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The Brazil-based Contabilizei, founded by Endeavor Entrepreneurs Vitor Torres and Fabio Bacarín, announced a third round of investment this September led by e.Bricks Ventures, with participation from Kaszek Ventures and Endeavor Catalyst. Contabilizei is the leading the tax reporting and accounting automation service for small and medium-sized businesses (SMBs) in Brazil, replacing manual accounting practices with a proprietary web and mobile-enabled service.
“With the addition of e.Bricks and Endeavor Catalyst, we’ll invest in the improvement of services for thousands of clients and in the expansion of our business to attend more commerce companies” said Vitor Torres, CEO of Contabilizei.
Based in Curitiba, Brazil, the two-year-old company is disrupting a highly bureaucratic and complex market, in which Brazilian SMBs spend an average of 2,600 hours/year declaring and paying taxes. After more than one year working with the local Endeavor team in Brazil, Torres and Bacarín were selected as Endeavor Entrepreneurs at the May 2016 ISP in Madrid, Spain.
Contabilizei has quickly grown to be the market leader in Brazil for online accounting and tax reporting software, with a team of 70 people and a base of thousands of clients spread through 30 cities across Brazil, including the main capitals. By automatizing the accountability routines, Contabilizei reduces the costs associated with reporting for SMBs by even 90 percent, according to a study of clients that migrated to our service. The company can also set up a business for free, leading to additional savings of almost US$ 302 to new entrepreneurs.
“Endeavor Catalyst is thrilled to be participating in this round for Contabilizei, who we believe are solving a very big problem for small businesses in Brazil,” said Allen Taylor, managing director of Catalyst. “We are super-impressed with Vitor and Fabio as founders — they are exactly the kind of High Impact Entrepreneurs that Endeavor looks to support all around the world!”
This marks Endeavor Catalyst’s fifth investment in Brazil overall and first from the state of Paraná. It is Endeavor Catalyst’s 38th investment to date. Read more about Contabilizei by clicking here.
Endeavor Catalyst is the innovative co-investment fund of Endeavor, set up to invest exclusively in Endeavor Entrepreneur-led companies and to sustain Endeavor’s long-term operations in a mission-aligned way. Since launching in January 2012, Endeavor Catalyst has raised $35M in philanthropically donated and invested capital, and invested into 40 Endeavor companies in 15 countries. To date, Endeavor Catalyst has co-invested alongside a number of leading venture capital and growth equity funds, including Accel Partners, General Atlantic, NEA, Sequoia Capital and Tiger Global. Investments include Globant (NYSE: GLOB) in Argentina; Yemeksepeti.com (acquired by Delivery Hero) in Turkey and Ruma in Indonesia.
Learn more about Endeavor Catalyst by clicking here.
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