BRAZIL

Q U A R T E R LY R E P O R T

1Q 2023

DEAL OF THE QUARTER

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DEALMAKER Q&A

MARCELA HUERTAS
MCM CORPORATE – DILIGÊNCIAS E PROJETOS

FOUNDER OF MCM CORPORATE - DILIGENCE AND PROJECTS

· 8+ years leading Due Diligence Projects for investments in innovation and technology
(seed, early, and series A stages) for Venture Capital, Corporate Venture Capital and
Venture Debt holdings and Startups.
· Faculty member of the Trevisan Escola de Negócios (Trevisan Business School) M&A
and Equity MBA Program.
· 17-year career in Audit and Consulting Companies, including the Big Four, in the
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· Member of ABVCAP’s Venture Capital Committee.
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FUNDADORA DA MCM CORPORATE - DILIGÊNCIAS E PROJETOS

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(estágios seed, early e serie A) para gestoras de Venture Capital, Corporate Venture
Capital, Venture Debt e Startups.
· Docente no curso MBA em M&A e Equity da Trevisan Escola de Negócios.
· Carreira de 17 anos construída em Empresas de Auditoria e Consultoria, incluindo Big
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· Membro do Comitê de Venture Capital da ABVCAP.
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DEALMAKER Q&A

TTR: What are your main conclusions for the M&A market in 1Q23? TTR: Quais são suas principais conclusões para o mercado de M&A
What are the most relevant drivers for consolidating the M&A no primeiro trimestre de 2023?, Quais são os fatores mais relevantes
market in Brazil in the rest of the year? para a consolidação do mercado de M&A no Brasil no resto do ano?
The TTR data shows an expressive decrease in M&A operations compared Os dados do próprio TTR apontam uma queda expressiva das operações
to the same period in 2022. Venture Capital decreased by 50% in the
de M&A comparados ao mesmo período em 2022. Venture Capital teve
number of transactions. On the other hand, Corporate Venture Capital,
uma queda de mais de 50% no número de transações. Em contrapartida,
in global terms, had a slight decrease in deals; we can observe the rise of
o orporate Venture Capital em termos globais teve uma queda pequena
CVC.
de deals, podemos observar a crescente do CVC .
At MCM Corporate, we only work with diligent and realistic Venture Capital
Holdings, Corporate Venture Capital, and Startups; our target client is not $TXLQD0&0&RUSRUDWHVµDWXDPRVFRPSHUȴOGH*HVWRUDVGHVenture Ca-
adventurous. Therefore, I notice that the overexcitement of the adventurer pital, Corporate Venture Capital e Startups diligentes e realistas, não atende-
market does not undermine what mos aventureiros, então percebo que
was already in the pipeline of our a euforia do mercado aventureiro não
more realistic clients that have MORE DILIGENT fez abalar o que já estava no pipeli- EMPREENDEDORES
credibility and, as a consequence, are (175(35(1(856 ne dos nossos Clientes que são mais E GESTORES MAIS
well capitalized. I say that because 0$1$*(56$1' realistas e tem credibilidade portan- DILIGENTES E
we performed a higher number of to estão capitalizados. Digo isso pois
COMPANIES THAT EMPRESAS CADA VEZ
diligences than we are used to for realizamos um volume maior de dili-
INNOVATE MORE MAIS INOVANDO POR
this period of the year, and that is gências do que estamos acostuma-
because our clients have a more AND MORE THROUGH MEIO DE OPERAÇÕES
dos para esse período, e isso se deve
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DE M&A COM STARTUPS
we operate with Corporate Venture WITH STARTUPS AND XP SHUȴO PDLV FXLGDGRVR H WDPE«P E CONSTITUINDO SEUS
Capital, I don’t think that there’s a lack CONSTITUTING THEIR atuarmos com o Corporate Venture Ca- &9&ǵ66€280)$725
of capital for good entrepreneurs. CVCS ARE A CRUCIAL MUITO IMPORTANTE
pital, não acho que falta capital para
I believe this is a trend for the Brazilian )$&725)257+( bons empreendedores. 3$5$&2162/,'$„€2
Market: more diligent entrepreneurs, &2162/,'$7,212)7+( DO MERCADO DE M&A
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managers, and companies that M&A MARKET IN BRAZIL NO BRASIL
para o mercado brasileiro, empreen-
innovate more and more through
M&A operations with startups and dedores e gestores mais diligentes
constituting their CVCs – a crucial e Empresas cada vez mais inovando
factor for the consolidation of the M&A market in Brazil. Now it is time por meio de operações de M&A com startups e constituindo seus CVC´s,
for the real deal: the only ones to remain will be the sensible and diligent fator muito importante para consolidação do mercado de M&A no Brasil,
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DEALMAKER Q&A

