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§ Venture Capital · Sao Paulo, Brazil
Venture capital firm funding early & growth startups in Latin America, focused on technology and sustainable business.
Key people at Citrino Ventures.
Citrino Ventures is a venture capital firm based in São Paulo, Brazil, that invests in early-stage and growth-stage technology startups across Latin America. The firm focuses on technology and sustainable business sectors, specifically targeting companies operating in human resources technology, logistics, financial technology, manufacturing, agricultural artificial intelligence, big data, and environmental, social, and governance solutions. By providing capital and leveraging strategic connections from large corporations, the fund actively manages a diversified portfolio of 11 regional startups. The firm's investment portfolio includes equity stakes in notable Latin American technology companies such as CarBigData, Upflux, Cromai, Deep ESG, and Infleet. The organization primarily targets seed and early-stage equity investments, recently backing the vehicle monitoring and fleet management platform Infleet in May 2024. Citrino Ventures was officially founded in 2022 by its co-founder and managing partner Wikings Machado.
Citrino Ventures is a venture capital firm founded in 2022 that specializes in early-stage investments, primarily focusing on startups in Latin America with a strong presence in Brazil and offices in Palo Alto and São Paulo. The firm emphasizes a hands-on approach, providing not only capital but also strategic support, go-to-market assistance, and access to new geographies for visionary entrepreneurs. Citrino Ventures operates with a Corporate Venture Capital (CVC) as a Service model, leveraging resources from large industrial and tech players in Latin America to build and support the global entrepreneurial ecosystem. Key sectors include technology-driven startups with a focus on sustainability, digital transformation, and efficiency improvements, notably in the oil and gas value chain[1][2][3][4].
Citrino Ventures was established in 2022, emerging as a young but ambitious VC firm with backing from some of the largest tech and industrial players in Latin America. The founding team positioned the firm to bridge corporate resources and startup innovation, aiming to foster scalable technologies and operational efficiencies. A notable evolution in their focus includes managing a $21 million fund dedicated to startups that enhance the oil and gas sector’s efficiency, sustainability, and digital transformation, reflecting a strategic alignment with Brazil’s industrial strengths. Key partners include corporate venture capital specialists like Vitor Hugo Oscar, with backgrounds in established CVC teams such as Embraer’s, underscoring the firm’s strong industry connections and expertise[2][3].
Citrino Ventures is riding the wave of increasing corporate interest in venture capital as a strategic tool to foster innovation and operational efficiency. The timing is favorable due to growing demand for sustainable and digital solutions in traditional industries like oil and gas, especially in Brazil’s resource-rich economy. By focusing on startups that can transform industrial processes and sustainability practices, Citrino is positioned at the intersection of technology and industrial modernization. Their role extends beyond capital provision to actively shaping the ecosystem by connecting startups with corporate partners and facilitating innovation adoption in large-scale operations[2][3].
Looking ahead, Citrino Ventures is likely to deepen its focus on sectors where corporate innovation needs are acute, such as energy transition technologies and AI-driven industrial solutions. As the global push for sustainability intensifies, Citrino’s portfolio and strategic partnerships could expand to include more startups addressing environmental impact and operational efficiency. Their influence may grow as a key enabler of Latin America’s tech ecosystem, bridging startups and large corporations to accelerate innovation adoption. The firm’s hands-on model and strong network suggest it will continue to be a significant player in early-stage venture capital with a corporate innovation edge[2][3].
In summary, Citrino Ventures stands out as a dynamic, corporate-linked VC firm fostering innovation in Latin America’s industrial and tech sectors, with a clear mission to support startups that drive efficiency and sustainability in traditional industries.
Citrino Ventures has 4 tracked investments across 2 companies. The latest tracked deal is $7.5M Series A in Infleet in September 2025.
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| Sep 19, 2025 | Infleet | $7.5M Series A | Canary Ventures, Citrino Ventures, Indicator | Blustone, DOMO Invest, Endeavor Scale UP |
| Sep 1, 2025 | Pointsville | $10.0M Series A | Citrino Ventures | Accel, Alumni Ventures, Jenny Fielding, Scott Hartley, Matterscale Ventures, Monashees, Mundi Ventures, Demetrios Christofidis JR, Paolo Ardoino, Edward Wible |
| Jun 10, 2024 | Infleet | $1.9M Other Equity | Indicator Capital | DOMO Invest |
| Apr 24, 2023 | Infleet | $990K Other Equity | Citrino Ventures | Bossanova Investimentos, DOMO Invest |
Key people at Citrino Ventures.