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Outcast Capital is a Brazilian early-stage venture capital firm that specializes in the agri-food value chain across Latin America. Founded in 2020 by José Rodolpho Bernardoni and Thiago HC, the firm officially launched its operations in 2022. The founders, who come from food operations backgrounds rather than traditional finance, aim to support innovative startups in agriculture and related sectors. This unique perspective allows them to understand the challenges and opportunities within the agri-food ecosystem.
The firm has a target fund size of $25 million and aims to build a portfolio of approximately 20 companies over two years. Outcast Capital is based in Brazil, focusing primarily on the local startup scene, which includes around 450 of the 600 mapped regional startups. The firm has raised 15% of its fund from Brazilian family offices, indicating a strong local investor base.
Notable milestones include the successful exit of Hypnobox for $29 million and significant investments in companies like Covalenty, which raised $15 million. Outcast Capital's commitment to the agri-food sector is reflected in its strategic initiatives, such as the 'Capital Track,' a resource mapping investors in Brazilian startups.
Outcast Capital's investment strategy centers on the agri-food value chain, encompassing sectors such as agriculture, supply chain, retail, consumer services, and biotechnology. The firm invests at various stages, including pre-seed, seed, and Series A, typically writing checks of around $150,000, with an average investment of R$2–3 million. Approximately 60% of the fund is reserved for follow-on investments, allowing them to support portfolio companies through multiple funding rounds.
The firm emphasizes the science behind capital acquisition, providing insights and strategies to help startups secure investments from angel investors and venture capital funds. Outcast Capital generally co-invests alongside lead funds rather than leading rounds, which allows them to leverage the expertise of established investors while supporting strong operators in the agri-food sector.
Outcast Capital's thesis has evolved from a pure foodtech focus to a broader agri-food strategy, reflecting the founders' understanding of the market and investor preferences. This adaptability positions them to identify and invest in promising startups that may not fit traditional tech definitions but have strong operational foundations.
Outcast Capital has built a diverse portfolio of 20 companies within the agri-food sector. Notable investments include:
This portfolio reflects Outcast Capital's commitment to investing in innovative companies that are transforming the agri-food landscape in Brazil and beyond.
José Rodolpho Bernardoni - Co-founder. Bernardoni previously founded GoLight, a healthy snack delivery service, which was later sold to Sapore. His extensive experience in food operations informs Outcast Capital's investment thesis.
Thiago HC - Co-founder. HC's background details are less documented, but he plays a crucial role in shaping the firm's strategy and operations.
Miriam Yokoyama - Contributor. Yokoyama brings expertise in the agri-food sector, contributing to the firm's investment decisions and portfolio management.
Edson Rigonatti - Contributor. Rigonatti's background in venture capital and startup ecosystems enhances Outcast Capital's operational capabilities and strategic insights.
Startups interested in pitching to Outcast Capital should visit their website at outcast.capital. The firm prefers pitches that include a comprehensive overview of the business model, market analysis, and details about the founding team. A clear articulation of the startup's value proposition and growth strategy is essential.
Response times may vary, but founders can expect to hear back within a few weeks after submitting their pitch. Outcast Capital encourages warm introductions, as they value connections within the industry.
In 2022, Outcast Capital launched its first fund with a target size of $25 million, focusing on the agri-food value chain in Brazil. The firm has successfully raised 15% of its fund from Brazilian family offices.
Outcast Capital has been active in the startup community, providing resources like the 'Capital Track,' which maps investors in Brazilian startups. This initiative demonstrates their commitment to supporting growth and facilitating connections within the agri-food sector.
Notable portfolio activity includes the exit of Hypnobox for $29 million and Covalenty's successful fundraising of $15 million, highlighting the firm's ability to identify and support high-potential startups.
What are Outcast Capital's investment criteria?
Outcast Capital focuses on startups within the agri-food value chain, including agriculture, supply chain, retail, consumer services, and biotechnology. They invest at various stages, primarily pre-seed to Series A, and look for strong operational teams with innovative solutions.
How can startups apply or pitch to Outcast Capital?
Startups can pitch to Outcast Capital through their website at outcast.capital. They recommend including a clear business model, market analysis, and details on the founding team in the pitch deck.
What makes Outcast Capital different from other venture capital firms?
Outcast Capital differentiates itself through its founders' operational backgrounds in the food industry, providing unique insights into the agri-food sector. Their focus on the science of capital acquisition also sets them apart, as they offer strategic guidance to startups seeking funding.
What is the geographic scope of Outcast Capital's investments?
The firm primarily focuses on Brazil, where they have mapped approximately 450 startups, but they also consider opportunities across Latin America.
What is the typical check size for investments?
Outcast Capital typically invests around $150,000 per startup, with an average investment of R$2–3 million. They reserve about 60% of their fund for follow-on investments to support portfolio companies in subsequent rounds.
What is Outcast Capital's post-investment involvement like?
Outcast Capital actively supports its portfolio companies through strategic guidance, leveraging their expertise in fundraising and growth strategies. They often co-invest alongside lead funds, providing additional resources and insights to enhance the success of their investments.
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