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The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: Esta é a 6ª edição do TheSTARTUP Analisys. Começo o The STARTUP Analisys desta semana citando Jorge Paulo Lemann: "Esse é um tempo maravilhoso para investir", frase dita durante o evento da Volpe Capital, gestora de Venture Capital fundada p [...] Content analysis details: (-0.1 points, 4.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.0 URIBL_BLOCKED ADMINISTRATOR NOTICE: The query to URIBL was blocked. See http://wiki.apache.org/spamassassin/DnsBlocklists#dnsbl-block for more information. [URIs: acemlnc.com] -0.5 BAYES_05 BODY: Bayes spam probability is 1 to 5% [score: 0.0463] 0.2 HEADER_FROM_DIFFERENT_DOMAINS From and EnvelopeFrom 2nd level mail domains are different -0.0 SPF_HELO_PASS SPF: HELO matches SPF record -0.0 SPF_PASS SPF: sender matches SPF record 0.1 HTTPS_HTTP_MISMATCH BODY: No description available. 0.0 HTML_MESSAGE BODY: HTML included in message 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid -0.1 DKIM_VALID Message has at least one valid DKIM or DK signature 0.0 T_KAM_HTML_FONT_INVALID Test for Invalidly Named or Formatted Colors in HTML 0.0 KAM_SHORT Use of a URL Shortener for very short URL -0.0 T_SCC_BODY_TEXT_LINE No description available. X-Spam-Flag: NO --_=_swift-1374338945627bac6f981c19.55120109_=_ Content-Type: text/plain; charset=utf-8 Esta é a 6ª edição do TheSTARTUP Analisys. Começo o The STARTUP Analisys desta semana citando Jorge Paulo Lemann: "Esse é um tempo maravilhoso para investir", frase dita durante o evento da Volpe Capital, gestora de Venture Capital fundada pelo ex Softbank Marcelo Claure, no inicio desta semana. E o primeiro ponto para começar nesta jornada de investimento é a educação, fator que me motivou a criação deste trabalho! Portanto se você vem acompanhando e gostando do conteúdo, passe para os seus amigos o link de inscrição: joaokepler.com.br/the-startup-analisys/ , para que assim possamos contribuir ainda mais para o desenvolvimento deste mercado. Nesta semana, trarei a análise de uma startup com rodada aberta na plataforma de crowdfunding Kria, mostrando um pouco da minha análise baseada no deck divulgado pela startup, para mostrar aspectos que sempre irei verificar durante minha análise. Para os founders que também estão me acompanhando por aqui, no final do texto deixo um link para que você possa mandar o seu deck e ganhar a chance de aparecer por aqui. Como sempre gosto de ressaltar, minhas análises aqui não são recomendações de investimento, assim como o fato de o João Kepler dizer que não investiria, não significa que a Startup não é investível. Meu foco é trazer educação e novidades dentro do ecossistema de startups. Abraço e boa leitura :) Seções: * **Análise deck** STARTUP: AppJusto O AppJusto nasceu com a missão de concorrer com tradicionais aplicativos de delivery, trazendo maiores possibilidades de ganhos para os entregadores e diminuindo os custos para restaurantes, através de um modelo de gig economy com viés mais sustentável. PROBLEMA: Trazem como problemática a ser resolvida as reivindicações dos atuais usuários de apps de delivery e o alto custo que incidem para o restaurante. O fato de trazerem notícias vai na linha de sempre utilizar de dados para agregar credibilidade ao apresentado. A questão é que no formato apresentado, o problema fica amplo, não mostra dores que diretamente com a solução poderiam ser resolvidas. MERCADO Na apresentação do mercado, trazem a magnitude de valor que o segmento movimenta, neste caso, como possuem concorrentes já bem consolidados, é interessante trazer esta ótica de que ainda tem espaço a ser explorado e mesmo com um market share pequeno já seria possível ter um resultado relevante. MODELO DE NEGÓCIO: Trazem como diferencial para o modelo não terem a cobrança de mensalidade para os restaurantes e uma taxa variável mais baixa, aumentando a rentabilidade para o entregador e restaurantes. Obviamente que para sustentarem este formato, que traz menos receitas para a empresa, atribuem a uma operação mais enxuta e menos gasto com CAC, que torna mais saudável financeiramente. Fico com bastante receio neste argumento, pois em um cenário competitivo e com business B2C, é difícil não imaginar que o