ONEVC Raises US$38M to continue to partner with world-class founders; announces 15 investments and one new partner
We are pleased to announce the final close for our first fund, ONEVC FUND I LP, with US$30M under management, combined with US$8M invested in special opportunities. Since founding ONEVC in November of 2017, we have partnered with 15 exceptional teams. We are more excited than ever to continue to align with world-class founders, building category-defining companies in both Silicon Valley and Latin America and are grateful for the opportunity and trust our LPs and founders have placed on us.
ONEVC is pleased to welcome Bruno Yoshimura as a new full-time general partner of the firm, alongside Pedro Sorrentino and Arthur Brennand. Bruno will be primarily based out of São Paulo. Bruno recently graduated from Stanford Graduate School of Business. Prior to that, he was the co-founder of Delivery Direto, the first company to raise capital from Accel in Latin America and was recently acquired by Locaweb. Bruno has been a founder since he was 15 and has been involved in numerous internet companies from a young age, both as a founder and later as an angel investor.
Fifteen portfolio companies and counting
Since starting to invest this first fund we made fifteen investments, thirteen inside the core fund and two special opportunities. With offices in San Francisco and São Paulo, ONEVC is a Seed and Series A firm focused on bridging Latin America and Silicon Valley. We invest in both geographies acting as a strategic partner for US companies that want to become global early and Latam founders that want to connect with Silicon Valley, either to set up offices here or raise capital from US-based VCs.
Two companies were foundational for the beginning of ONEVC: Rappi, and Pipefy. We were able to partner with Rappi, by making a commitment to Simon, Sebas, and Felipe to help them open their operations in Brazil, by hiring the first set of local employees. We continued to be involved in further financing rounds, investing and making connections for the founders and are honored to be a part of their journey. To-date Rappi raised over US$1.4B from Softbank, Sequoia Capital, DST, Andreessen Horowitz and others.
Our story with Pipefy was similar, but instead of helping them set up an office in Brazil, we were deeply involved in hiring the first 2 employees of the company in San Francisco. From day 1, Alessio Alionço, Pipefy’s CEO wanted to start a global company and we continued to connect him with other partners in the US that ended up investing in follow on rounds of the company. In August of 2019, Pipefy closed a US$45M Series B, led by Insight Venture Partners.
Our investment heuristic
ONEVC invests from pre-seed through Series A from its flagship fund, writing US$350k-1.5M checks. Exceptionally, we will also invest in later-stage deals, structuring special purpose vehicles that are primarily offered to our LP base. We have a concentrated portfolio construction approach, opting to invest in fewer companies than your average seed firm, given the tactical nature of our value-add work and general involvement with our founders and management teams. Once we partner, we help our portfolio companies in three primary ways: raise more capital, recruit talent and sell. We believe if we serve our entrepreneurs with excellence in these 3 areas, there will always be a place at the table for our firm.
We didn’t do it on our own
We would like to thank all of our LPs, advisors, founders, and mentors that helped us get to this point in our journey as emerging managers. Deep in our identity, there is a close group of partners that have known each other for almost a decade before starting the firm. Prior to forming ONEVC we partnered with 71 founders and were fortunate enough to have had 27 exits in less than 5 years, returning almost 8x, cash on cash, in companies like Gympass, Quinto Andar and Creditas.
We were able to personally anchor our first fund, having almost five times more skin in the game in our deals than your average emerging manager. Nothing would be possible without our founders that believed in our ability to make a difference in their journeys to build revolutionary companies.
As the only seed firm to have a presence in Silicon Valley and São Paulo we are excited about the opportunity in Venture for the next decade. Now is the perfect time to build a cross-border seed firm between the US and Latam.