Canary was founded in 2016 by Marcos Toledo, building what has become one of the most active early-stage venture firms in Latin America. The firm's own description of its dealflow is striking: it says it sees more than 90% of venture opportunities across the region, has analyzed more than 6,000 companies to date, and has invested in over 30% of those that went on to raise a Series A in Brazil - a level of market penetration few regional funds can match. Canary runs a deliberately hands-on model, acting as what it calls a genuine 'co-founder' to portfolio companies across hiring, technology, business development, and fundraising, and has backed 135-plus companies including three unicorns, one IPO (Méliuz), and 11 acquisitions, with a reported 2024 founder Net Promoter Score of 94.
Méliuz's IPO on Brazil's B3 exchange - Canary counts the cashback and fintech company among its key portfolio successes, alongside continued backing of 99 and Clara