Canary has just launched its fourth fund, worth US$150 million, maintaining the thesis of early-stage investment in startups in Brazil and Latin America. Founded in 2017 by a group of entrepreneurs, the manager has a portfolio that includes companies such as Buser, Alice, Caju, Magie, Hashdex, among others.
The announcement was made by co-founder Florian Hagenbuch on LinkedIn. “We proudly announce Canary IV, our $150M USD fund to support entrepreneurs from ideation to Series A,” said the general partner. When contacted, Canary declined to comment.
The management company was created by Florian, founder of Loft and Printi, alongside Mate Pencz, his partner in these ventures, as well as Julio Vasconcellos (Peixe Urbano), Marcos Toledo and Patrick de Picciotto, (M Square Investimentos).
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The house’s third fund was launched in 2021, worth US$100 million. The idea, at that time, was to invest in around 50 companies. Prior to this, Canary had raised around US$75 million for Fund 2, launched in mid-2019/2020. The manager’s first fund was launched in 2017, worth US$50 million.
Canary’s base of Limited Partners (LPs) includes institutional investors, such as the Inter-American Development Bank (IDB) and International Finance Cooperation (IFC), in addition to an agreement signed this year with the Japan International Cooperation Agency (JICA).
Among the deals recently closed by the manager are a seed round of R$40 million from the AI startup Revena for hospitals. The investment, announced in January, was led by Canary, with participation from Flourish Ventures.
In 2025, Canary invested in 10 companies. Among them, Bull, a Brazilian fintech specialized in B2B credit solutions, which raised a pre-seed of R$10 million, led by Canary and with participation from Scale Up Ventures, from Endeavor.
The sectors invested in by the manager include fintechs, climate, healthcare, consumer and B2B enterprise.
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