The Venture Codex

Participated · Seed · Jan 2026

Refurbi promotes the reuse and recycling of electronic devices in Latin America by combining industrial-grade refurbishment processes with proprietary technology and a user-centric trust model. Its offering has evolved into an ecosystem that includes a marketplace for refurbished phones, trade-in programs, specialized software, and bundled financing and insurance options for retailers, manufacturers, mobile operators, and insurers. The company provides 14-month warranties, premium packaging, and a 30-day return policy to mirror the experience of buying new devices while reducing environmental impact. Having served more than 80,000 users, Refurbi estimates it already touches roughly 0.5% of Colombia’s total mobile phone market and became profitable in 2024. The firm is regarded as the country’s fastest-growing player in refurbished technology and plans to use its proven model to enter Mexico next. Management targets US$100 million in revenue by 2030 and views well-executed refurbishment as critical digital-inclusion infrastructure for the region.

Led · Equity · Aug 2025

Stone is a Brazilian payments company that provides credit to small and mid-sized companies. It secured 295 million reais (about $53.4 million) in financing from IDB Invest to expand its credit offerings. The funds are earmarked to reach remote parts of the Legal Amazon and support business development across nine states, including initiatives aimed at women entrepreneurs. IDB Invest will also assist Stone in developing products tailored for women in remote areas such as the Amazon. Reuters reports the transaction was initiated over a year ago, before discussions about U.S. tariffs on Brazil. Stone describes the financing as a way to reach 'deep Brazil,' communities facing poverty, deforestation, illegal mining, land conflicts and governance challenges. Stone is a Brazilian fintech led by CEO Ilias Rigopoulos that specializes in receivables-anticipation services for MSMEs. The company secured a $467.5 million financing commitment from the U.S. Development Finance Corporation (DFC). The funds will be used to enhance receivables-anticipation offerings to improve cash flow and reduce default risks for small merchants. The financing is structured as a loan with a seven-year term and an initial six-month disbursement period. Stone’s strategy with the funding emphasizes support for businesses led by women or with majority female workforces, particularly in Brazil’s North and Northeast regions. The article notes strong demand for receivables solutions, with many of Stone’s clients already prepaying credit-card receivables in full, underscoring the market need the funding aims to address.

Participated · Series A · Nov 2022

CoreZero, founded in March 2020 by Jean Pierre Azañedo and Ignacio Bordigoni, operates a digital platform that generates carbon credits from food rescued by food banks and from wastewater treatment impacts. The platform plugs into partners' systems to track impact, uses blockchain for traceability, and works with third-party validators to certify credits. CoreZero currently sells credits on a case-by-case basis and has explored adding an on-platform purchase feature. The company reduced the time to generate a carbon credit from three years to about five months through digital automation and external validation. In 2022 CoreZero created 225,000 carbon credits and plans to generate at least 4.4 million over the next ten years. It is active in Mexico and Colombia with imminent expansion planned to Saudi Arabia, Qatar, and the U.S., and counts retailers, banks, and CPG companies among interested partners. The team totals 27 people, including three full-time employees in Miami.

Participated · Series B · Oct 2022

Elenas digitizes traditional catalog and door-to-door sales so independent sellers can browse hundreds of thousands of wholesale products, set markups and promote items via social channels like WhatsApp and Facebook. The company handles product sourcing, delivery and payment collection, and focuses on nonperishable categories such as beauty, personal care, home goods, fashion and electronics. Since launching, more than 100,000 women in Colombia and Mexico have sold over 2 million orders and earned millions of dollars on the platform; Elenas estimates 11 million women in Latin America sell via the traditional channels it is targeting. The company reports revenue grew more than 5x between Series A and Series B and says it has achieved a profitable and sustainable growth model in Mexico, which now represents over a third of its business. Headcount has more than doubled to 230 employees, and the company reaches 600 towns including rural areas not previously served. Plans include scaling the seller network in Colombia and Mexico, investing in engineering and product, and building seller business-management tools, product recommendations, CRM and financial services for an underbanked seller base. Elenas operates a mobile app and backend operating system that lets independent sellers browse a catalog of products (beauty, personal care, electronics) from more than 250 distributors and brands and sell them at marked-up prices via social channels. The company and its distributor partners handle payment collection and delivery, and neither Elenas nor the entrepreneurs hold inventory. Elenas provides automated onboarding and in-app training for sellers and reports it has paid out more than $7 million to its sellers. The platform says it supports tens of thousands of sellers (estimated >95% women; 80% under 30 and about a third without prior direct‑sales experience). Demand has grown amid high unemployment—particularly among women—and reduced in-person shopping during the pandemic. One of the company’s next steps is regional expansion across Latin America, beginning with Mexico and then Peru.

Participated · Debt Financing · Sep 2012

Alternative Insurance Company (AIC) is a Haitian multiline insurance company founded in 2001 that offers auto, commercial, homeowners, life, group health and micro-insurance products, including a funeral micro-product called Protecta. AIC sells both higher-end and lower-cost insurance targeted at middle- and low-income clients via a broad distribution network and emphasizes governance and responsiveness to clients. After honoring claims following the January 12, 2010 earthquake, the company has focused on growing its business and developing innovative offerings over the subsequent two years. The recent capital injections are intended to strengthen AIC’s capital base, support expansion of its product portfolio and help develop micro-insurance products and mobile payment solutions for low-income Haitians. AIC positions insurance as a tool for disaster preparedness and economic resilience in Haiti’s high-risk environment.