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Brazilian Automotive Startup Raises R$8 Million Investment. OCTA’s Seed Round Was Led by VOX Capital, Along with Other Investors.
The OCTA, a Brazilian company that transforms the automotive chain into a circular economy, received an investment of R$ 8 million through a fundraising led by the impact investment manager VOX Capital, along with other co-investors. The funding will be used to expand the technology, product, and sales teams and to launch products that complement the supply of used parts and enhance the concept of circularity on the startup’s platform.
‘The Opportunity Is Huge in Economic Terms’, Says OCTA CEO
Co-created by Fisher, a leader and reference in Venture Building in the country, OCTA is a company that transforms the automotive chain into a circular economy, creating bridges between fleets that have vehicles that for some reason are no longer serving their purpose—whether they are inactive, damaged, burned, or scrapped—directing them to Vehicle Dismantling Centers (CDVs), responsible for proper dismantling with good technical practices, providing the end consumer with parts that meet quality standards at affordable prices.
According to the company, only 10% of the total number of vehicles is correctly allocated for recycling in Brazil, whereas in the U.S. and Europe, this percentage exceeds 80%. “The opportunity is enormous in economic terms, but it also brings a great potential for reducing vehicle theft and CO2 emissions from the chain, as well as improving access to more economical, fair, and green vehicle maintenance,” stated Arthur Rufino, CEO of OCTA.
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OCTA’s goal is to create a new market in Brazil to divert the current consumption of parts from illegal dismantling operations to companies committed to good practices, generating benefits for the economy, public safety, and the environment. The startup achieves this through the active sale of vehicles to dismantling centers and is developing the sales channel for used parts to the market, aiming to close the circularity of the fleet by the end of this year.
Plans for the Coming Months
In the coming months, OCTA plans to launch a marketplace for used parts with guarantees of quality and origin to fleets. This product aims to close the circularity for customers. Furthermore, the company will increase the team in areas such as technology, products, and other sectors.
The company launched the first phase of its circularity solution for the automotive chain in September 2021 and in the first 6 months of operation has already generated over R$ 2 million in transactions, enabling the reuse of parts and recycling of more than 650 tons of metals, preventing the emission of 800 tons of CO2.
More than 100 companies are already part of the OCTA network, including fleets and CDVs. By the end of the year, OCTA aims to grow by about five times, reaching the mark of 500 registered companies, facilitating the reuse and recycling of 3,000 tons of metals through its platform and having over 30 employees.
Third Investment for Expansion in Brazil
“Since the conception of OCTA, we envisioned the need to have an investor with solid experience in high-performance impact construction and its narrative. We are very proud to have VOX Capital as this partner, a pioneer fund in Impact Investment, validating the quality of what we have built so far and fostering the transformation we will bring to society and the automotive chain,” says Daniel Oelsner, executive at Fisher.
This is OCTA’s third investment; in 2021, the startup received R$1 million in its first round (pre-seed), comprised only of individual investors. Currently, the startup was one of those selected by Google for the Black Founders Fund, an initiative that invests financial resources, without any equity participation, in startups founded and led by black individuals in Brazil.
“Facilitating circularity in the automotive parts market has enormous potential, but it is a very specific segment, and to change and digitize it, one needs to know it well. Together, Arthur and Daniel built a structure that is familiar with the market, has a perception of the importance of social and environmental impact, experience in creating digital businesses, and a track record of exits. In addition, both recruited excellent professionals to make up the team,” points out Rafael Campos, portfolio manager at VOX Capital.
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