managers, entrepreneurs, and companies who know how to deal and conscientes e diligentes e Empresas que saibam lidar e colaborar para o
collaborate seriously with the ecosystem. We are indeed maturing. ecossistema com seriedade, estamos amadurecendo.

775ΖQZKLFKVHFWRUVPLJKWLQWHUQDWLRQDOLQYHVWRUVȴQGWKHELJJHVW TTR: Em quais setores os investidores internacionais podem encon-

opportunities in Brazil? Why? trar as maiores oportunidades no Brasil? Por quê?

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us in moments of crisis. However, agribusiness has been undergoing a crises, mas o agro tem se transformado, não falamos mais apenas em
substantial transformation: we no longer speak only about commodities; FRPPRGLWLHVWHPRVXPYDORUDJUHJDGRTXH«DWHFQRORJLDXPPRPHQ-
we now provide an added value, which is technology. A moment of crisis for to de crise nas big techVWDPE«P«GH
the big techs is also a moment of great grandes oportunidades para as agte-
opportunities for the Agtechs. After the chsFRPDVGHPLVV·HVGHSURȴVVLRQDLV
AGTECH IS A $6$*7(&+66€2
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from the big techs, the Agtechs tão absorvendo boa parte dessa mão
have been absorbing a great deal of INVESTORS SHOULD OS INVESTIDORES
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WKLV TXDOLȴHG ODERU DQG LPSURYLQJ LOOK AT THE WORKS tecnologias voltadas para o agro. DEVEM OLHAR PARA
agribusiness-related technology. 2)639(1785(6+(5( OS TRABALHOS DA
Temos Gestores bastante competentes
,1%5$=,//:+,&+ SP VENTURES QUE É
We have very competent managers focados no agro aqui no Brasil, e nós da
focused on agribusiness here in Brazil. ,6$5()(5(1&()25 0&0 &RUSRUDWH WHPRV R SULYLO«JLR GH 80$5()(5‡1&,$'(
And at MCM Corporate, we have the INVESTMENTS IN atender uma das principais Gestoras INVESTIMENTOS NO
privilege of working with one of LATAN’s AGRIBUSINESS de agtech LATAM e vemos de perto o AGRO AQUI NO BRASIL
main Agtech Holdings and seeing quanto o agro não se abala tanto com
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easily undermined by crises. It is a large market, the sector’s investment vestimentos e as operações voltadas para o setor estão cada vez mais
and operations are each day more technological, and I do not see any tecnologicas e nao vejo euforia nesse setor, estão sempre trabalhando
overexcitement in this sector: it is constantly working with real needs, com necessidades reais, numeros reais, Clientes reais. As agtechs são um
real numbers, and real clients. Agtech is a success, and investors should sucesso e os Investidores devem olhar para os trabalhos da SP Ventures
look at the works of SP Ventures here in Brazil, which is a reference for TXH«XPDUHIHU¬QFLDGHLQYHVWLPHQWRVQRDJURDTXLQR%UDVLO3RGHPRV
investments in agribusiness. We can see this feat in the vertical of seed observar esse feito no relatório da vertical de investimentos seed e early
and early stages investments report of the TTR. stage do TTR .
Second, I would highlight the relevance of HealthTechs. In 2022, we Em segundo lugar destacaria a relevância das healthtechs. No ano de 2022
performed diligence in the health sector, and in 2023 we also started with DWHQGHPRVGLOLJ¬QFLDVQRVHWRUGHVD¼GHHWDPE«PLQLFLDPRVFRP
HealthTechs. I can see many well-prepared entrepreneurs in this sector healthtechs. Vejo empreendedores muito bem preparados nesse setor,

