Brazil-based venture capital fund Caravela Capital reached a first close of its early-stage Latin America-focused fund Caravela Capital II with a USD50m target. The fund’s first investment includes Franq Open Banking, a Brazil-based digital platform for consumer banking with financial products from over 50 institutional organizations.

Caravela was founded in 2019 and has invested in 24 companies. The first fund reached a USD20m close and has invested in companies such as Caju, Mottu, Logcomex and Emcasa.