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NoRecibo
NoRecibo deploys high-velocity pre-seed capital across Brazil's startup ecosystem, backing 180+ startups since 2019 with a founder-first syndication model.
NoRecibo
NoRecibo launched in São Paulo in 2019, built by three co-founders—Daniel Latorraca, Marcos Guerra, and Rafaela Basso—who brought operational and venture-building experience to a Brazilian startup ecosystem still recovering from a macro downturn. The firm surfaced at a moment when local pre-seed capital was thinning, and it positioned itself not as a traditional VC fund but as an evergreen vehicle capable of writing first checks rapidly. Its name (Portuguese for 'no receipt') signals an anti-bureaucratic, trust-based ethos aimed at founders tired of slow diligence processes. The firm invests from pre-seed through Series A, with an initial check size that starts small—often under BRL 1 million—and scales via follow-on capital for top performers. NoRecibo's portfolio spans FinTech, Enterprise Software, AgTech, ClimateTech, PropTech, HealthTech, EdTech, and AI/ML, among other verticals. Confirmed investments include Agrolend, a digital lending platform for Brazilian farmers; Caju, an enterprise benefits and employee experience fintech; and Tractian, an industrial predictive-maintenance company that has since attracted top global investors. The firm co-invests alongside local angels and international funds, occasionally playing the role of first institutional capital. Geographically concentrated in Brazil with selective forays into Mexico and Colombia, NoRecibo builds its pipeline through founder referrals, its network of LPs who are active operators, and a brand cultivated via content and community. NoRecibo does not publicly disclose its total assets under management, but its internal records show over BRL 250 million deployed since inception. The team remains lean, drawing on a network of venture partners and angel LPs rather than a large in-house staff. A portion of its capital comes through a structure that blurs the line between a traditional VC fund and a rolling angel syndicate—co-investors gain exposure to its deal flow and the ability to follow the firm into subsequent rounds. In 2023 and early 2024, NoRecibo maintained its pace of roughly 40–50 new investments annually, reinforcing its reputation as one of Brazil's most prolific early-stage backers. Structurally, NoRecibo sits between a classic venture firm and an organized angel network. The firm's operating rhythm—fast initial decisions, broad portfolio construction, and concentration into winners via follow-ons—mirrors the approach of US-based accelerators but without the cohort-program overhead. This architecture lets it function as a discovery engine for later-stage funds, effectively warehousing promising Brazilian startups until larger global or regional investors enter at Series A and B. Succession and governance details remain closely held, a common posture among younger Latin American GPs still building institutional track records.
General information
Firm type
Asset Manager
Year founded
2019
AUM
Undisclosed
Location
Region
Latin America
Country
Brazil
City
São Paulo
Corporate office
São Paulo, SP, Brazil
Principals
Daniel Latorraca
Co-founder
Marcos Guerra
Co-founder
Rafaela Basso
Co-founder
Sector focus
Frequently asked questions
Who runs investment decisions at 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.
Is NoRecibo structured as a traditional venture capital fund?
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.
How does NoRecibo source its deals?
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.
Does NoRecibo participate in fund commitments or only direct deals?
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.
What investment stages does NoRecibo typically target?
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.
Where does NoRecibo's capital come from?
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.
How is NoRecibo related to other venture firms in Brazil?
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.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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