DEALMAKER Q&A
coming up with solutions for real health problems in Brazil, and making
clever use of data. Vox Capital is yet another Manager that is worth the
attention of investors operating here in Brazil as they are carrying out
diligent work in the health area
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Early and Series A Venture Capital investments in Brazil. What are
the prospects for this segment in the medium and long term?
The prospects for this segment are to continue growing and maturing.
These are stages that demand a lot from Venture and Corporate Capital
Holdings, but as I have already highlighted, we work with excellent early
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importance of having competent and well-oriented Holdings, once this
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I have noticed the growth of holdings, and their recurrence in 2nd or
3rd funds, besides the participation of the Venture Debt that does not
dilute the share participation and contributes a lot to the next raising and
the company’s strategy. It is also an instrument that also works as smart
money, and not less importantly, I see the growth of Corporate Venture
Capital in which big companies are also investing in these stages, or looking
for experienced managers to manage your Corporate Venture Capital. It
is a complex stage, but it is paramount for strengthening the ecosystem
and improving governance. In the medium and long term, we will have
even more experienced holdings and entrepreneurs who understand the
role of smart money. I also see that there is a slight confusion among
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and prepare themselves, start ahead and have more quality relationships
with risk capital holdings.
TTR: Continuing with the Venture Capital segment, we see that, after
the boom of 2021, the emergence of unicorns is slowing down and
solucionando problemas reais da saúde no Brasil e fazendo uso muito
inteligente de dados, a Vox Capital mais uma Gestora que vale a pena
investidores observarem a atuação aqui no Brasil pois estão desempen-
hando um trabalho diligente na área da saúde.
TTR: MCM Corporate é um dos principais assessores em Investimentos
de Venture Capital Seed, Early e Series A no Brasil. Quais são as
perspectivas desse segmento no médio e longo prazo?
Continuar crescendo e amadurecendo, são estágios que exigem muito
das Gestoras de Venture e Corporate Capital, mas como já destaquei aten-
demos excelentes Gestores Early stage que de fato oferecem o smart mo-
ney. Saliento sempre a importância de se ter gestoras competentes e bem
RULHQWDGDVSRLVLVVR«XPJUDQGHGLIHUHQFLDOSDUDRsmart money Gestoras
desinteressadas pouco ajudam o empreendedor. Desde que comecei em
2015 nesse setor percebo o aumento de Gestores, sua recorrências em
|RX|IXQGRVDO«PGDSDUWLFLSD©¥RGRVenture Debt que não dilui a par-
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papel como smart money e não menos importante vejo o crescimento do
Corporate Venture CapitalRQGHJUDQGHV(PSUHVDVWDPE«PHVW¥RLQYHVWLQ-
do nesses estágios ou buscanco Gestoras experientes para gerenciarem
seu Corporate Venture Capital,«XPHVW£JLRFRPSOH[RPDVH[WUHPDPHQWH
importante para o fortalecimento do ecossistema e aprimoramento da
governança, são os primeiros passos para transaparência e relação com
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perientes e empreendedores entendendo o papel do smart money, ainda
percebo uma certa confusão por parte dos Emprendedores em diferen-
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rápido essa diferença e se prepara sai na frente e tem relações de quali-
dade com Gestores de Capital de risco.
TTR: Continuando com o segmento de Venture Capital vemos que,
após o ‘boom’ de 2021, o surgimento de unicórnios está diminuindo

