SPACInsider contributor Henrique Santa Rosa this week compiled his three favorite potential SPAC targets among potential targets in Brazil. We look at why they are compelling and why each could be a fit for a blank-check merger.

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Brazil is both South America’s largest economy and most populous, making it a ripe target for SPACs. But, more than that, it is a hot market where the demand from target companies wishing to list on US exchanges matches the potential opportunities in key sectors.

It has been over three years since the last traditional IPO on Brazilian Stock Exchange (B3), and Brazil’s equity markets represent a huge step down from the liquidity and depth seen in US exchanges. While the US markets had an average daily trading volume of about $300 billion in the exchanges in 2023, the B3 saw volumes closer to $5 billion – a 60:1 disparity.

This liquidity gap limits valuation multiples and capital access for Brazilian firms, especially those in growth sectors. There is also a strong benefit for Brazilian firms to link themselves to the US market as a way out of the monetary and interest rate climate back home. Inflation of the Brazilian real dropped recently to about 4.4% in part because of moves by the central bank to increase rates recently as high as 14.75%.

But, despite those headwinds, SPACs shopping in Brazil should find plenty to like.

In 2023, Mercato Partners combined with B2B software consolidation platform Nuvini (NASDAQ:NVNI) and HPX took emergency response firm Ambipar (NASDAQ:AMBI) public, each of which aimed to use their SPAC combinations as a launch pad for aggressive growth strategies.

Last week, Nuvini closed on the first of four acquisitions it plans to execute in 2025, while Ambipar has used its listing to accelerate its international expansion, particularly in Europe, where it grew net revenues +56.8% in the first quarter of 2025.

Zanite also touched upon the Brazilian market in 2022 in spinning off eVTOL developer Eve Mobility (NYSE:EVEX), which is headquartered in Florida but whose parent and majority shareholder is Brazilian aviation giant Embraer (NYSE:ERJ). Papaya Growth I followed a similar path, announcing a combination last month with petroleum refiner PX Energy, which is majority owned by Brazilian state oil giant Petrobras (NYSE:PBR).

Potential SPAC Targets

Agriculture: AgriBrasil

The strong dollar against the Brazilian Real can disadvantage the agriculture sector in Brazil because many inputs like fertilizers and pesticides are imported, putting pressure on producers’ margins. However, Agribrasil Global Markets SA also benefits from the exchange rate, because its goods are primarily exported to international markets where they are more price-competitive, while bringing back foreign currency revenue to the company.

It is headquartered in São Paulo with a wholly-owned subsidiary in Switzerland and branches in several Brazilian states. Its operations focus on sourcing soybeans and corn, both genetically modified and non-genetically modified, purchased directly from cooperatives, resellers, and large producers in the country’s interior.

AgriBrasil manages the entire logistics and risk chain, ensuring high levels of corporate governance and therefore better readiness to become a public company.

Companies like AgriBrasil could also be beneficiaries of recent recent trade turbulence. Brazil was hit with the lowest level tariff of 10% in US President Donald Trump’s now-postponed “Liberation Day” trade duties, so it is dealing with greater certainty than most markets even if that full list is slapped back into effect on in July.

That could be an advantage both for goods going into the US, but also for Brazilian agricultural commodities on the global stage if major American exports like soybeans and corn are hit with reciprocal tariffs by other trade partners. Brazil’s trade surplus has been forecast to increase in the coming year, which, in addition to growing harvests, the Chinese demand for soybeans, corn, and meat that would otherwise go to the U.S. may shift toward Brazil.

Technology: Inbazz

In recent years, influencer marketing has become an integral component of brand strategies in Brazil. A 2024 survey from Statista revealed that approximately 76% of marketers in the country have incorporated influencer marketing into their communication plans, underscoring the increasing dependence on social media-driven marketing.

As businesses seek more efficient ways to manage influencer campaigns, Inbazz has emerged as an innovative Brazilian company specializing in brand ambassador communities, including creators and influencers. The platform enables companies to monitor and manage all influencer-generated content related to their brand while streamlining campaign execution, performance tracking, and payment management. It also simplifies the onboarding of brand ambassadors, enabling businesses to efficiently review profiles, assess social media metrics, and approve partnerships with precision.

A key strength of Inbazz is its ability to structure gamified campaigns, where companies define content goals, select social media platforms, and establish rewards and incentives. The platform automates post tracking, capturing engagement metrics in real time without the need for additional social listening tools. Additionally, it integrates payment processing, ensuring accurate commission calculations and invoice generation. It further connects directly with e-commerce and ERP systems, allowing companies to automate product shipments to influencers, streamlining logistics and reducing operational inefficiencies.

With Brazil among the world’s largest social media markets, the demand for structured ambassador programs is rapidly growing as companies explore innovative ways to enhance customer engagement. Inbazz, already partnered with major retailers across industries like coffee and beauty, capitalizes on this shift toward organic, peer-driven marketing by offering a scalable, tech-powered solution to optimize influencer campaigns.

Energy & Utilities: Órigo Energia

Órigo Energia is a leading player in Brazil’s distributed generation market, specializing in solar energy solutions. The company operates under an “energy as a service” model, providing solar power to consumers without requiring an upfront investment in solar panels. Instead, Órigo offers solar energy through subscription contracts—an increasingly popular trend in Brazil—and serves over 100,000 clients across more than 1,200 cities.

Órigo’s subscription-based model aligns well with the rising demand for renewable energy in Brazil, where electricity prices are high and consumers are seeking more affordable alternatives. As the global focus on sustainability intensifies, Órigo is strategically positioned to cater to both individual and business needs for clean energy. The Brazilian market for solar energy is itself expected to grow significantly, with Brazilian solar energy association Absolar projecting +26% growth in Brazil’s solar generation capacity in 2025.

The company’s business model is highly scalable, allowing for rapid expansion across Brazil and potentially into other Latin American countries. Additionally, Órigo’s position within the renewable energy sector makes it an attractive prospect for global investors, especially given the current boom in green energy investments. Companies like Energisa and CPFL Energia, which have successfully transitioned to renewable energy, highlight the growing interest in Brazil’s clean energy market. Órigo Energia is well-positioned for long-term growth, thanks to a favorable regulatory environment and its strong focus on solar energy, making it an attractive option for capital markets.