KASZEK led USD3m round for Exactly, an Argentine decentralized finance platform building a credit protocol on Ethereum, with participation from NXTP, Sur Ventures, 6th Man Ventures, Maker Growth, Baires DAO, 11-11 DG Partners and Newtopia VC. Angels Marcos Galperin (Mercado Libre), Matias Woloski (Auth0) and JP Thieriot (Uphold) also participated. This is KASZEK’s second known investment in a crypto startup.
(CoinDesk) – Kaszek, a leading Latin American venture capital fund, made its first decentralized finance (DeFi) investment, leading a $3 million round in Exactly, a startup that is building an open-source, non-custodial credit protocol on the Ethereum platform.
“We see a gigantic emerging opportunity in DeFi, which will change the financial landscape in unimaginable ways in the years to come,” Hernán Kazah, Kaszek’s co-founder and managing partner, said in a statement, adding that the investment is part of two recently raised funds totaling $1 billion.
This is Kaszek’s second investment in the crypto ecosystem. In December 2020, the firm co-led with QED a $62 million Series B round in Mexican exchange Bitso and joined a $250 million C round in Bitso in May.
Exactly CEO Gabriel Gruber told CoinDesk the firm will use the funds to build the protocol and team, which includes hiring smart contract engineers.
Exactly’s platform will enable lenders and borrowers to access fixed income solutions as a first step, and longer term, help connect DeFi to traditional financial institutions, according to Gruber.
In addition to Kaszek, the round also included 6th Man Ventures, Maker Growth, Baires DAO, 11–11 DG Partners, Newtopia VC, NXTP Ventures and Sur Ventures.
Marcos Galperin, the founder of Latin America’s largest online marketplace, Mercado Libre, participated as an angel investor along with Uphold CEO JP Thieriot and Auth0 CTO and co-founder Matias Woloski, among others.