The J Curve Insider: How AgriTech is Becoming LATAM’s Hidden Unicorn Factory

♢ Featuring: Francisco Jardim, Founder, SP Ventures

♢ Interviewed by: yours truly ♡

How Brazil Quietly Became the Global AgTech Powerhouse

Olga Maslikhova: Francisco, you’ve been bullish on AgriTech for over a decade. What unique dynamics make Brazil and Latin America the epicenter of AgTech innovation?

Francisco Jardim: The numbers speak for themselves. Brazil is:

🌽 The #1 global exporter of soybeans, corn, sugar, ethanol, beef, poultry, coffee, and cacao.
💸 A $100B agricultural credit market (yes, just credit alone).
👏🏻 A country that went from being a net food importer in 1976 to one of the world’s top food producers today.

Yet, what blows my mind is how undervalued AgTech still is—the ecosystem is full of structural inefficiencies begging for disruption.

OM: Why has no one else seen this opportunity as clearly as you?

FJ: Honestly? Because most investors are obsessed with what’s sexy—FinTech, SaaS, consumer apps. But they overlook where the real money is made.

Agriculture in LATAM is not just big, it’s world-class in both volume and productivity. Brazil alone produces two to four harvests a year (compared to just one in the U.S.). That means:

１ More complexity → Farmers must be far more sophisticated than their U.S. counterparts.

２ More capital needed → Credit markets in Ag are enormous.

３ More opportunity for tech → AI, data-driven farming, FinTech for Ag—this is where the next billion-dollar exits will happen.

The $50B Tech Gap in AgTech

OM: So if the market is this massive, why aren’t there any AgriTech unicorns yet?

FJ: Because most tech in this space is still built for the wrong markets. Take U.S. AgTech startups—they’re designed for temperate agriculture (one crop cycle a year, stable seasons, low biological risk).

Meanwhile, Brazil runs on tropical agriculture:

🌽 Year-round planting → No downtime = higher tech adoption.

🐜 More diseases, pests, and soil management challenges → Solutions from the U.S./Israel simply don’t work here.

🚌 Logistics is a nightmare → 80% of Brazil’s farm output moves via highways, not rail or river (which is insane).

This is why foreign AgTech startups fail in Brazil—they don’t have product-market fit. It’s a structurally local industry.

The Hottest AgriTech Investment Sectors

OM: If you were starting an AgTech company today, what would you bet on?

FJ: Three massive opportunities:

１ Agri-FinTech → $100B Market in LATAM

• Farmers need credit to operate, but traditional banks don’t understand climate, biological, and commodity price risks.

• New startups are disrupting credit underwriting with better data models and alternative financing structures.

• Example: We invested in GoFlux, a logistics platform that turned into a SaaS-enabled FinTech—truckers on the platform can discount receivables instantly instead of waiting for payments.

２ Biological Inputs → The Future of Sustainable Farming

• AgChem giants like Bayer and Syngenta have a problem: pesticides are becoming ineffective.

• Biological inputs (microbial solutions, natural fertilizers) are exploding as an alternative.

• Our portfolio company Genica grew 100x since we invested—recently hitting a $100M valuation with Mitsubishi leading their Series C.

３ AI for Farming

• AI is already transforming AgTech.

• Example: Our portfolio company uses satellite imaging + AI to track cattle weight gain across massive pastures.

• AI is cutting logistics, labor, and resource costs across the entire industry.

AgriTech M&A: The ROI No One Talks About

OM: One thing investors always ask—what are the real returns in AgTech M&A?

FJ: Here’s what no one tells you—AgTech M&A delivers outsized returns compared to most VC-backed exits.

For example, in Genica’s Series C led by Mitsubishi:

• Our investment return multiple was 22X on invested capital.

• Just months later, the company received a buyout offer at a 25X multiple—which management declined.

The key takeaway here is Winning AgTech startups exit at massive multiples.

Lessons from FinTech & E-Commerce Unicorns

OM: What can AgTech founders learn from Brazil’s biggest startup successes?

FJ: Two major lessons:

♢ The Power Law Applies—Winner Takes Most

• The first startup to achieve scale in AgTech will dominate.

• Agrolend is a great example—they are executing like Nubank, building network effects before competition catches up.

♢ Liquidity Planning is Critical

• LATAM doesn’t have the IPO exit certainty of Silicon Valley.

• M&A is the real endgame—and strategic buyers (Mitsubishi, Yara, Syngenta) are hungry for Brazilian AgTech deals.

Practical Advice for AgTech Founders

OM: If you could give one piece of advice to AgTech founders raising capital today, what would it be?

FJ: Think about your burn rate and capital strategy differently.

• Blitzscaling doesn’t work in Ag. Farmers adopt tech on seasonal cycles, not daily transactions like SaaS.

• You can’t just throw VC money at the problem—capital efficiency is key.

• Plan for long sales cycles, conservative burn, and patient growth.

AgTech isn’t a quick flip—but the upside is massive. The best founders today will build the next generation of billion-dollar LATAM startups.

The insider's edge

Every major tech revolution starts with data that shifts the way we think—and AgTech is no different. These slides tell the story of why AgTech in LATAM is an unstoppable force and why investors are waking up to the opportunity.

Brazil’s Agribusiness Growth vs. GDP → Over the last decade, Brazil’s agribusiness sector grew 51%—while the country’s GDP barely moved at 3%. The economy struggles, but AgTech keeps accelerating.

💡 Brazil’s Agribusiness Growth vs. GDP ➡️ Over the last decade, Brazil’s agribusiness sector grew 51%—while the country’s GDP barely moved at 3%. The economy struggles, but AgTech keeps accelerating.

💡 Agribusiness is 25% of Brazil’s Economy ➡️ One-quarter of Brazil’s entire economy is powered by agribusiness, making it a foundational pillar of national growth.

💡 AgTech’s Network Effects Are Kicking In ➡️ The ecosystem is maturing, and syndicates of top-tier investors are forming. If you think AgTech is still an emerging play, you’re already late.

Final Takeaway

AgTech in LATAM is the best-kept secret in VC—a $100B+ market with structural barriers to foreign competition and huge demand for innovation.

Francisco sees this as the greatest moment ever for AgTech entrepreneurs.

🚀 Want to get in early?

• Follow The J Curve for more deep dives.

• Subscribe to The J Curve Insider for exclusive founder insights.

• Let’s build the next LATAM unicorns together.

If this email was forwarded to you?

🎙 The J Curve is where LATAM’s boldest founders & investors come to talk real strategy, opportunity and leadership. Follow us for deep dives on the most exciting markets in tech.