Despite political upheaval in recent years, the startup scene in Brazil has massively grown and reflects a wider trend in South America. The Association for Private Capital Investment in Latin America has shown that venture funding exploded to $1.3 billion in 2018. This represents approximately two-thirds of the total amount of venture money raised in Latin America for that year, and a 52% increase than the $589 million in invested in 2017, and even more than years prior. According to LAVCA, deal volumes more than doubled in 2018 compared to 2017. This growth increased interest from Softbank Group Corp, which announced plans to a Softbank Innovation Fund, a $5 billion technology fund focused exclusively on the fast-growing Latin American market.