Sai do Papel

Sai do Papel earns program fees from corporate partners for running innovation programs under the Energy Hub and Arca Hub banners, and takes equity in the startups it helps build through these structured engagements. The firm does not operate as a traditional venture capital fund raising outside LP capital. This venture-builder model means the firm's economics are tied to program execution and the success of venture equity positions, not to management fees on committed capital.

Petrobras serves as a sponsor and challenge proposer for the Energy Hub, the venture-building program Sai do Papel runs at Pier Mauá in Rio de Janeiro. Through the Energy Hub Ventures program operated jointly with FCJ Group, Petrobras sources startups that address operational and technological challenges in the energy sector. The relationship positions Sai do Papel as an intermediary connecting the state-controlled oil giant with early-stage innovation.

Sai do Papel is structured as an investment company operating a corporate venture builder — closer to a startup studio with corporate underwriting than a traditional fund. The firm runs physical hubs (Arca Hub and Energy Hub) and operates open innovation programs for corporate partners including BNDES and Petrobras, generating deal flow through program sponsorship rather than deploying a blind pool of LP capital. The name literally translates to 'get off the paper,' reflecting the firm's focus on building operational companies from concept stage.

The firm operates primarily through corporate-sponsored innovation programs, with capital for venture building sourced from program partners including BNDES and Petrobras alongside its own co-investment. Sai do Papel has not publicly disclosed a traditional fund structure with outside limited partners. Its model is closer to a fee-for-service venture builder that also takes equity in the companies it helps create, with corporate partners providing the development capital and problem statements.

The Energy Hub is a corporate venture builder located at Pier Mauá in Rio de Janeiro, operated by Sai do Papel and FCJ Group with Petrobras as the anchor sponsor. It sources startups targeting energy-sector operational challenges and provides them with corporate partnership access, development resources, and venture-building support. The program converts Petrobras' R&D and operational challenges into structured startup engagements, with Sai do Papel coordinating the innovation pipeline between the corporate sponsor and the startup ecosystem.

Founder Carlos Junior is the named decision-maker, serving as Founder and CEO of the firm. He also represents Sai do Papel on the board of MIT REAP Rio, the MIT Regional Entrepreneurship Acceleration Program focused on the Rio de Janeiro metropolitan region. The firm's venture-builder structure means investment decisions are made jointly with corporate partners whose challenges define the startup selection criteria.