custo de aquisição de usuários será alto. **VALIDAÇÃO:** O negócio ainda está em estágio bastante inicial, mas já conseguiram validar a solução com o bom número de pedidos, entregadores cadastrados, restaurantes e também consumidores. Neste primeiro teste, tiveram boas métricas, único ponto de receio foi sobre o CAC de consumidores, que no patamar atual ainda não seria muito sustentável. Além disso, achei baixa a conversão de usuários total para o número que fizeram pedidos. **TIME:** O time aparenta ser complementar, com pessoas de perfil e expertise em segmentos chave diferentes para uma boa gestão do negócio. Talvez precisem complementar com uma pessoa experiente em growth, para auxiliar na aquisição em massa de usuários. **RODADA E ROADMAP:** Pelo fato do negócio ainda em estágio inicial parte substancial do round irá para produto e operacional, mas mesmo assim, 46% será destinado em atividade que visam o crescimento e expansão da base de clientes. Mas essa tração e aceleração demandará injeções mais robustas de capital que devem vir nas próximas rodadas. Neste round estão captando R$ 2,25 milhões em uma rodada em formato de SAFE, com o cap de valuation em R$ 28,75 Milhões pre-money e desconto de 20%. Neste modelo de contrato, o valuation final é definido na próxima rodada, mas quem entrar neste round será no máximo no valuation cap e caso seja inferior que o cap ainda incide os 20% de desconto. CONCLUSÃO: O deck da startup foi muito bem construído, trouxe o problema, apresentou a solução de como resolveria a dor, trouxe o funcionamento do modelo de negócios, resultados já atingidos e o que busca na rodada. De fato acredito que foi um bom case de deck, fica a dica para os empreendedores leitores irem fazer bench. Sobre o negócio, tenho algumas ressalvas. É um mercado realmente enorme, tem ainda um grupo desassistido, principalmente em regiões do interior, mas sem dúvidas enfrentar os concorrente consolidados e bem capitalizados não é uma tarefa fácil. As vantagens na ponta podem ser um atrativo, mas sem o capital para o impulsionamento, na ponta sequer saberão que existe essa solução. Acredito que neste caso o plano de growth precisa ser muito bem estudado, pois é o que fará total diferença. No material apresentado, neste sentido o que mais me chamou a atenção foi a criação de rede, para este formato, pode fazer bastante sentido. É muito mais interessante eles criarem um diferencial por pertencimento e comunidade do que simplesmente encarar uma briga por preço. É um negócio que achei interessante, a rodada por SAFE para o estágio inicial pode fazer sentido, pois deixa para precificar no próximo round, algo que seria complexo para os resultados atuais. Para um investidor com tese em soluções B2C, pode ser uma oportunidade interessante para avaliação, no meu caso pessoalmente, não é um mercado que tenho minha maior expertise, prefiro soluções B2B, mas de qualquer forma foi um case que chamou bastante minha atenção. E se você quiser fazer melhor a sua avaliação, pelo link abaixo consegue acessar o deal na plataforma da Kria:https://sme433.lt.acemlnc.com/Prod/link-tracker?redirectUrl=aHR0cHMlM0ElMkYlMkZhcHAua3JpYS52YyUyRmFnZW50cyUyRnVzZXJzJTJGb2ZmZXJzJTJGMjc3JTNGbG9jYWxlJTNEcHQtQlIlMjNwaXRjaA==&sig=Bp3skrNF51Rko9UKn2eGj2WuGdBvWsRg6dh2NnHq7hmf&iat=1652272296&a=%7C%7C27164360%7C%7C&account=sme433%2Eactivehosted%2Ecom&email=A3gc6N%2FVTTN0GbZd%2FO381I%2BH7AWutl5sbgJnRhNVAzk%3D&s=e5f03abbaaae462b187840d1803be379&i=189A238A1A726 **Lembrando, essa não é uma recomendação de investimento e é fundamental que você sempre realize as suas próprias análises antes da tomada de decisão.** 2. Cinco Startups to Watch: Destaco ainda alguns negócios que me deparei recentemente e acredito que valem a atenção de todos: * Agidesk: Software para otimizar atendimento de centros de serviço compartilhado (CSC), service desk e help desk. * Trillio Academy: Edtech focada no desenvolvimento de softskills com foco em enterprises. * Bud: Plataforma para auxiliar na implementação de OKRs, focado em promover o engajamento das equipes. * Saks: Fintech que descomplica a previdência privada, com a ideia de levar a melhor solução financeira para cada perfil de cliente. * Pluggy: API baseada no open finance para facilitar o acesso das empresas aos dados financeiros de seus clientes. 