Who Just Bet Big on Argentina?

Hi, and welcome to a new edition of The Daily Dealflow — the 5-minute briefing that gives you clear context on capital flows and market-moving trends across the Americas, from Silicon Valley to Buenos Aires. Let's dive in.

🏆 Deal of the Day

Argentine fintech Cocos closed its first-ever outside round: $34M led by Kaszek, with Spice Expeditions participating, at a $508M valuation. Co-founders Nicolás Mindlin (president) and Ariel Sbdar (CEO) started the company in 2021 with $50K and grew it on reinvested profits; it now serves 2.5M users and 2,000+ companies.

Why This?: Kaszek, the fund behind Nubank, Creditas and QuintoAndar, is making its first big bet on a company whose business sits mainly in Argentina. The cash will turn Cocos into a digital investment bank at home and fund its jump into Brazil, the region's largest capital market.

Positive Context:

• Cocos was profitable before it took a single outside dollar. It reports $150M in annualized group revenue, more than $2B in assets under management and about $200B a year in client transactions.
• The bank license is already in hand: Cocos closed the purchase of 100% of Banco Voii on June 30 for about $20M, and Voii will be renamed Cocos Bank.

Zoom in: Kaszek was already a Cocos shareholder before writing this check. Warren's backers, including GIC, Citi Ventures and Kaszek, received Cocos stock in a share swap when Cocos agreed to buy part of Warren.

💰 Venture Capital

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Torus (US) – $500M, Series C, Utah energy-storage company launching Foundry, prefabricated units that bundle batteries, cooling and AI chips and drop 1 to 20MW of compute onto spare grid capacity. Magnetar led again, a year after its $200M check, and co-founder and CEO Nate Walkingshaw sums up the pitch as bringing "the chips to power" instead of waiting years for new grid hookups – The Next Web.

Nova (Brazil) – $24M, Series A led by Canaan, for a fintech that lets consumers pay rent, tuition and bills through Pix using the credit limit on cards they already own. CEO Rafael Matos is building a bridge between two rivals: Pix handled more than half of Brazil's retail payment transactions in the first half of 2026 – Axios.

Rox (US) – $100M, Series B at a $1.3B valuation, AI sales agents that each adopt one enterprise account and research it, flag follow-ups and draft outreach. General Catalyst and March Capital co-led, with Sequoia and GV returning. Co-founder and CEO Ishan Mukherjee is openly gunning for Salesforce, a $172B incumbent that is building its own agents – Dealroom.

Imprint (US) – $130M, growth round at about a $1.9B valuation, co-branded credit card and loyalty infrastructure for consumer brands, led by existing backer Khosla Ventures with Ribbit, Thrive and Hedosophia. Co-founded in 2020 by Daragh Murphy, Gaurav Ahuja and Michael Pechman, it now counts 2M+ cardholders and is betting loyalty cards are how retailers keep customers when AI assistants do the shopping – TechStartups.

Trampay (Brazil) – $44.8M, credit fund (FIDC) structured by TAG Investimentos so the fintech can make personal loans to app-based delivery workers. Workers with six months on a platform can borrow for up to six months at 6% to 7% a month, with no vehicle as collateral, and Trampay holds the junior shares that take the first losses – Dealroom.

🏛️ Private Equity

Sequoia Capital and SpaceX (US) – about $20B stake at issue, governance dispute over a board seat. Sequoia's partners were reportedly caught off guard when former senior steward Roelof Botha joined SpaceX's board in June. He did so without going through the firm's compliance process or getting partnership sign-off, and the seat could restrict when Sequoia can sell its roughly $20B SpaceX stake. The report comes days after co-stewards Alfred Lin and Pat Grady raised about $10B, closed the London office and shut down the Arc and Scouts programs, a reset the FT framed as undoing the Botha era – The Investor Society.

Pfizer and Blackstone Life Sciences (US) – up to $1.5B, R&D co-funding through 2028 for berobenatide, Pfizer's experimental once-a-month GLP-1 obesity drug. Blackstone gets no ownership and no say in the program. It is paid only through milestones tied to U.S. approval and sales, much like a co-signer who gets paid only if the drug succeeds – PMLiVE.

Loxam and Mills (Brazil) – control acquisition of 50.3% of Mills at $4.09 per share, a 22% premium, cleared by Brazil's antitrust regulator Cade without conditions. Mills is Brazil's leading equipment-rental company, with $460.5M in 2025 revenue. A tender offer for the remaining shares is expected and could take Mills off the stock exchange – Dealroom.

Entel and Millicom (Chile/Peru) – sale process. Chile's Entel hired an investment bank to sell its Peruvian unit, the country's No. 2 mobile operator with 10.5M customers, and Xavier Niel's Millicom (Tigo) is reportedly interested. The timing is unusual: the unit is finally performing well, with January–September revenue up 7% to $923.8M and EBITDA up 12.6% to $246.7M. Millicom already spent about $440M on Movistar Uruguay, $380M on Ecuador and $1.2B on Chile – Diario Financiero.

SpaceX and Grain Management (US) – about $8B (reported), acquisition of nationwide 800MHz spectrum from private equity firm Grain, pending FCC approval. Grain assembled the licenses for $2.9B in cash plus 600MHz licenses it gave up. CalPERS, which committed more than $500M to Grain, roughly doubles its money in little over a year. The spectrum feeds Starlink Mobile's plan to become a hybrid satellite and ground mobile network – Dealroom.

📈 Public & Capital Markets

Nvidia (Nasdaq) – CEO transition. Jensen Huang resigned after 33 years running the chipmaker he co-founded. CFO Colette Kress is interim CEO and keeps the CFO role, and former Synopsys CEO Harvey Jones became Nvidia's first-ever board chair. The board will consider internal and outside candidates, and Elon Musk said it would be an "honor" to hire Huang – CNBC. The resignation followed reports of extramarital affairs, including one with a woman U.S. officials deemed a Chinese spy – Fortune.

Coinbase (Nasdaq) – regulatory milestone. The largest U.S. crypto exchange won final OCC approval to become a nationally chartered trust bank, another step in crypto's integration with traditional finance – Dealroom.

Anthropic (Nasdaq: ANT) – IPO and private placement. Seven firms agreed to buy a combined $26.0B of shares at the IPO price, including about $10B each from Nvidia and Alphabet, alongside 825M shares offered at $70–$78. Pricing is expected Nov. 18 and trading Nov. 19 – The Motley Fool.

📅 ICYMI

As Nvidia's board weighed Jensen Huang's future late Wednesday, financial blog ZeroHedge posted "Elon please hire Jensen" on X. Elon Musk replied "That would be an honor," and the exchange drew close to a million views within hours.

Star Wars turns 50 in 2027, and Disney is turning the anniversary into a yearlong sales event: the original 1977 cut returns to theaters in February in IMAX 70mm, alongside anniversary collections from Hasbro, LEGO, adidas, Aston Martin and Steinway. The saga has grossed about $10.7B at the box office, while licensed merchandise has rung up an estimated $29B, almost three times as much.

Google's Intelligent Eyewear opened for pre-orders, built with Samsung, Warby Parker ($395) and Gentle Monster ($449). To win over skeptics, it redacts faces and uses an LED that can't be disabled.

See you tomorrow,

Katherine Castelán & Jose Kont
The humans behind The Investor Society