Astella Napkin 2025–2026 (USD version)

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Astella Napkin 2025–2026 (USD version)

August 18, 2025

Our updated version of the Astella Napkin is now available!

Originally launched in 2023, the Napkin quickly became a key reference for startup founders and the venture capital ecosystem in Brazil.

Based on our experience and the latest market data, we’ve revised the core benchmarks for Pre-Seed, Seed, and Series A rounds. We've also reinforced our use of the V Multiple to evaluate growth and efficiency more precisely.

As always, it’s worth emphasizing: the Napkin is a guide, not a rule. It reflects our perspective as an institutional VC fund looking for companies with the potential to generate $100M+ in annual revenue.

How to Use the Napkin

The Napkin expresses our view of the Brazilian VC market for 2025 and 2026. As value-driven investors, we’ve maintained most of the benchmarks from the previous edition.
The Napkin is a reference, not a rulebook. Startups that fall outside of the suggested ranges can still raise capital from us. And the opposite is also true.
It reflects the perspective of a professional fund manager, aligned with institutional LPs, focused on building companies that create long-term value.

* All values converted from BRL using an exchange rate of USD 1 = BRL 5.50