Enter Becomes Latin America's First AI Unicorn with $100M Series B at $1.2B Valuation
Tags AI · Enterprise
São Paulo-based legaltech Enter raised over $100 million in a Series B round led by Founders Fund, reaching a $1.2 billion valuation and becoming Latin America's first AI unicorn. Founded in 2023 by Mateus Costa-Ribeiro, Henrique Vaz, and Michael Mac-Vicar, Enter builds AI agents that autonomously handle litigation workflows from evidence discovery to settlement negotiation. The platform manages over 300,000 cases annually for clients including Santander, Mercado Livre, Nubank, LATAM Airlines, and Airbnb. About 30% of Enter's compensation is success-based; the rest is paid upfront for technology use. Sequoia and Founders Fund had previously co-led an earlier round in 2024, marking Sequoia's first Brazilian investment in over 12 years.
Technical significance
Enter's unicorn status marks a milestone for Latin America's AI ecosystem, demonstrating that the region can produce globally competitive AI companies. The legaltech focus — automating litigation workflows with AI agents — targets a massive market (Brazil alone has over 80 million pending lawsuits) with a business model that aligns incentives through success-based pricing. The participation of Sequoia and Founders Fund signals growing investor confidence in Latin American AI startups.