Uncover raises R$80M Series A led by Cloud9 Capital to push into the US
What's the deal? UncoverDealroom has a profile for this one. Try Dealroom →, a Brazilian media measurement company, has raised R$80M (roughly $14M) in a Series A round led by Cloud9 CapitalDealroom has a profile for this one. Try Dealroom →, with participation from A.B.Seed VenturesDealroom has a profile for this one. Try Dealroom → and Endeavor. The company uses AI-powered marketing mix modelling (MMM) to help brands track ad spend returns across online and offline channels.
Uncover already optimises more than R$30B in media budgets for major advertisers including UnileverDealroom has a profile for this one. Try Dealroom →, VolkswagenDealroom has a profile for this one. Try Dealroom →, Burger KingDealroom has a profile for this one. Try Dealroom →, and MagaluDealroom has a profile for this one. Try Dealroom →. It is also one of Google's key global partners for implementing Meridian, the tech giant's open-source MMM tool.
Why now? The company already operates in Mexico and Canada but wants to build a solid US client base by year-end 2026. The fresh capital is earmarked primarily for that push.
Alongside the funding, Uncover is reshaping its leadership. New board members bring experience from Wunderman Thompson, BR Media, Itaú, and Google — a mix of ad industry credibility and commercial firepower aimed at accelerating international growth.
What could go wrong? The US market for marketing analytics is crowded and well-funded. Competing against established players on their home turf — while scaling from a Latin American base — will test both the product and the team's ability to sell into a very different buyer culture.
Currency risk also looms. With revenue likely still concentrated in Brazilian reais, a strengthening dollar could squeeze margins just as US expansion costs ramp up.
The signal: Cloud9 Capital leading this round alongside Endeavor — an organisation known for backing high-growth scaleups across emerging markets — underscores rising investor conviction that Latin American enterprise software can compete globally. With Uncover already optimising R$30B in media budgets and holding a strategic partnership with Google's Meridian tool, the bet is that its AI-driven MMM platform can translate domestic dominance into US market share at a time when advertisers everywhere are under pressure to prove returns on every dollar spent.
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