The recent expansion of technology investments in Brazil has shifted the interest of funds towards verticals previously underserved by the ecosystem. A survey by Distrito shows that, in 2024 alone, solutions focused on retail, industry, food, and the pet market generated more than R$ 3.8 billion in investments. This surge prompted Start Growth, a management firm founded in 2014, to officially expand its investment thesis to four new segments: Retail Tech, IndTech, FoodTech, and PetTech. The change addresses the demand from startups that have already validated their products and are now seeking capital and operational support to scale.
According to Marilucia Silva Pertil, co-founder of Start Growth and mentor for startups, the decision comes after observing the accelerated growth of these sectors in terms of digitization metrics, demand for efficiency, and expansion of consumption. “These verticals have evolved very quickly and today represent robust opportunities for highly scalable businesses. Our interest is in supporting founders who have already proven the problem they solve and need structure to gain traction,” she states.
The numbers reinforce the trend. In retail, Brazilian digital commerce is expected to exceed R$226 billion in sales by 2025, according to data from ABComm. In the industrial sector, the Global Smart Industry Survey indicates that 74% of companies plan to increase investments in automation and data analysis. The food sector continues its expansion: a Euromonitor study projects that the global FoodTech market should grow by more than 42% by 2027, driven by food safety, logistics, and smart solutions. Meanwhile, the Brazilian pet market, the second largest in the world according to IPB, reached R$76 billion in annual revenue, with strong demand for digital services and animal health management.
With the expansion of its thesis, Start Growth is now seeking startups that operate directly in these sectors with SaaS models, intensive use of data, automation, and a focus on operational efficiency. Marilucia emphasizes that the goal is not only to follow trends but also to support segments where technology is a critical factor for expansion. “What drives us is the maturity of the market. Each of these verticals presents very clear pain points, ready to be solved with technology. When there is a real problem, there is room for scale,” she explains.
In this new phase, the management company will evaluate solutions ranging from omnichannel and retail logistics platforms to industrial prediction systems, food marketplaces, traceability technologies, pet nutrition and health, as well as specialized management tools. The executive emphasizes that, regardless of the sector, three criteria remain non-negotiable: validated traction, clarity in the monetization model, and the founders' ability to execute. "Startups that don't master their indicators, such as CAC, LTV, and churn, rarely manage to scale. Our role is to step in when there is concrete potential and help structure the next stage," she says.
The expanded thesis will be incorporated into Start Growth's next investment batches, which maintains an accelerated selection pace. The asset manager uses the Start Growth Method, a structure that combines capital, operations, and market intelligence to accelerate businesses in up to two years and prepare them for new rounds. “The market is more selective, but the opportunities are there for those who solve real problems. These four sectors bring together urgent demands and room for growth. Our expansion reflects this reality,” concludes Marilucia.