3. **- OVERVIEW DO MERCADO:** Iniciei o texto de hoje com a frase do Lemann que circulou bastante esta semana sobre sua visão de que estamos em um momento bastante interessante para o investimento em startup, com a ponderação de que com o cenário macro é preciso revisar valuation e ofertas virem melhor adequadas a estes fatores. Há algumas semanas atrás já vinha defendendo essa visão, de que a turbulência existe, o cenário exige valuations menos esticados, mas ainda sim o mercado tem muito potencial e com certeza deals com grande potencial estão disponíveis, cabendo ao investidor o papel de seleção. Para empresas que tiveram sucesso em captações com valuations muito esticado, o cenário será um pouco mais complexo, pois podem enfrentar dificuldades no próximo round e terem que esticar a duração dos recursos, ou seja, diminuir a queima de caixa. Por isso que sempre falo com os empreendedores, nem sempre um valuation alto é bom para a startup. Se ele não for condizente com o momento e situação do negócio, o fato de ter conseguido uma rodada a um valuation atrativo pode até mesmo impossibilitar um novo round. No Brasil, tivemos mais um aumento da Selic, mas dentro do que o mercado já esperava, no momento convivemos com a tríade: Juros, inflação e desemprego na casa dos dois dígitos, algo raro e que nos indica cautela. Já começamos a notar uma estabilização de preços, que pode diminuir a pressão inflacionária, com isso podemos começar a trilhar para um cenário mais positivo. Por fim, gostaria de terminar este overview apenas ressaltando o ponto da importância da saúde financeira para startups, pois a mentalidade de apenas queimar sem olhar o fim do túnel está bastante perigosa. Quer mais conteúdo em outro formato? Se ainda não conhece e para todos aqueles que já acompanham, não deixe de assistir ao PITCH REACT no meu canal. Semanalmente as quartas à noite serão apresentados novos vídeos, meu objetivo é mostrar como eu reajo a apresentações de diferentes startups. A ideia é que, ao mostrar os erros e acertos dos empreendedores - e um pouco da visão do investidor diante deste tipo de apresentação, quem esteja assistindo consiga absorver os aprendizados que precisa para inserir na sua própria jornada. Se você não quer perder nenhum episódio, não se esqueça de se inscrever no meu canal e ativar as notificações! Assista ao último vídeo: https://sme433.lt.acemlnc.com/Prod/link-tracker?redirectUrl=aHR0cHMlM0ElMkYlMkZ3d3cueW91dHViZS5jb20lMkZ3YXRjaCUzRnYlM0RldFlOSzBoR3Y5RQ==&sig=4dC7a9wz1pJNZ1biXvzgY5LgPM6xqemjv4LSVqzLkCiR&iat=1652272296&a=%7C%7C27164360%7C%7C&account=sme433%2Eactivehosted%2Ecom&email=A3gc6N%2FVTTN0GbZd%2FO381I%2BH7AWutl5sbgJnRhNVAzk%3D&s=e5f03abbaaae462b187840d1803be379&i=189A238A1A719 Se você é uma startup e quer ser analisada e/ou aparecer aqui no The STARTUP Analisys -> https://sme433.lt.acemlnc.com/Prod/link-tracker?redirectUrl=aHR0cHMlM0ElMkYlMkZmb3Jtcy5nbGUlMkZpemkxUkFBRDZZeWRDYVMxOA==&sig=DtZjWm7MR17Uf4nmp5XBHDMLAe3FLLNt3L7FWnHySBt5&iat=1652272296&a=%7C%7C27164360%7C%7C&account=sme433%2Eactivehosted%2Ecom&email=A3gc6N%2FVTTN0GbZd%2FO381I%2BH7AWutl5sbgJnRhNVAzk%3D&s=e5f03abbaaae462b187840d1803be379&i=189A238A1A721 Se você é uma startup e quer aplicar para a possibilidade de receber investimento na Bossanova -> www.bossainvest.com/startups Quer ler as ANALISES anteriores -> https://sme433.lt.acemlnc.com/Prod/link-tracker?redirectUrl=aHR0cHMlM0ElMkYlMkZqb2Fva2VwbGVyLmNvbS5iciUyRnRoZS1zdGFydHVwLWFuYWxpc3lzJTJG&sig=DcuapDkT9LtkjkfB5xwGChR4p2qEbc5ujmsCF22km8om&iat=1652272296&a=%7C%7C27164360%7C%7C&account=sme433%2Eactivehosted%2Ecom&email=A3gc6N%2FVTTN0GbZd%2FO381I%2BH7AWutl5sbgJnRhNVAzk%3D&s=e5f03abbaaae462b187840d1803be379&i=189A238A1A723 Se você NÃO quer continuar recebendo esse e-mail semanal de análise, clique no link abaixo. Esse Report não é uma recomendação de investimento e muito menos pedido de investimento. Antes de investir em Startups é importante observar os altos riscos envolvidos, verificar a legislação e a regulação vigente. Da mesma forma, antes de realizar qualquer investimento, sempre faça as suas próprias análises. _________________ Sent to fernandomota@feminize.com.br Cancelar a inscrição: http://sme433.activehosted.com/proc.php?nl=1&c=189&m=238&s=e5f03abbaaae462b187840d1803be379&act=unsub Smart Money Education, R. 