In a major boost for Brazil’s tech-driven food industry, Cayena, a B2B marketplace that streamlines transactions between food suppliers and buyers, has raised $55 million in a Series B funding round. The round was led by Bicycle Capital, an investment firm co-founded by Marcelo Claure and Shu Nyatta, both former SoftBank Group executives. Other key participants in the round include Picus Capital, FEMSA Ventures, Astella, Globo Ventures, Endeavor Catalyst, Canary, FJ Labs, Clocktower, and Norte Ventures. The influx of capital is intended to accelerate Cayena’s plans to expand its platform to an additional 500 cities across Brazil, transforming the way businesses procure food supplies in Latin America’s $200 billion wholesale food market.
A Game-Changing Partnership with Bicycle Capital
For Bicycle Capital, this marks one of their first major deals since raising their Latin American-focused fund. The firm typically invests between $20 million and $50 million in Series B and later-stage companies, and Cayena represents a critical piece of its investment strategy. Marcelo Claure, one of the most prominent figures in Latin American venture capital, has also invested in other Brazilian startups, including the motorcycle rental firm Mottu.
Cayena’s co-founder Raymond Shayo underscored the strategic importance of this partnership, noting that Bicycle Capital’s expertise and resources are perfectly aligned with Cayena’s growth ambitions. “We engage when we think that the fund can really be a game changer and a great fit for the company,” Shayo said. “And we thought this was exactly the case with Bicycle Capital. They’re the best partners we could have for this next phase of growth.” This partnership allows Cayena to expand its market presence and leverage Bicycle Capital’s industry knowledge.
A Tech-Driven Solution to a Fragmented Market
Founded in 2020 by Gabriel Sendacz, Pedro Carvalho, and Raymond Shayo, Cayena was created to address the inefficiencies in Brazil’s food supply chain, which had remained largely untouched by the digital transformation that had swept through other industries. The company operates a B2B marketplace connecting food suppliers with a wide range of buyers, including restaurants, hotels, grocery stores, catering companies, and bars. Cayena’s platform offers a comprehensive catalog of 50,000 products, next-day delivery, and flexible payment options that are particularly beneficial for businesses facing tight cash flow.
One of the company’s key innovations is its asset-light business model, which means Cayena does not own the products or manage logistics directly. Instead, it partners with existing distribution networks and logistics companies to fulfill orders. This approach enables the startup to remain agile and scalable while helping distributors improve their efficiency through digital inventory management.
Additionally, Cayena provides an AI-driven credit approval system, offering businesses access to R$2 billion in credit. This is particularly advantageous for small and medium-sized enterprises (SMEs) in the food industry, many of which struggle with cash flow and financing issues. Cayena not only extends credit to its clients, often offering several weeks to pay but also guarantees payment to suppliers, even if the buyer defaults, providing a layer of security that is rare in this market.
Growth Trajectory and Expansion Plans
Since its inception, Cayena has demonstrated exponential growth, with sales increasing fivefold year-over-year since 2021. By the end of 2024, the company expects to hit $200 million in annual sales, a testament to the rapidly increasing demand for its platform. Currently operating in 100 cities, Cayena plans to expand to 500 additional locations across Brazil by 2026, significantly broadening its footprint in the country’s food supply chain.
Cayena’s long-term vision also extends beyond Brazil, with plans to eventually expand to other Latin American markets. Given that the region’s wholesale food market is valued at around $200 billion annually, the startup is eyeing opportunities to replicate its success in other countries.
Data and Technological Innovation
One of the most valuable aspects of Cayena’s operations is its ability to generate and leverage data. By facilitating millions of transactions between buyers and suppliers, Cayena collects a wealth of data on purchasing patterns, consumer data, and market trends. This rich dataset can be monetized by offering retail media solutions to major clients like Heineken, FEMSA, and Grupo Accor. These insights allow suppliers and distributors to optimize their operations, better understand consumer behavior, and fine-tune their marketing strategies across different regions.
Cayena’s focus on technology doesn’t stop there. With almost 200 employees, including around 70 tech specialists, the company is continuously enhancing its platform. The goal is not only to improve user experience for its core clients—restaurants and suppliers—but also to bring more digitalization and organization to the broader food logistics market. By digitizing the procurement process, Cayena is helping streamline one of the most fragmented sectors in Latin America.
The Road Ahead
Cayena’s vision is clear: to be the go-to platform for food businesses in Brazil and, eventually, across Latin America. By addressing a major gap in the B2B sector and providing solutions that enhance efficiency, transparency, and financial flexibility, the company is positioned for continued success.
With its $55 million funding round and a powerful partnership with Bicycle Capital, Cayena is set to not only scale its operations in Brazil but also make a lasting impact on Latin America’s food supply chain. As the startup continues to grow, it has the potential to revolutionize how food procurement is managed, creating a more efficient, data-driven, and digitalized marketplace for suppliers and buyers alike.
This combination of strategic investment, cutting-edge technology, and a robust growth strategy sets the stage for Cayena’s ongoing success in reshaping the food distribution industry in Latin America.
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