Por Stiven Cartagena
August 28, 2026
For many startups, raising capital doesn't end when they secure their first round of funding. The challenge comes afterward: finding the resources needed to hire talent, develop technology, and begin scaling the business. It is precisely in this phase that Sebrae's Fundo Germina seeks to expand its reach.
The fund doubled its assets to R$200 million (US$38.5m) after Sebrae São Paulo announced a contribution of R$100 million during the 2026 Startup Summit in Florianópolis. This amount is in addition to the R$100 million initially contributed by Sebrae Nacional in October 2025.
The expansion comes as the Latin American venture capital market begins to rebound, though under stricter criteria than during the boom years. According to LAVCA, funds invested US$2.2 billion in early-stage rounds in Latin America during 2025, the highest annual amount for this stage since 2022. However, capital is becoming concentrated in fewer companies: between 2023 and 2025, follow-on rounds accounted for 50% of all early-stage investments.
For Sebrae, this scenario makes it even more important to have mechanisms in place to support startups beyond their early stages. Germina was designed precisely to fill that gap within the institution's financing strategy.
In this context, Germina aims to fill a specific niche within a startup's financial journey.
Germina operates as a fund of funds. Instead of investing directly in startups, it allocates resources to Private Equity Investment Funds (FIPs), which then select the companies that will receive the capital. BTG Pactual is responsible for managing the fund.
According to Giovanni Beviláqua, coordinator of Access to Credit and Investments at Sebrae Nacional, the model is part of a broader financing strategy. Other Sebrae instruments serve businesses in even earlier stages, while Germina steps in when companies have already reached a certain level of development and require larger investment amounts.
"Germina is already geared toward companies that are a bit more advanced or a bit larger. Within our strategy to support financing, it represents a second stage, involving larger amounts and larger investments," Beviláqua explained to Contxto during the Startup Summit.
So far, Germina has invested in five funds, which in turn have allocated capital to 20 companies. The goal is to add two more funds before the end of 2026 and reach at least 200 funded companies over the fund's entire investment period.
The fund has a ten-year lifecycle and concentrates its main investments during the first five years.
The strategy is also not limited to a single industry. Among the investment themes considered by Sebrae are the bioeconomy, social impact businesses, women's entrepreneurship, and technology-based companies, including deep tech firms.
"Our scope is quite broad. We accept investments in companies across a very wide range of investment and business theses," noted Beviláqua.
The R$100 million contributed by Sebrae-SP will be allocated to funds that invest in startups in São Paulo, while the funds contributed by Sebrae Nacional can reach innovative companies in any Brazilian state.
São Paulo's participation also opens up a new possibility for the investment vehicle: incorporating other state-level Sebrae offices and progressively increasing the capital available for investment.
"This fund has the capacity to invest nationwide. In this second phase of Germina, we are presenting the project and inviting Sebrae branches from other states to participate in this structure, thereby increasing our capacity to support innovative Brazilian companies," stated Beviláqua.
Capital, however, is not the only component of the program. Companies can also access Sebrae's support structure, which includes mentoring, consulting, guidance, and internationalization projects.
"Our role is not limited to simply acting as investors in investment funds, but also to providing these companies with the full range of Sebrae's support for business development," explained the executive.
Sebrae also clarifies that the funds used in Germina come from the institution itself, which is a private entity and not a Brazilian public agency.
This initiative comes as Latin American venture capital recovers some of its activity, albeit with greater discipline in capital allocation. LAVCA notes that nearly 500 Latin American startups raised their first round of venture capital during the 18 months leading up to its 2025 report, but it also identifies a lower rate of companies that manage to advance to subsequent rounds.
For Germina, the challenge lies precisely in supporting this transition: making more capital available to companies that have already moved beyond the initial stage and need resources to develop technology, hire talent, and scale their operations.
