Investor Profile: Upload Ventures — Thesis, Cheque Size & How to Apply

Upload Ventures is a hands-on venture capital firm investing in technology startups across Latin America, with its base in São Paulo, Brazil. It was created in April 2022 when SoftBank spun out its early-stage Latin America investment arm into an autonomous firm. For founders in Brazil, Mexico and beyond, Upload Ventures funding carries an unusual pedigree: a team that had already worked inside one of the region’s largest capital machines, now operating independently with an early-stage mandate.

Thesis and sectors

Upload Ventures is a technology-focused investor that typically participates in seed and Series A rounds, with a particular emphasis on software as a service, artificial intelligence and cybersecurity, alongside fintech and e-commerce. Its thesis is operator-first and hands-on: active engagement and strategic support to help early-stage companies scale in a competitive regional market, rather than passive capital. The firm invests across Latin America, with Brazil and Mexico at the centre of its activity, and backs founders building for the region who can also compete globally.

Fund size and cheque size

Upload’s current flagship fund size is not publicly disclosed in a confirmed close, so founders should treat older figures as context, not as a live fund total. At launch, reports put the average ticket at $1 million to $10 million, with the new firm expected to invest at a pace of about $100 million per year. In March 2023, TechCrunch reported that Upload was seeking to raise a $250 million fund, with Brazilian telecoms business TIM as an anchor investor committing $50 million over two years. That growth-stage effort was to be led by partners Mario Moraes and Carlos Simonsen, alongside the firm’s early-stage work.

Notable portfolio companies

Several early-stage companies moved with the spin-out, including Abstra, BotCity and Digibee, alongside Neivor. Third-party profiles also name Arch Finance and Deuna, a checkout and payments company, among its portfolio. The team’s earlier track record, cited in interviews with co-founder Rodrigo Baer, includes investments in more than six unicorns, including iFood, CargoX and Pismo, from his time before Upload.

Team, programmes and the TIM partnership

Upload was created by Managing Partners Rodrigo Baer, Marco Camhaji and Norberto Giangrande. Baer had previously been a managing director at Redpoint eventures and a partner at SoftBank’s early-stage fund for Latin America. A distinctive programme is the 5G Fund created with TIM, focused on early-stage companies with validated business models built on 5G technology. TIM’s market notice said the fund expected between eight and ten investments, with average contributions of $20 million to $25 million each over two to three years, and that portfolio companies could access TIM’s industrial and technological assets. No general credits or perks scheme is publicly advertised by Upload.

How to apply for funding from Upload Ventures

Upload does not publish a standard application form, so how to get funding from Upload Ventures means a warm introduction through a founder, operator or co-investor in its network, or a direct approach with a concise deck. Lead with a Latin American market insight that a global investor might miss, evidence of early traction, and a clear plan for how the company scales beyond its home market.