January 24, 2020 / 6:54 PM / 2 months ago

New industries may spawn Brazilian unicorns in 2020 -executives

By Aluisio Alves

SAO PAULO, Jan 24 (Reuters) - Brazil’s so-called unicorns, startups valued above $1 billion, are seen expanding in 2020 beyond the industries that have supplied them so far - large fintechs, delivery companies and mobility apps, executives said.

Brazil already has 11 unicorns, including real estate renting platform Loft and fintech Nubank. Executives expect new unicorns in the health, logistics, agribusiness and artificial intelligence industries.

Among the fintechs, the main unicorn candidates are personal finance app Guiabolso, lending platforms Weel and Creditas and financial management app for mid-sized companies, ContaAzul.

Santiago Fossatti, partner at Kaszek Ventures, expects promising new startups in the real state, infrastructure, education and health industries. Among them are logistics start-up CargoX, e-commerce firm Vtex, and used-car sales app Volanty.

The arrival of new venture capital funds in Latin America is likely to encourage the development of new unicorns. One prominent example is Japan’s SoftBank Group Corp, which last year launched a $5 billion fund last year to invest exclusively in startups in Latin America. (Reporting by Aluisio Alves in Sao Paulo Writing by Tatiana Bautzer Editing by Matthew Lewis)

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