VC Fund Dossiers

Here's the real deal on Bertha Capital: This is a well-connected Brazilian fund with serious government ties through Rafael Moreira's extensive public sector background, which could be gold for regulatory navigation but also suggests they might move at bureaucratic speed. With over R$600 million allocated across more than 10 funds and supporting 30+ startups, they're not just talking big - they're deploying real capital. The Amazon focus isn't just marketing fluff - they actually have boots on the ground in Manaus, which is rare for VCs. However, their team doesn't sit on boards of portfolio companies, which could mean either light-touch support or lack of deep operational involvement. The fact that they're co-investing with corporate players like Rede D'Or suggests strong strategic relationships, but founders should expect longer decision cycles given the multi-fund structure and government connections.

Caravela is the scrappy Brazilian fund that's actually backing winners while everyone else is chasing the same hot deals in São Paulo. Caravela is known both for their go-to market approach, having analyzed more than 3.5k companies in less than 4-years, and their rigorous analytical approach, seeking high returns and sustainable growth. Mario de Lara sits on Mottu's board - that's the motorcycle rental unicorn that hit R$1B ARR - and they co-led OCN's $86M Series A. When we met with Caravela, it was obvious they were going to be a great partner for the business. Caravela has a very impressive track record having backed many successful companies. The fund operates out of Curitiba (not the obvious choice) but their network reaches across LatAm. Brunna Zogbi who leads the platform team at Caravela works with founders to identify the best ways to help them and their companies get better. They're sector-agnostic but seem to nail fintech and B2B plays consistently. They focus on buying companies at fair prices and selling them at significantly higher values, aiming for a 30x return.