NoRecibo

The three co-founders—Daniel Latorraca, Marcos Guerra, and Rafaela Basso—share investment authority and collectively shape portfolio construction. The firm does not operate with a formal, external-facing investment committee; decisions are made internally and quickly, consistent with its brand promise of minimal bureaucracy. Each co-founder brings distinct deal-sourcing networks, though they present a unified front to founders.

No. It operates more like an evergreen investment vehicle with syndication features, allowing co-investors to participate in individual deals rather than committing to a blind-pool fund with a fixed term. This structure gives the firm permanent capital flexibility—it can hold positions indefinitely and is not forced to exit by a fund's vintage deadline. The trade-off is that institutional LPs accustomed to traditional 10-year closed-end vehicles may find the architecture unconventional.

Deal flow comes largely through founder referrals, the co-founders' personal networks, and a strong content-and-community brand among Brazilian entrepreneurs. NoRecibo has cultivated an image as a 'founder-friendly' first-check writer, which generates inbound interest from startups seeking a lightweight diligence process. The firm also leverages its LP base, which includes active operators and angels who surface opportunities from within their own industries.

NoRecibo invests directly into startups; there is no public record of it committing capital as a limited partner into other venture funds. Its model is built around direct company-level exposure, with follow-on capital reserved for breakout performers. Co-investors who back individual deals through NoRecibo essentially build their own portfolios alongside the firm's balance-sheet capital.

The firm concentrates on pre-seed and seed rounds, occasionally extending into Series A for existing portfolio companies. Initial checks are typically small—often below BRL 1 million—and the firm will follow on in subsequent rounds for startups that demonstrate strong traction. This staged-deployment approach lets NoRecibo maintain a broad initial portfolio while concentrating capital behind its highest-conviction bets.

The firm's capital base includes the co-founders' own commitments alongside a community of angel investors and high-net-worth individuals who co-invest on a deal-by-deal basis. NoRecibo does not disclose the identity of its limited partners or the precise mix of balance-sheet versus syndicated capital. This opacity is common among young Latin American GPs that blur the lines between family-backed venture platforms and institutional funds.

NoRecibo operates independently and is not a spinout of any larger Brazilian asset manager or venture platform. Its portfolio overlaps with several domestic and international funds that enter at later stages—firms like Kaszek, monashees, and Valor Capital occasionally invest in Series A rounds of startups NoRecibo backed at seed. The firm positions itself explicitly as a feeder into these larger ecosystems rather than a direct competitor.