Latin America VC Q2 Preview

Global venture capital investment sprang back to life in the spring quarter: PitchBook’s first-look data show US $101.5 billion deployed across 9,049 deals between 1 April and 30 June 2025, lifting first-half activity to almost US $230 billion. The surge is conspicuously AI-driven start-ups building or applying generative AI captured 53 % of all dollars and 29 % of deals worldwide. 

The United States remained the engine of that rebound. Investors put nearly US $70 billion into 4,001 U.S. rounds in Q2, while exit value jumped to US $67.7 billion, the largest quarterly liquidity haul since the 2022 slowdown. AI’s pull is even stronger at home, absorbing about 64 % of U.S. venture dollars and nearly 36 % of deals.

Latin America is tracking the global upswing, though from a smaller base. PitchBook records 335 transactions totaling US $2.9 billion in the region during the first half of 2025, a clear improvement on the same period last year. 

Several Q2 deals illustrate where capital is flowing. Mexican fintech Klar closed a US $190 million Series C that prices the neobank at more than US $800 million. Argentine-born payments orchestrator tapi bought Mastercard’s Arcus bill-pay and cash network in Mexico and now expects to process over US $2 billion in 2025, five times 2024 volume. Brazil supplied two smaller but telling rounds: conversational-AI studio Ursula raised R$20 million (≈ US $3.6 million) from Prosus and Village Global, and prop-fintech AlugaMais secured R$10 million (≈ US $2 million) from SRM Ventures to expand its rent-advance product. 

Policy momentum is building alongside private capital. Brazil’s development bank BNDES is weighing the launch of a R$500 million, 1 billion fund dedicated to AI and data-centre projects, a move that would give the region its first sovereign vehicle focused on AI infrastructure. At the global level, the funding race stayed red-hot: Elon Musk’s xAI secured US $10 billion in a debt-and-equity package to scale its Grok platform and build one of the world’s largest AI data-centers. 

PitchBook will publish its full Q2 Venture Monitor on 15 July 2025; for now, the preliminary figures confirm that the venture market’s center of gravity has swung decisively toward AI and that Latin America, while smaller, is once again part of the story.