Eduardo Bentivoglio
- The mapping initiative led by EloGroup spotlights startups that combine purpose, technology, and impact — the pillars of an increasingly mature ecosystem driving digital transformation in Brazil.
- Now in its 8th edition, the award reflects the advancement of Brazilian entrepreneurship, recognizing companies that have moved beyond early-stage uncertainty to scale innovative solutions.
- The selected startups signal the consolidation of a progressively fertile environment for investment and disruption, building their technology foundations on AI, sustainability, and innovative business models.
The 8th edition of 100 Startups to Watch, an initiative promoted by Pequenas Empresas & Grandes Negócios (PEGN) and Época Negócios in partnership with EloGroup and Innovc, aims to identify the companies with the greatest potential to generate impact at scale in the coming years, on a clear upward trajectory in 2025. The awards ceremony, held in October, highlighted the country’s most promising companies in entrepreneurship, technology, and innovation — those demonstrating strong growth in revenue, user base, adoption of disruptive technologies, or significant fundraising, thereby contributing to the long-term sustainability of Brazil’s business ecosystem.
“This initiative gives startups visibility and acknowledges the hard work they put into getting a company off the ground. But more than that, the award serves as a deal catalyst,” says Jaime Frenkel, Partner at EloGroup. According to him, technologies such as AI are rapidly expanding the frontier of what is possible. In this context, it is strategic for large corporations to engage directly with the startups developing these solutions and integrate them into their ecosystems.
Methodology
This edition received 1,955 applications. Only validated submissions — following research by EloGroup and review by the STW committee — advanced to detailed evaluation. The selection process comprised several stages, including:
- Questionnaire design and criteria refinement.
- Application period opening.
- Broad-based outreach and active startup scouting.
- Engagement of “ambassadors” to broaden participation.
- Multi-criteria assessment (conducted by EloGroup consultants).
- Shortlisting of finalists (200 companies), with a mandatory diversity requirement across the founding team (gender, race, sexual orientation, or disability).
- External jury evaluation (Phase 2).
- Jury deliberation to validate the final list of 100 selected companies.
- Publication of the list in PEGN, Época Negócios, and partner outlets.
Startups were assessed across five dimensions (scored 1 to 5 each): degree of innovation, market potential, business model, team quality, and solution maturity.
Key trends and highlights for 2025
In the lead-up to the 2025 edition, EloGroup and PEGN hosted a series of preparatory sessions, broadcast live on YouTube and social media, covering topics of high relevance to Brazil’s innovation ecosystem.
In June, the focus was on the Brazilian power sector, with emphasis on the role of startups in the energy transition, new infrastructure, and grid digitization. In July, the spotlight shifted to healthcare, highlighting innovation challenges, telemedicine, regulation, and the need to adapt business models to Brazil’s reality. In August, the conversation turned to the impact of artificial intelligence (AI) on Brazilian startups, debating whether AI adoption is still optional or already a survival imperative. In October, the series concluded with a deep dive into retail, examining how fintechs, omnichannel strategies, and digital personalization are reshaping the relationship between businesses and consumers.
Together, these discussions offered a strategic panorama for the 2025 edition, demonstrating that the intersection of technology, sector specialization, and scale lies at the heart of Brazilian innovation. The standout startups are those that not only deliver technological solutions but also operate with a clear business model, data-driven operations, and the capacity to collaborate with large enterprises and institutions.
In summary, Brazil’s innovation ecosystem closes the first quarter of the 21st century more mature in its ability to reward the convergence of purpose, technology, and impact — and this award is the definitive barometer of that movement.
“Generative AI primarily accelerates prototyping speed and the ability to deploy scalable models. We are seeing startups that shorten cycle times and reduce costs — which is highly attractive to large enterprises,” notes Jaime.
By mapping a robust base of innovative startups, it becomes possible to bring these companies closer to large corporations — as strategic partners, innovation suppliers, or investment targets. “One of the most rewarding aspects of the 100 Startups to Watch initiative is the direct contact with entrepreneurs and the solutions that are transforming business in Brazil. By bridging the startup ecosystem and the corporate world, we generate value not only for the startups but also for EloGroup’s clients seeking real innovation,” adds Jaime.
The 2025 100 Startups to Watch — Full List
Agribusiness: Agrosmart, Doroth, Revella, Zeit Soluções em Inteligência Artificial
Construction: FastBuilt
Education: BeConfident, Edusense, Estuda.com, Lingopass
Energy: HAI – Hybrid AI, Protium Dynamics
Financial Services: Capital Empreendedor, Ume
Social Impact: Connecting Food, ESG Now, Food to Save, Perto Digital
Industry: Anti-Algas Soluções Ambientais, Bioinfood, Biolinker, Biosab Leveduras, Harumi, Infinite Foundry, Noleak Defence, Nude., NUU, Pix Force, Subiter, TerraNova – Controle Microbiológico, Trackfy, Yágua Tecnologia
Legal: InspireIP, Jusfy, Linte
Marketing & Sales: HubLocal, Manycontent, Mention, Yapoli
Environment: Alga, Carbon Free Brasil, T&D Sustentável, Tropiko, Vertown, Yattó
Health & Wellness: Abraço, Bee Touch, Blindog, Brain4Care, Carefy, Covalenty, Eleve Science, Glia Innovation, Grupo AME, Guia da Alma, Kidopi, Lees Skincare, Neomed, Oncotag, Onkos Diagnósticos Moleculares, PBSF – Protecting Brains & Saving Futures, Petgenoma, Salvus Tecnologia, Shaped 3D, SYN Saúde, Warux Health, Weecaps
Insurance: Granto Seguros, Justos, Mutuus Seguros, Tech Trail Modelagem de Dados
Services: Arquiteto de Bolso – Upik, Loyalme, Regenera Moléculas do Mar
Technology: A4 Solutions, Acaso, Avra, Cogtive, Dootax, Fiibo, Forza Composites, GreenPlat, IBBX, Jestor, Neowrk, NeuralMind, Nilo, ObraSoft, Octágora, Proffer, PX Data, TissueLabs, Unico Skill, Wehandle
Transportation & Logistics: Carteiro Amigo Express, Frota 162, SuperFrete, Synkar Autonomous
Retail: Complete Magazine, Maloka, Twiggy
EDUARDO BENTIVOGLIO is Senior Writer and Editor at EloInsights
