Exclusive-Monashees readies $700 million Latam venture capital funds

SAO PAULO (Reuters) - Brazilian venture capital firm Monashees is raising $700 million in two new funds to invest mainly in startups in Latin America, two sources with knowledge of the matter said.

Monashees plans to raise one fund focused on startups, its tenth vehicle for newly founded firms, and another one to invest in late stage companies, its second of such a kind, with $350 million each, the sources added.

Monashees’ newest fundraising comes amid a tech dealmaking boom in Latin America, including gigantic funds launched by investors such as SoftBank Group Inc and innumerous companies preparing to list their shares, as financial technology firm Nubank.

A trailblazer in the venture capital industry, Monashees was founded in 2005 by Eric Acher and Fabio Igel. Its portfolio companies include Colombian delivery app Rappi, and in Brazil, proptech Loft, logistic company Loggi, fintech Neon and online home goods platform MadeiraMadeira.

Reporting by Carolina Mandl and Tatiana Bautzer, Editing by Louise Heavens