Why long-term investments to generate impact?

Our Venture Capital funds (Vox Impact Investing I and II) invest in startups with exponential growth potential that, as its core business, aim to improve access to basic services such as education, health and financial services - all contributing to reduce social inequalities. These startups, in order to reach both their expected financial return and impact potential, need time to responsibly develop and mature their business.

2 Venture Capital EN

Even though it is the 9th largest economy in the world,

Brazil occupies the 9th place in the ranking of countries with the greatest social inequality.


of students finish high school without basic math knowledge.


of the population lives on less than 9 USD per day.


of the population does not have access to health insurance.


of the population does not have a bank account.

Source: DIEESE, 2019 & CDE Plan 2018


Our investment thesis

For VOX Capital, the positive social impact of our investments is as important as the financial return they yield. We know that investment decision-making goes beyond the notions of risk and return, and externalities are always prone to society. To invest in an organization means that we are actively working for it to exist in the future and gain relevance. Consciously or not, every company generates an impact on society in the search for results, whether it is a negative or positive impact.

Our investment thesis seeks to identify real social problems faced by the Brazilian low-income population, which can be tackled through innovative business models.

We are looking for companies that work with innovative solutions directly or indirectly in the education, health and financial services sectors, and that contribute to the reduction of social inequalities among the highest income classes and classes C, D and E in Brazil. Our portfolio companies work especially with the 64% of the Brazilian population that have a family income below 868 USD per month, which is the necessary minimum to access what the minimum wage
seeks to cover.
Nossa tese de investimento



assets under management



of people





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“Our first impact investment was made through Vox Impact Investing II about 2 years ago and we are very impressed by the companies' selection capacity, professionalism, technical capacity and mainly by the performance of the selected companies, showing that the impact oriented companies have the same potential for financial return as other Venture Capital funds"

Ricardo Salomão
Green Rock

After all, what is the difference that these invested businesses make?

Sanar is an edtech that provides quality and affordable educational material for students and healthcare professionals. Through an online platform, the company offers content that supports the improvement of the individual performance of professionals in order to make them more productive and assertive throughout the entire career journey.
Brazil Journal
In recent years, Sanar has evolved in offering online education solutions to healthcare professionals and has been doubling its operations year after year. Among the different lines of business, the Sanar Residência, a preparatory course aimed at newly graduated doctors who seek specialization in their areas of expertise, has shown significant results. The course, up to ten times cheaper than the other alternatives in the market, is recognized for its high quality.
The approval of 105 students has already been registered in the most competitive tests in the country. Another important line of business, Sanarflix, a subscription educational content portal aimed at university students, has also shown growth. The product proposal is to assist in studies, including from the introductory classes to the most in-depth on each topic of the faculty. Altogether, more than 150 thousand health professionals have already purchased some of Sanar's products
VC Percentual

For entrepreneurs:
Our value creation dynamic


Impact expertise as a scalable and sustainable growth driver for business development.

Strategic support from an experienced investment team helping businesses to achieve their economic and impact objectives.

Access to a network of mentors and industry experts.

Access to (venture) capital, availability for follow-on rounds and support for future rounds.

A flexible and close approach to structuring deals.
For-profit businesses that have positive impact as a central element of the business, that is, as part of the core business.
Businesses that develop scalable solutions for real problems of the population at the bottom of the socioeconomic pyramid, with preferential activity in the health, education and financial services sectors.
Entrepreneurial team with a proactive intention of attending a real demand of the low-income population and generating positive social impact.
Models that are able to quantify and qualify the impact generated through measurements or performance indicators.

If you fit in this dynamic, send us your materials.