MercadoLibre’s CEO to step down
Ep. 132: Blooms $2.6 million Seed round, ClearLeaf $3.5 million Seed, and more!
Your weekly newsletter on technology, startups, and VCs in Spanish-speaking Latin America.
After writing about Warren Buffett’s exiting its position in Nubank last week, Hans told me it could make a good piece of content, especially if we could get more information on when and why he joined in the first place - so here it is:
In June 2021, Berkshire Hathaway surprised everyone by writing a $500 million check for Nubank’s Series G extension. The Oracle of Omaha, famously cautious about tech, saw something others were missing.
The thesis was simple: Brazil's banking sector was an oligopoly. Five banks controlled 80% of assets, leaving tens of millions underbanked and paying excessive fees, with similar patterns existing across Mexico and Colombia. By December 2021 (Nubank IPO) Berkshire doubled down with roughly $250 million worth of Class A shares.
Recently, Warren Buffett’s Berkshire Hathaway has exited its position in Nubank, earning a $250 million profit.
Nubank's success validated what some of us have been watching: Latin America's tech ecosystem has matured significantly. The region now produces world-class companies with global ambitions.
Worth noting, Berkshire's exit appears strategic rather than concerns about fundamentals. Nubank posted record profits of $1.97B in 2024 with 47% year-over-year growth. The move could therefore be better explained by Berkshire's broader pullback from financial stocks and desire for growing cash reserves.
The Nubank case offers a lens into how traditional investors should view Latin America's digital transformation, not as emerging market speculation, but as a proven ecosystem with structural advantages.
Whether this signals broader institutional interest remains to be seen, but the fundamentals that attracted Berkshire continue strengthening across multiple sectors, and I am on a mission to spotlight it to the world.
Follow The Money
🇲🇽 Blooms raises a US$2.6 million Seed round
Blooms is a Fintech focused on AI-powered trade finance solutions for Latin American produce exporters. The startup aims to enhance liquidity and streamline cross-border transactions, contributing to more resilient and sustainable food supply chains. Blooms was co-founded by Francisco Meré, a seasoned fintech entrepreneur who previously co-founded (and exited) Uellbee, a financial wellness fintech startup, and also served as CEO of Bankaool, one of Mexico's pioneering digital banks.
Sector: FinTech
Founders: Francisco Meré, Rebeca Azaola, Miguel Hernandez Storey
Investors: SP Ventures, Angel Ventures, The Yield Lab Latam, Eqwow Ventures, Glocal Managers, Mercy Corps Ventures
🇨🇱 Poliglota raises US$1.5 million in new funding
Chilean startup Poliglota has raised US$1.5 million via crowdfunding platform Broota to fuel its expansion into the U.S. and strengthen its B2B presence in Mexico, where it already works with companies like Walmart and Engie. The startup aims to tap into the massive unmet demand for English learning among Spanish speakers in the U.S. Poliglota uses AI to personalize content, level assessments, and enhance learning outcomes, with further AI-driven features planned.
Sector: EdTech
Founders: Nicolás Fuenzalida, Carlos Aravena
Investors: Crowdfunding, Chile Global Ventures
🇨🇱 Vestuá raises a US$2.1 million financing round
Chilean secondhand fashion startup Vestuá raised US$2.1 million in a round led by retailer H&M, marking its first investment in Latin America. Vestuá operates in both Chile and Mexico, with plans to focus this new funding on scaling operations in the Mexican market. The startup aims to meet growing demand from users seeking to resell clothing, improve processing capacity, and open physical stores. Vestuá also highlights its environmental mission, noting Mexico’s high water usage in textile production.
Sector: FashionTech
Founders: Joaquín Zavala, Santiago Valdés
Investors: H&M, Manutara Ventures
🇨🇷 ClearLeaf raises a US$3.5 million Seed round
Costa Rica-based ClearLeaf has raised US$3.5 million in Seed funding to expand its non-toxic crop protection products into global markets, including the U.S. The startup’s flagship solution, GotaBlanca, is a broad-spectrum, non-toxic fungicide and bactericide that supports regenerative agriculture, prevents microbial resistance, and can be used throughout the growing cycle and post-harvest. The funding will accelerate ClearLeaf’s mission to improve farmer profitability while promoting environmental and human health.
Sector: AgTech
Founders: Lawrence Pratt, Agustin Büchert, Alejandro Martinez Soto
Investors: Hawthorne Food Ventures, M7 Ace NEO
Startups News
🇦🇷 MercadoLibre’s CEO to step down
Marcos Galperin, founder and CEO of MercadoLibre, announced he will step down as CEO at the end of 2025, transitioning to the role of Executive Chairman. Ariel Szarfsztejn, currently the company's President of Commerce, will assume the CEO position effective January 1, 2026. Galperin expressed full confidence in Szarfsztejn's leadership, emphasizing his alignment with MercadoLibre's culture and vision. The company, now Latin America's most valuable public firm with a market capitalization of US$131 billion, saw its shares reach a record high following the announcement, signaling investor confidence in the leadership transition.
🇦🇷 tapi strengthen its partnership with Mercado Pago
tapi and Mercado Pago have partnered to enable millions of Mexicans to pay their SAT taxes directly from their phones, marking a major step in digital financial services. Supported by Actinver, the integration allows fast, secure tax payments through Mercado Pago’s app, benefiting Mexico’s 35 million registered taxpayers. The move simplifies compliance, improves financial inclusion, and reflects growing collaboration between banks and fintechs to streamline public service access for a mobile-first population.
🇨🇴 Fintech Plurall partners with Siigo
Colombian fintech Plurall has partnered with accounting software company Siigo to offer digital, accessible, and formal credit solutions to small entrepreneurs, aiming to replace informal lending. The alliance leverages Plurall’s digital lending tools and Siigo’s invoicing solutions to streamline financing for thousands of SMEs already using Siigo. The initiative targets underserved business owners with inclusive financial products that require no excessive paperwork or collateral.
🇺🇾 Cabify has launched Cabify ECO
Cabify has launched Cabify ECO in Uruguay, a new ride-hailing category featuring 100% electric vehicles at the same price as conventional rides. The initiative is part of the company’s broader goal to fully decarbonize its fleet by 2030. Uruguay, already a leader in electric mobility with over 30% of Cabify trips conducted in EVs, becomes the latest market after Spain and Chile to adopt the ECO category. Initially available for individual users, the service will expand to corporate clients and includes perks for drivers like economic incentives, charging discounts, and access to exclusive infrastructure.
VC - M&A News
🇪🇸 Tritemius Capital launches a €21 million venture fund
Spain-based Tritemius Capital has launched a €21 million venture fund to invest in early-stage Web3 and DeFi startups across Europe and Latin America. The fund will back startups with strong technical foundations and real-world application potential, offering both capital (around €500,000 per startup) and regulatory and technological support. Initial focus areas include decentralized finance, digital asset tokenization, and cybersecurity tools. Tritemius is already evaluating three potential investments and aims to bridge blockchain innovation with traditional financial markets, signaling growing institutional interest in the sector.
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Abrazo,
Arnaud
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