Astella Investimentos
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Top 3 management firms in Brazil preferred by entrepreneurs, according to a survey by Spectra. Here at Astella, if we take our 9 funds under management (active and inactive; portfolio and dedicated) we would have an aggregate IRR of 44% per year. Overall, Astella portfolio has seen 1 unicorn and 12 acquisitions including key companies like HealthHelp, Omie and RD Station. The fund has a solid track record with major exits like RD Station's sale to TOTVS, though they're not flashy about it. Laura Constantini is legitimately a pioneer as one of the first female VCs in LatAm, and the team brings real operational experience rather than just finance backgrounds. They're knowledge-obsessed with their "Matrix" content hub and genuinely seem to add value beyond just capital. Watch for their focus on 'value investors in VC' - they're not chasing unicorns at any price.
- —Best for: B2B SaaS founders who want deep operational support and long-term partnership
- —Watch out for: They're traditional value investors - if you need fast capital or inflated valuations, look elsewhere
- —Known for: Actual exits (RD Station to TOTVS), respected by entrepreneurs, knowledge-driven approach
Astella Investimentos is a venture capital company that backs Brazilian entrepreneurs who are willing to change our country's future. The firm seeks to invest in SaaS, e-commerce, marketplaces, and businesses driven by the artificial intelligence and data analytics sectors.
The company invests in early-stage companies, up to Series A stage, primarily in software-as-a-service, marketplaces, and consumer sectors. It primarily invests in Seed round in Brazil based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to FinTech and Retail.
Rigonatti has worked for M&A at Cicerone and moved to Cicerone Capital in 2005 and worked with Laura Constantini on M&A deals. In 2003, they founded an M&A boutique, Cicerone Capital. And a few years later, in 2008, they decided to create Astella.
A pioneer among women investing in Venture Capital in Latin America, Laura launched Astella Investimentos in 2008 along with Co-founder Edson Rigonatti. Back in 2008, I had already worked in two of the largest investment banks in Brazil – Garantia, at that time, recently acquired by Credit Suisse, and Santander. As a sell-side research analyst for the telecom and technology sectors.
Com mais de 27 anos de experiência em tecnologia da informação. Foi na época da Ciatech, que eu fundei e atuava como CTO. Não tem nenhuma relação com o que faço hoje, mas eu já gostava muito do mundo de investimentos. Vivi de perto o mundo da digitalização da bolsa.
Daniel Chalfon is a partner at Brazilian Venture Capital firm Astella where he invests in consumer and prosumer businesses, including social, marketplaces, and consumer tech. Mr. Chalfon, who has a long experience in media advertising at Loduca and others.
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