Blustone
Rua Dr. Renato Paes de Barros, 33, São Paulo, 04530-000, Brazil
Overview
Our mission is to empower outstanding entrepreneurs in their efforts to drive positive change. We support founders throughout their early-stage life cycle, from Seed to Series B. We provide senior partner support and leverage our network of operating partners and advisory board members to support our portfolio companies. Although we are sector agnostic, we can add even more value in commerce, logistics and distribution – sectors where we have a competitive advantage given our backgrounds. We are people focused, believe in teamwork and are highly collaborative. We value your time and provide quick, direct feedback. We are conscious capital. We believe every startup can effect positive socioeconomic change if it is mission-driven. We are a value-add partner founders can lean on. We seek transformative businesses in Latin America with cross-border potential.
- Total investments
- 6
- Lead investments
- 1
- Investments · 12mo
- 3
- Active investors
- 1
Sector focus
- Venture Capital
Investment portfolio
- Sinatra
Led · Seed · May 2026
Sinatra builds an AI Commerce Observability platform that monitors, predicts and helps remediate operational failures across digital retail operations. Its system uses specialized agents called AI Skills to detect anomalies such as pricing errors, overlapping promotions, catalog and logistical failures, fraud and broken purchase journeys. Since beginning commercial operations in January 2025, Sinatra grew from zero to more than 40 enterprise clients in 12 months, detected over 30,000 incidents and put 100+ AI Skills into production. The company aims to help retailers avoid up to R$1 billion in invisible operational losses by 2026. With the recent R$10 million seed raise, Sinatra plans to invest in R&D, expand its agent network and launch real-time navigation observability and omnichannel logistics monitoring, while accelerating expansion in Latin America.
- Lerian
Participated · Seed · Jan 2026
Founded in 2024, Brazil-based Lerian builds an open-source ledger that serves as the core banking system of record, recording, reconciling and auditing transactions. Around this ledger, the company offers complementary, modular products such as onboarding and compliance orchestration, real-time transactional risk assessment, and automated regulatory reporting and operational analytics. The platform is designed to serve both early-stage fintechs and high-volume, regulated financial institutions. Lerian plans to use artificial intelligence to deepen its product capabilities and will invest in technology, go-to-market and customer success functions with the new capital. In the near term, management aims to grow its Brazilian customer base and commercialize additional products, while medium-term plans (24-36 months) include expansion into other Latin American countries and the United States. The company positions itself as a modern, open-source alternative for critical financial infrastructure.
- Infleet
Participated · Series A · Sep 2025
Founded in 2019, Infleet builds an IoT-based fleet-management platform that connects vehicles, drivers, and managers in real time. Its suite includes video telematics, a virtual assistant for fleet managers, and what it calls the first fines-management module integrated with telematics worldwide. These tools provide continuous driver feedback, incident detection, and data analytics to cut costs and accident rates while improving operational visibility. The company recently introduced an “Intelligent Copilot” model designed to further reduce accidents, lower fuel and maintenance expenses, and foster more sustainable fleet operations. Infleet reports having grown 50× since inception and logged 120% growth in 2024, a trajectory it expects to sustain through 2026. Management positions the business as a life-saving and culture-shaping technology provider for corporate fleets, aiming to translate its rapid growth into market leadership across Latin America.
- Elevva
Participated · Seed · May 2022
Elevva is an e‑commerce aggregator that partners with leading sellers in Latin America to optimize operations and scale brands and products. The company combines seller knowledge with its internal team, technology and capital to create a regional ecosystem of synergistic vendors. It builds proprietary software for logistics, inventory control, import operations and omnichannel marketplace execution, and has early versions for projections and trend detection. Elevva also develops its own brands in categories without partnership opportunities and has set up operations in China to support sourcing and product development. The startup will use the $30M seed to onboard more brands and products, accelerate technology development and launch a lending unit offering tailored capital and support to small businesses. Founders include Maximiliano Chab, Aníbal de Frankenberg and Félix Elizalde.
- Cubbo
Participated · Seed · Nov 2021
Cubbo operates a fulfillment and logistics platform that handles picking and same-day delivery of non-perishable items smaller than a shoebox, charging to fill postal-service gaps across Latin America. The startup empowers global brands to sell directly to consumers in the region and currently serves markets in Brazil, Colombia and Mexico, with plans to begin operations in Chile. It will use the new capital to expand physical capacity (including a planned 3,000 m2 warehouse in São Paulo and a 2,000 m2 site in Rio de Janeiro) and to grow local engineering, sales and operations teams. The company plans additional warehouse expansion in Colombian cities such as Bogotá, Barranquilla, Cali and Medellín, and to bolster engineering and sales in Mexico. Leadership expects the round to enable a threefold (300%) increase in gross revenue in the region by the end of 2022, and forecasts Brazil’s share of revenue to rise from about 10% to 30–40%. The CEO, Brian York, said 60% of the new capital will be deployed in Brazil, 30% in Colombia and 10% in Mexico to support that expansion. Cubbo provides urban e-commerce fulfillment services focused on non-perishable, shoebox-sized items such as cosmetics, consumer electronics and apparel, handling pick, pack and bundling while outsourcing last-mile delivery to partners. The company launched in Mexico earlier this year and began operations in Colombia this month, and it converted an abandoned Mexico City space into an urban fulfillment center. Cubbo can accept orders as late as 5 p.m. for same-day delivery within Mexico City, a service the founders say competitors struggle to match because their warehouses are outside the city. The startup grew to a team of 16 in Mexico and three in Colombia in a short period and plans to use new funding to round out its leadership. It reported its largest orders-per-day peak in November—about 600% higher than previous months—and expects to double revenue by the end of the year. Management plans to continue building out Mexican and Colombian operations, launch in Brazil, and raise a Series A early next year while targeting cash-flow positivity by Q2 2022.
Team
Carlos Cesar Lopes
Founder
LinkedIn