want Discounts) for just over $1 million when he was 28. 

After the exit, he admits he was a bit lost in life. 

“One day I decided that I wanted to do only the things that I wanted to do and with the people I wanted to do it with,” he said.

He traveled for a couple of years, and learned to code, among other things, until Omar Larré, Fintual’s current CIO, presented him with the idea for the business. 

Larré had been (Read more...)

Yana’s mental health tool for Spanish speakers nears 5 million users



Andrea Campos has struggled with depression since she was 8 years old. Over the years, she’s tried all sorts of therapies — from behavioral to pharmacotherapy.

In 2017, when Campos was in her early 20s, she learned to program and created a system to help manage her mental health. It started as a personal project but as she talked to more people, Campos realized that many others might benefit from the system as well.

So, she then built an application to provide access to mental health tools to Spanish-speaking people and began testing it with a small group of people. At first, Campos herself was her own chatbot, texting with users who were tired of dealing with depression.

“During the month, I was pretending I was an app, and would send these people a list of activities they had to complete during the day, such as writing in a gratitude journal, and then asking them how those activities made them feel,” Campos recalls.

Her thinking was that sometimes with depression and anxiety comes “a lot of avoidance,” where people resist potential treatment out of fear.

The results from her small experiment were encouraging. So, Campos set out to conduct a bigger sample of experiments, and raised about $10,000 via crowdfunding campaign. With that money, she hired a developer to build a chatbot for her app, which was mostly being used via Facebook Messenger.

Then an earthquake hit Mexico City and that developer lost everything — including his home and computer (Read more...)

Jeeves emerges from stealth with $131M in debt and equity and a16z as a lead investor



Jeeves, which is building an “all-in-one expense management platform” for global startups, is emerging from stealth today with $131 million in total funding, including $31 million in equity and $100 million in debt financing. 

The $31 million in equity consists of a new $26 million Series A and a previously unannounced $5 million seed round.

Andreessen Horowitz (a16z) led the Series A funding, which also included participation from YC Continuity Fund, Jaguar Ventures, Urban Innovation Fund, Uncorrelated Ventures, Clocktower Ventures, Stanford University, 9 Yards Capital and BlockFi Ventures.

A high-profile group of angel investors also put money in the round, including NFL wide receiver Larry Fitzgerald and the founders of five LatAm unicorns — Nubank CEO David Velez, Kavak CEO Carlos Garcia, Rappi co-founder Sebastian Mejia, Bitso CEO Daniel Vogel and Loft CEO Florian Hagenbuch. Justo’s Ricardo Weder also participated in this round and Plaid co-founder William Hockey put money in the $5 million seed funding that closed in 2020 after the company completed the YC Summer 2020 batch.

The “fully remote” Jeeves describes itself as the first “cross country, cross currency” expense management platform. The startup’s offering is currently live in Mexico — its largest market — as well as Colombia, Canada and the U.S., and is currently beta testing in Brazil and Chile. 

Dileep Thazhmon and Sherwin Gandhi founded Jeeves last year under the premise that startups have traditionally had to rely on financial infrastructure that is local and country-specific. For example, a company with employees in (Read more...)

Kushki, an Ecuador-based fintech, raises $86M to build financial infrastructure in Latam



Just about every week there’s a blockbuster round coming out of South America, but in certain countries such as Ecuador, things have been more hush hush. However, Kushki, a Quito-based fintech, is bringing attention to the region with today’s announcement of a $86 million Series B and a $600 million valuation.

“We never thought that we would return home [from the U.S.] and build a company that was more valuable in Ecuador than we had built in the U.S.,” said Aron Schwarzkopf, CEO and co-founder of Kushki.

Schwarzkopf and his business partner, Sebastián Castro, had previously built and sold a fintech called Leaf in the U.S. in 2014. The two are originally from Ecuador but moved to Boston for college, where they met watching soccer.

Unlike many other fintechs in Latam that are out to help the unbanked, Kushki works behind the scenes building the tech infrastructure that companies like Nubank use to transfer money. Some of the functionalities they build enable both local and cross-border payment players in credit and debit cards, bank transfers, digital cash, mobile wallets, and other alternative payment methods.

“We realized there was a gigantic opportunity to democratize and create infrastructure to move money,” Schwarzkopf told TechCrunch.

The company, which was founded in 2017, already has operations in Mexico, Colombia, Ecuador, Peru, and Chile. The Series B will be used to accelerate growth and expand to Brazil and nine other markets in Central America.