DEALMAKER Q&A
some are disappearing. What is your evaluation for this industry in
Brazil in 2023?
I believe that we are now in an actually normal course of operations.
What happened in 2021 was unusual and unhealthy – no ecosystem is
sustainable with unreal valuations, growth at any costs, hirings without any
criteria, etc. In sum, it was all completely disconnected from reality. Now,
we will continue growing, but in a much more realistic and responsible way,
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Here at MCM Corporate, we have already worked with solid operations
of 5 unicorn promises, and it is clear for us the kinds of operations and
entrepreneurs that have the potential to get there. However, getting there
is not for everyone – we need to stop romanticizing entrepreneurship
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problems, in real markets, and with real numbers. Not all operations have
the conditions and the market to become unicorns, and I don’t see that
as a problem. It’s pure vanity of some adventurous entrepreneurs and
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TTR: In terms of global prospects, how do you think what happened
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What are the main lessons for the players in this market?
That will require what should have always existed: consistency of operations,
focus on problem-solving, cash management of the entrepreneurs, and
more diligence from the Holdings. On the other hand, it will also require
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seems that we are living in an era of blindness in terms of risks. Let’s wait
for the report that FED will present on May 1st and understand possible
failures in risk management.
TTR: What will be MCM Corporate’s main challenges in Brazil in the
upcoming months?
e alguns estão desaparecendo. Como você avalia essa indústria no
Brasil em 2023?
Acredito que agora sim estamos no curso normal das operações, o que
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ecossistema se sustenta com valuations fora da realidade, crescimento a
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Agora vamos continuar crescendo mas de forma mais consciente e rea-
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ture Debt, por exemplo. Aqui na MCM Corporate já atendemos operações
sólidas de 5 promessas de unicórnios e podemos perceber operações e
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essa chegada, precisamos parar de romantizar o empreendedorismo e
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as operações tem condições e mercado para virar unicórnio e não vejo
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TTR: Em termos de perspectivas globais, como você acha que o
ocorrido com o Silicon Valley Bank afetará o mundo do Venture
Capital? Quais são as principais lições para os players desse mercado?
Exigirá o que sempre deveria ter existido, consistência das operações,
foco na solução de problemas, geração de caixa e não por parte dos Em-
preendedores e maior diligência por parte das Gestoras e por outro lado,
maior governança e compliance por parte das Instituições Financeiras,
parece que estamos vivendo uma era de uma cegueira em termos de
riscos. Vamos aguardar o relatório que o FED apresentará em 1º de maio
e entendermos eventuais falhas na gestão de riscos.
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Brasil nos próximos meses?

DEALMAKER Q&A
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is a big problem for our entrepreneur ecosystem; distorted information,
while intentional or not, gets in the way of capitalist Holdings when
separating good from bad businesses. Therefore, educating the market
about these matters, so that we have more transparent and consistent
businesses that are ready to get investments, is a big challenge. MCM is
here to help educate entrepreneurs and accountants to provide honest
and realistic information through our diligence and throughout Corporate
Education. I teach MBA in programs of M&A and Equity, and I always tell
my students that we need to elevate the level of our technical discussions
so that we can create a transparent and trustworthy ecosystem – in a way
that the new digital economy continues to solidly and diligently work and
grow through M&A, Equity, and Debt.
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preendedor, informações distorcidas intencionalmente ou não atrapal-
ham Gestores Capitalistas de separarem os bons dos maus negócios,
então educar o mercado sobre esses temas para termos negócios mais
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contadores para demonstrarem informações verdadeiras e realistas por
meio das nossas diligências e por meio da Educação Corporativa, minis-
tro aulas em MBA nos cursos de M&A e Equity e sempre oriento meus
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Economia Digital continue cumprindo seu papel e crescendo por meio de
M&A, Equity e Debt de forma sólida e diligente.
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