Enter, the Brazilian company that automates civil and labour litigation for large enterprises through its EnterOS platform, announced on 5 May 2026 a Series B of more than USD 100 million led by Founders Fund, at a post-money valuation of USD 1.2 billion. The company presents itself as Latin America’s first AI unicorn. It matters because it sets the price a syndicate of global funds is willing to pay for AI vertical software in the region when revenue growth is documented.
The transaction
Founders Fund acted as lead investor; Ribbit Capital, Sequoia Capital, ONEVC, Atlantico and Kaszek participated. The post-money valuation is USD 1.2 billion. The exact amount above USD 100 million, the instrument, whether there was a secondary component and the governance terms were not disclosed.
The round follows a USD 35 million Series A at a USD 350 million valuation in 2025. Between the two, the company reports revenue up more than tenfold and a client base that tripled. EnterOS processes more than 300,000 lawsuits a year and serves Bradesco, Nubank, Mercado Livre, Airbnb, LATAM, Azul and more than 40 additional companies.
Value drivers
Revenue growth verified by the syndicate. Multiplying revenue by more than ten between two rounds is the fact that supports the move from USD 350 million to USD 1.2 billion in valuation. In our reading, the valuation multiple grew far less than revenue, which indicates that price followed execution rather than narrative.
A use case with measurable volume. More than 300,000 lawsuits a year on a single platform give Enter proprietary data on procedural outcomes. In our reading, that volume is a higher barrier to entry than the underlying language model, which any competitor can license.
Clients that concentrate litigation. Banks, airlines and commerce platforms receive tens of thousands of claims a year in Brazil. Selling to those who concentrate the volume lowers the acquisition cost per lawsuit processed.
A syndicate of global funds with regional presence. Founders Fund, Sequoia and Ribbit bring the global signature; Kaszek, Atlantico and ONEVC bring coverage in Brazil and Mexico. In our reading, the combination makes a later round or a US exit easier.
What the market is signalling
For comparables in Mexico, the transaction shows that global funds pay billion-dollar valuations for Latin American vertical software when the use case has measurable volume and large corporate clients. Kaszek and Atlantico, both in the round, invest actively in Mexico; in our reading, a Mexican asset in legal automation, judicial collections or compliance with comparable metrics would have access to the same syndicate.
For Mexican founders, the relevant reference is the sequence: a Series A at USD 350 million with early metrics, a Series B at USD 1.2 billion with revenue up tenfold in about a year. For strategic buyers and financial sponsors, Enter’s valuation raises the reference price for any vertical AI asset in the region and, in our reading, makes it more likely that exits in the category happen through sales to global companies rather than regional consolidation.
G2’s reading for a mandate
A Series B mandate in AI vertical software should enter the process with the revenue series audited between rounds, volume processed per client, concentration of the top ten clients and a measurement of the outcomes the model produces against the manual alternative. With a global lead investor, the term sheet should be negotiated with attention to governance terms and to any secondary participation by Series A shareholders.
Sources
- Enter, 5 May 2026: Enter levanta mais de US$ 100 milhões e se torna o primeiro unicórnio de IA da América Latina
- Gunderson Dettmer, 5 May 2026: Founders Fund leads $100 million Series B for Enter
- Ecosistema Startup, 7 May 2026: Enter levanta $100M de Founders Fund: lecciones para founders