Generally, expanding to Brazil is an expensive proposition, and therefore (Read more...)

Belvo, LatAm’s answer to Plaid, raises $43M to scale its API for financial services



Belvo, a Latin American startup which has built an open finance API platform, announced today it has raised $43 million in a Series A round of funding.

A mix of Silicon Valley and Latin American-based VC firms and angels participated in the financing including Future Positive, Kibo Ventures, FJ Labs, Kaszek, MAYA Capital, Venture Friends, Rappi co-founder and president Sebastián Mejía (Rappi), Harsh Sinha, CTO of Wise (formerly Transferwise) and Nubank CEO and founder David Vélez.

Citing Crunchbase data, Belvo believes the round represents the largest series A ever raised by a Latin American fintech. In May 2020, Belvo raised a $10 million seed round co-led by Silicon Valley’s Founders Fund and Argentina’s Kaszek.

Belvo aims to work with leading fintechs in Latin America, spanning across verticals like the neobanks, credit providers and personal finance products Latin Americans use every day.

The startup’s goal with its developer-first API platform that can be used to access and interpret end-user financial data is to build better, more efficient and more inclusive financial products in Latin America. Developers of popular neobank apps, credit providers and personal finance tools use Belvo’s API to connect bank accounts to their apps to unlock the power of open banking.

As TechCrunch Senior Editor Alex Wilhelm explained in this piece last year, Belvo might be considered similar to U.S.-based Plaid, but more attuned to the Latin American market so it (Read more...)

The LatAm funding boom continues as Kaszek raises $1B across a duo of funds



Long before SoftBank launched its $2 billion Innovation Fund in Latin America, and before Andreessen Horowitz began actively investing in the region, Sao Paulo-based Kaszek has been putting money into promising startups since 2011, helping spawn nine unicorns along the way.

And now, the early-stage VC firm is announcing its largest fund closures to date: Kaszek Ventures V, a $475 million early-stage fund, believed to be the largest vehicle of its kind ever raised in the region, and Kaszek Ventures Opportunity II, a $525 million for later-stage investments.

Over the years, Kaszek has backed 91 companies, which the firm says collectively have raised over $10 billion in capital. 

MercadoLibre co-founder Hernán Kazah and the company’s ex-CFO, Nicolas Szekasy, founded Kaszek a decade ago after leaving LatAm’s answer to Amazon. Fun fact: the firm’s name comes from a combination of their two last names: Ka-Szek. Rounding out the team are Nicolas Berman, former VP at MercadoLibre, Santiago Fossatti, Andy Young and Mariana Donangelo.

Kaszek founded its first fund in 2011, raising $95 million, an impressive sum at that time. Funds II and III closed in 2014 and 2017, raising $135 million and $200 million, respectively. By 2019, Kaszek had closed on its fourth fund, raising $375 million and its first Opportunity Fund, reserving $225 million for later-stage investing in existing portfolio companies.

It’s notable that in its fifth fund, Kaszek is reserving more of its (Read more...)

Armed with $160M in funding, LatAm’s Merama enters the e-commerce land grab



Merama, a five-month old e-commerce startup focused on Latin America, announced today that it has raised $60 million in seed and Series A funding and $100 million in debt.

The money was raised “at well over a $200 million valuation,” according to co-founder and CEO Sujay Tyle.  

“We are receiving significant inbound for a Series B already,” he said.

LatAm firms Valor Capital and Monashees Capital and U.K.-based Balderton Capital co-led the “massively oversubscribed” funding round, which also included participation from Silicon Valley-based Triplepoint Capital and the CEOs of four unicorns in Latin America, including Uala, Loggi, Rappi and Madeira Madeira. 

Tyle, Felipe Delgado, Olivier Scialom, Renato Andrade and Guilherme Nosralla started Merama in December 2020 with a vision to be the “largest and best-selling set of brands in Latin America.” The company has dual headquarters in Mexico City and São Paulo.

Merama partners with e-commerce product sellers in Latin America by purchasing a stake in the businesses and working with their teams to help them “exponentially” grow and boost their technology while providing them with nondilutive working capital. CEO Tyle describes the company’s model as “wildly different” from that of Thras.io, Perch and other similar companies such as Valoreo because it does not aggregate dozens of brands.

“We will work with very few brands over time, and only the best, and work with our entire team to scale and expand these few businesses,” Tyle told TechCrunch. “We’re more similar to The Hut Group in the EU.”

Merama expects to (Read more...)