The Venture Codex

Participated · Equity · Nov 2025

Founded in June 2021 by Jorge Vargas Neto, Fernando Ricco, Vanessa Muglia and Marcelio Leal, BHub delivers a full-stack back-office-as-a-service platform that bundles accounts payable/receivable management, payroll, accounting, finance and legal support under a monthly subscription model. The company is layering artificial intelligence across these workflows while also partnering with and acquiring traditional accounting firms to expand reach and automation capabilities. Since launch, BHub has completed 20 acquisitions—10 in the past 12 months—including the recent purchase of Agrocontar, which focuses on agribusiness accounting. Management reports a compound annual growth rate above 260 % over the last four years, improving gross margin and EBITDA, and the business has reached profitability. With its current trajectory, BHub aims to become the fifth-largest player in Brazil’s accounting market, trailing only the Big Four. The company intends to double revenue by 2026 and subsequently pursue a Series B. Proceeds from the latest round will fund technology development and the hiring of additional AI talent.

Participated · Series B · Nov 2024

Minu is a Mexico-based B2B2C employee benefits platform that provides more than 50 benefits, including earned wage access, telehealth, and prepaid cards. The company was co-founded in 2019 by Nima Pourshasb, Rafael Niell and Paolo Rizzi and uses gamification to incentivize savings and better financial hygiene. Minu serves roughly 2,000 employers and about 1 million users. It integrated earned wage access into Citibanamex’s retail app and expanded its offerings after acquiring Plerk. The Series B proceeds will fund new financial and physical health features and HR tools such as surveys, and support expansion of sales and customer-success teams across Mexico. Minu aims to grow headcount to 150 employees by year-end and is on track to hit profitability by the end of the year.

Participated · Seed · Jun 2023

Clivi operates a digital clinic that connects patients with endocrinologists, nutritionists and psychologists and delivers monitoring, treatment plans and supplies (glucometers, test strips, blood testing kits) and medication. Users can access care via their preferred communication channel (for example, WhatsApp) and the company balances human clinicians with technology to increase adherence and daily decision support. Health plans start at MX$790 per month, though the average patient pays about MX$40 per month with private insurance. Since going live in October 2021, Clivi says thousands of patients have used the platform, 94% achieved diabetes control within six months, and the company is adding roughly 2,000 new patients per month. The company reached $2 million in annual recurring revenue over the past 15 months and expects 10x growth in the next 12 months. Over the next five years Clivi plans to serve 1 million people, finish its product including AI automation to increase clinician capacity, expand work with enterprises and public health organizations in Mexico, and then roll out to other Spanish-speaking territories in the region.

Participated · Seed · May 2022

TopUp Mama operates a B2B e-commerce and logistics platform that sources supplies from distributors and farmers, aggregates items in cold-chain warehouses, and handles last-mile delivery to restaurants and food vendors. The company offers short-term credit (a buy-now-pay-later product) to help merchants restock and grow, and has developed a food delivery platform to help restaurants manage operations and connect with consumers. TopUp Mama launched in Nairobi and also has operations in Nigeria; it was co-founded in February 2021. The startup grew tenfold in its first year and reports over 3,000 merchants on its platform, with about 1,000 active users placing orders every month. Financially, it closed a $1.7 million seed round in March, bringing total capital raised to $2.16 million. Over the next few years the company aims to become the go-to supplier for 50,000 businesses in Kenya and Nigeria and to be the largest grocery distributor in Africa targeting restaurants.

Participated · Series A · Nov 2021

GajiGesa provides earned wage access (EWA) to underbanked Indonesian workers and offers an employer app, GajiTim, for integrated employee management. Its flagship EWA product lets workers withdraw wages immediately to increase liquidity and reduce reliance on predatory lenders. GajiTim supports management of part-time, full-time and gig workers and the company touts it as Southeast Asia’s first and largest integrated employee management solution. GajiGesa works with more than 120 companies across sectors and says GajiTim has over 200,000 users; a company survey found over 80% of employees stopped using informal lenders and 40% are using other financial services on the platform. The team has doubled in size over six months to more than 50 employees. The startup raised $6.6M in a pre-Series A and previously closed a $2.5M seed round; it plans to use the latest funding for product development, expansion across Indonesia and entry into new Southeast Asian markets. GajiGesa offers Earned Wage Access (EWA) and other worker-focused financial services via an app that integrates with employers' HR and payroll systems. Through the app, workers can access earned wages immediately, track earnings, pay bills, buy prepaid cards and access financial education resources. The company does not charge interest or require collateral because users are pre-approved by their employers; employers can choose to charge fees or offer the service as a benefit and gain workforce analytics. Since launching in October 2020, GajiGesa has added more than 30 employers and serves tens of thousands of workers. Founders Vidit Agrawal and Martyna Malinowska bring fintech and operational experience from Uber, Stripe, Standard Chartered’s SC Ventures and LenddoEFL. The startup says demand for its EWA solution has been "insatiable" during COVID-19 and positions the platform to support employers and employees long-term; it recently completed a seed fundraising round.