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Inspired Capital leads $6.1m round for Kamino

Kamino, a Brazilian fintech startup, has raised $6.1 million in funding.

Kamino, a Brazilian fintech startup, has raised $6.1 million in funding. Inspired Capital led the round.

PRESS RELEASE

São Paulo, March 2022 – Starting a new business is an extremely difficult endeavor that the four founders of Kamino have done not only once or twice, but six times. They all agree on the fact that raising venture capital to finance the startup launch and iterate on the product, might be one of the toughest jobs as a founder. Kamino was built to help founders on that journey with a financial and corporate hub that speeds up the startups’ time to market and accelerates their growth.

The fintech company has raised the largest pre-seed round in Latin America in recent history, for a total amount of US$ 6.1 million. The round was led by Inspired Capital, with Global Founders Capital, Fontes (QED Investors early stage fund), Picus Capital, Flourish Ventures, Propel Ventures, Clocktower Technology Ventures, Norte Ventures and Gilgamesh Ventures, also participating in the round.

The investment will be used to accelerate talent acquisition to build a platform that will integrate all the products that early stage startups need to rapidly access the money they’ve just raised, start operations immediately, and subsequently, accelerate their growth.

To accelerate access to the funding, Kamino offers the creation and management of the offshore and local structures required by venture capital funds to deploy the money, a process that usually takes 2 or 3 months. Kamino will offer to early stage startups an anticipated credit line, subject to the startup having a term-sheet signed from a reputed venture capital firm, to boost their time to market from Day 1, while they wait for the complete offshore structure to be ready.

Once the money has been deployed, Kamino will provide the startup with a full banking product stack to run its daily operations and accelerate its growth. Such a stack will include a local bank account at no cost and optimized for payouts, credit card with sufficient credit limit and adequate for recurring payments of digital services (SaaS), as well as, the international money transfer service.

“In the short term, we will be the financial and corporate hub for early stage startups. In the long term, our vision is to build a new financial infrastructure in Latin America that enables and empowers high-growth businesses, whether they are startups or not, with the necessary tools to accelerate their growth, scale their operations and turn them into the catalysts of the region’s economy digital transformation”, Gonzalo Parejo says, CEO and founder of Kamino.

Favorable Latin American scenario
Since Benjamin Gleason, founder of Kamino, launched Guiabolso in 2012 (one of the first fintech companies in the Latin American, recently sold to PicPay) many things in the startup ecosystem have changed for the better. Startups have more and better access to talent and capital. Data from the Association for Private Capital Investments in Latin America (Lavca) indicate that startups raised more than USD 15.3 billion in 2021, three times more than the previous record of USD 4.9 billion in 2019. At the forefront of most of this investment is Brazil, according to the association.

However, startups do not have an adequate financial infrastructure adapted to their needs. In order to run their daily operations, startups use several checking accounts and corporate cards to partially solve these shortcomings, even using their own personal credit card to pay for services such as Amazon Web Services or Facebook and Google campaigns.

“We fully trust Kamino’s thesis because there are currently no companies in the Brazilian market, nor in Latin America in general, that operate with such a complete product portfolio for early stage startups. On top of that, the founding team has unique experience in the region”, recalls Alexa Von Tobel, Founder and Managing Partner at Inspired, also founder of Learnvest, one of the first US fintech companies later acquired in 2015 by Northwestern Mutual for USD375MM.

About Kamino
Kamino creates and manages early stage startups’ offshore and local corporate structures, facilitates the opening of their US bank account and solves the venture capital money transfer from the US holding to the Brazilian OpCo. We also provide an anticipated credit line to boost the company’s working capital, a credit card with sufficient credit limit adapted to its needs, and a local bank account at no cost and optimized for payouts.