Brazilian venture capital firm Valutia has closed its first institutional fund and is sharpening its focus on backing Brazilian founders who want to build global companies. The manager, led by partners Bruno Lino and Kiko Lumack, has raised $10.6 million after a fundraising process that began in October 2023. With the vehicle now in place, the firm is moving to deepen a strategy already tested through early bets such as Music AI’s Moises and corporate wellness unicorn Wellhub, formerly Gympass.
Fundraising Milestone
Valutia’s inaugural fund is designed to write checks of between $300,000 and $1 million in startups founded by Brazilians from pre-seed through Series A stages. The capital comes from around 100 limited partners, a relatively high number given the challenging macro context of elevated global interest rates. Those rates have weighed on startup valuations but, in Valutia’s view, created more attractive entry points for disciplined investors and increased openness among technology companies to new capital.
Strategy and Portfolio
Although the fund has only just completed its raise, Valutia has already signed 10 deals since its creation, building a portfolio that illustrates its cross-border thesis. Music AI’s Moises app is the best-known name in the lineup, while customer operations startup Wehandle is the most recent addition, closing an investment in September 2025. Over the next five years, the managers plan to back roughly 10 additional companies, with two new deals expected by December and about half of the fund’s capital still available for deployment, ahead of a planned second fund launch between 2027 and 2028.
Moises as a Flagship Case
Founded by Brazilian entrepreneur Geraldo Ramos in the United States, Music AI owns Moises, an AI-powered platform that allows musicians and producers to separate and manipulate audio tracks. In January 2025, the company raised $40 million in a Series A round led by Monashees and Connect Ventures, with Valutia contributing a $1 million check alongside other backers. For Lino and Lumack, Moises encapsulates the profile they want to support, Brazilian founders building globally scalable products from day one and competing in advanced technology segments like artificial intelligence.
Navigating a Tougher VC Climate
Valutia’s partners are open that raising a first-time fund in the current environment has not been straightforward, especially when it comes to convincing LPs who do not participate in day-to-day management. Higher rates have made traditional fixed income relatively more attractive and pushed many investors to reassess risk appetite, which contributed to a compression of valuations across startup markets. Yet the firm argues that this reset benefits long-term investors, since lower entry prices and less crowded rounds can improve return potential while giving funds like Valutia more negotiating power and time to perform due diligence.
Evolving Investment Thesis
Valutia’s thesis did not emerge in a vacuum, but was shaped by Lumack’s earlier angel investments in companies such as Wellhub, Docket, Idwall and Zenklub, where he saw Brazilian founders building globally relevant businesses. Initially, the firm considered concentrating on startups from Brazil’s Northeast region, but the success of Moises reinforced the case for a broader focus on Brazilians operating abroad or targeting international markets from Brazil. Today, the fund centers its efforts on founders who combine strong technical and product capabilities with the ambition to scale globally, with partner Eduardo Fuentes joining Lino and Lumack to bring complementary experience and networks across Brazil, Portugal and other hubs.
With its first $10.6 million fund closed, Valutia is positioning itself as a bridge between Brazilian entrepreneurial talent and global capital markets. The portfolio built so far, anchored by Music AI’s Moises, suggests the manager will keep betting on founders who aim immediately beyond the domestic market and are comfortable operating in competitive international arenas. As it deploys the remaining capital and prepares a second fund later in the decade, Valutia will be tested on its ability to turn a thesis rooted in Brazilian talent into consistent exits and a repeatable global track record.