Category: clocktower ventures

Homebrew leads Z1’s effort to bring digital banking to Latin America’s teens



Z1, a Sao Paulo-based digital bank aimed at Latin American GenZers, has raised $2.5 million in a round led by U.S.-based Homebrew.

A number of other investors also participated in the financing including Clocktower Ventures, Mantis – the VC firm owned by The Chainsmokers, Goodwater, Gaingels, Soma Capital and Rebel Fund. Notably, Mantis has also backed Step, a teen-focused fintech based in the U.S., and Goodwater has also invested in Greenlight, which too has a similar offering as Z1.

Z1 participated in Y Combinator’s Winter ‘21 batch earlier this year, and at the time got $125,000 in funding from the accelerator. Maya Capital led its $700,000 seed round in March of 2020.

Put simply, Z1 is a digital bank app built for teenagers and young adults. The company was founded on the notion that by using its app and linked prepaid card, Brazilian and Latin American teenagers can become more financially independent.

João Pedro Thompson and Thiago Achatz started the company in late 2019 and soon after,  Mateus Craveiro and Sophie Secaf joined as co-founders. In its early days, Z1 is focused on Brazil but the startup has plans to expand into other countries in Latin America over time.

“Z1 is what we’re building to be the go to bank of the next generation, and not just be a digital bank for teens,” Achatz told TechCrunch. “We want to grow with him and one day, (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...)

Affirm spinout Resolve raises $60M for its B2B ‘buy now, pay later’ platform



Buy now, pay later is everywhere these days, mostly focused on the consumer.

Resolve — a San Francisco-based startup in the space specializing in “buy now, pay later” capabilities for B2B transactions — announced today that it has raised $60 million in funding. Initialized Capital led the round — the company’s first funding since its 2019 inception. KSD Capital, Haystack VC, Commerce Ventures, Clocktower Ventures and others also participated.

The funding is a combination of equity and asset funding according to co-founder and CEO Chris Tsai, although he declined to reveal the breakdown.

Since launching as a spinout from Affirm in 2019, Resolve says it has seen “overwhelming” demand for its B2B buy now, pay later (BNPL) billing offering for business purchases. Notably, the two companies refer business to each other. Tsai describes Affirm founder Max Levchin as a “friend” with whom he has been working in a variety of capacities since 2012. (He’s also reportedly an investor in the company.)

Unlike Affirm — which is more focused on the consumer — Resolve is exclusively focused on business-to-business billing by automating the process of billing and purchasing on credit. What it’s doing is basically allowing businesses to defer payments digitally and on better terms than what they’ve seen historically via an automated underwriting process, the company claims. This, it says, can lead to faster invoice payment and thus, improved cash flow. 

The company also claims it can offer extended payment terms with buyers not having to pay any interest or (Read more...)

Brazil’s Divibank raises millions to become the Clearbanc of LatAm



Divibank, a financing platform offering LatAm businesses access to growth capital, has closed on a $3.6 million round of seed funding led by San Francisco-based Better Tomorrow Ventures (BTV).

São Paulo-based Divibank was founded in March 2020, right as the COVID-pandemic was starting. The company has built a data-driven financing platform aimed at giving businesses access to non-dilutive capital to finance their growth via revenue-share financing.

“We are changing the way entrepreneurs scale their online businesses by providing quick and affordable capital to startups and SMEs in Latin America,” said co-founder and CEO Jaime Taboada. In particular, Divibank is targeting e-commerce and SaaS companies although it also counts edtechs, fintechs and marketplaces among its clients.

The company is now also offering marketing analytics software for its clients so they can “get more value out of the capital they receive.”

A slew of other investors participated in the round, including existing backer MAYA Capital and new investors such as Village Global, Clocktower Ventures, Magma Partners, Gilgamesh Ventures, Rally Cap Ventures and Alumni Ventures Group. A group of high-profile angel investors also put money in the round, including Rappi founder and president Sebastian Mejia, Tayo Oviosu (founder/CEO of Paga, who participated via Kairos Angels), Ramp founder and CTO Karim Atiyeh and Bread founders Josh Abramowitz and Daniel Simon.

In just over a year’s time, Divibank has seen some impressive growth (albeit from a small base). In the past six months alone, the company said it has signed on over 50 new clients; (Read more...)

Founder Q&A with Nader AlSalim, Founder & CEO at Gaia


This post is by Kate McGinn from Seedcamp


Nader AlSalim went through four failed IVF attempts at three clinics in two countries with a price tag of £50,000 before he and his wife got pregnant. Just like millions of people each year, his path was expensive, emotionally taxing, and lonely. Nader saw a problem and sought to find a solution —he exited a 14-year career in investment banking and started Gaia, a London-based startup combining reproductive health data and financial technology to make fertility care accessible to everyone. 

“This is not a woman’s issue. This is a family issue.”

— Nader AlSalim, Founder & CEO, Gaia

Nader AlSalim (Founder & CEO), Ines Cheaib (COO), and the rest of the Gaia Team.

Nader has very clear ambitions. He’s not building another femtech business. “This is not a woman’s issue, it is insane that people think that.” he points out. “This is a wider family issue underpinned by many socio-economic factors and delayed parenthood. And what Gaia is doing is making sure that more people have awareness and financial access to building families.” We are thrilled to back Nader and the entire Gaia team in their $3million seed round alongside Kindred Capital and US-based Clocktower Ventures. To learn more about Nader’s background and thoughts on why fertility care has been overlooked, we recently sat down to ask him a few questions.

What is Gaia all about?

Gaia is about solving access to fertility care. We divide access into two core pillars: information and financial. Our starting position is that (Read more...)