This investment round marked Cedro Capital’s sixth investment Exit.
Belo Horizonte, June 7, 2023
Onfly S/A, a leading provider of an end-to-end corporate travel management and expense management platform, is pleased to announce that it has successfully completed a R$80 million investment round.
Belo Horizonte-based Onfly has experienced significant growth since its launch in 2018 and has stood out as an innovative solution for managing corporate travel and expenses. Its advanced, intuitive platform offers comprehensive features that help companies of all sizes optimize their processes, reduce costs, and increase efficiency.
The R$80 million investment round will further strengthen Onfly’s prominent position as the leading traveltech in the brazilian corporate travel management market. The funds raised will be used to accelerate the development of new features, improve the technological infrastructure, and expand the company’s presence in new markets.
In this round, Cedro Capital, the investor in Onfly since 2020, is celebrating the success of its sixth investment EXIT. The Brazilian Venture Capital firm has surpassed the >110% return mark for its first investment fund with its first six exits, including the investment in Onfly. This milestone reaffirms Cedar Capital’s commitment to identifying and supporting innovative startups, driving their growth and achieving exceptional results and returning profitability for investors.
“For the employee, we deliver the best experience, making it possible to make a reservation in just one minute. For the financial manager, we provide real-time visibility of all these expenses, eliminating spreadsheets, endless e-mail exchanges, and phone calls with travel agencies,” says Marcelo Linhares, co-founder of Onfly.
Onfly has demonstrated outstanding performance over the years and has earned the trust of a growing base of corporate customers. With this new investment round, the company is well positioned to achieve even more expressive growth and continue improving its offer to meet market demands.
Cedro Capital now has 16 companies in its portfolio, and has recently started a new Venture Capital investment cycle with the GovTech Fund, aimed at investing in companies that will bring digital transformation to public services.