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border: none; outlin= e: none; width: 650px; opacity: 1; max-width: 100%!important;"></td>=0A</tr= >=0A</table>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr style=3D"mso-= line-height-rule: exactly;"><td id=3D"layout-row-margin1801" valign=3D"top"= style=3D"mso-line-height-rule: exactly; padding: 5px;"><table width=3D"100= %" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-= adjust: auto; -webkit-text-size-adjust: 100%; border-collapse: initial !imp= ortant; font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-= rspace: 0pt;"><tr id=3D"layout-row1801" class=3D"layout layout-row widget _= widget_text style1801" style=3D"mso-line-height-rule: exactly; margin: 0; p= adding: 0;"><td id=3D"layout-row-padding1801" valign=3D"top" style=3D"mso-l= ine-height-rule: exactly; padding: 20px 5px 20px 5px;"><table width=3D"100%= " border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-a= djust: auto; -webkit-text-size-adjust: 100%; border-collapse: collapse; fon= t-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt= ;"><tr style=3D"mso-line-height-rule: exactly;"><td id=3D"text_div1689" cla= ss=3D"td_text td_block"=0Avalign=3D"top" align=3D"left" width=3D"630" style= =3D"line-height: 140%; mso-line-height-rule: exactly; margin: 0; outline: n= one; padding: 0; color: inherit; font-size: 12px; font-weight: inherit; lin= e-height: 1.4; text-decoration: inherit; font-family: arial;"> <div style= =3D"line-height: 140%; margin: 0; outline: none; padding: 0; color: inherit= ; font-size: inherit; font-weight: inherit; line-height: 1.4; text-decorati= on: inherit; mso-line-height-rule: exactly;" class=3D"" data-line-height=3D= "1.4"> <div style=3D"margin: 0; outline: none; padding: 0; color: inherit; = font-size: inherit; font-weight: inherit; line-height: inherit; text-decora= tion: inherit; text-align: justify;" class=3D""><div style=3D"margin: 0; ou= tline: none; padding: 0; color: #000000; font-size: 15px; font-weight: norm= al; line-height: inherit; text-decoration: inherit; text-align: center; fon= t-family: arial; font-style: normal;" class=3D"">Esta =C3=A9 a 6=C2=AA edi= =C3=A7=C3=A3o do TheSTARTUP Analisys.</div>=0A<div style=3D"margin: 0; outl= ine: none; padding: 0; color: inherit; font-size: inherit; font-weight: inh= erit; line-height: inherit; text-decoration: inherit; text-align: center;" = class=3D""><br style=3D"font-size: 13px;" class=3D""></div>=0A<div style=3D= "margin: 0; outline: none; padding: 0; color: #000000; font-size: 13px; fon= t-weight: normal; line-height: inherit; text-decoration: inherit; text-alig= n: center; font-family: arial;" class=3D""><span style=3D"color: #000000; f= ont-size: inherit; font-weight: inherit; line-height: inherit; text-decorat= ion: inherit; font-family: arial;" class=3D""><div style=3D"margin: 0; outl= ine: none; padding: 0; color: #000000; font-size: 13px; font-weight: normal= ; line-height: inherit; text-decoration: inherit; text-align: center; font-= family: arial;" class=3D"">Come=C3=A7o o The STARTUP Analisys desta semana = citando Jorge Paulo Lemann: <span class=3D"" style=3D"color: inherit; font-= size: inherit; font-weight: inherit; line-height: inherit; text-decoration:= inherit; font-style: italic;">=E2=80=9CEsse =C3=A9 um tempo maravilhoso pa= ra investir=E2=80=9D,</span> frase dita durante o evento da Volpe Capital, = gestora de Venture Capital fundada pelo ex Softbank Marcelo Claure, no inic= io desta semana. E o=0Aprimeiro ponto para come=C3=A7ar nesta jornada de in= vestimento =C3=A9 a educa=C3=A7=C3=A3o, fator que me motivou a cria=C3= =A7=C3=A3o deste trabalho! Portanto se voc=C3=AA vem acompanhando e gostand= o do conte=C3=BAdo, passe para os seus amigos o link de inscri=C3=A7=C3= =A3o: <a href=3D"https://sme433.lt.acemlnc.com/Prod/link-tracker?redirectUr= l=3DaHR0cHMlM0ElMkYlMkZqb2Fva2VwbGVyLmNvbS5iciUyRnRoZS1zdGFydHVwLWFuYWxpc3l= zJTJG&sig=3DDcuapDkT9LtkjkfB5xwGChR4p2qEbc5ujmsCF22km8om&iat=3D1652272296&a= =3D%7C%7C27164360%7C%7C&account=3Dsme433%2Eactivehosted%2Ecom&email=3DA3gc6= N%2FVTTN0GbZd%2FO381I%2BH7AWutl5sbgJnRhNVAzk%3D&s=3De5f03abbaaae462b187840d= 1803be379&i=3D189A238A1A723" data-ac-default-color=3D"1" target=3D"_blank" = style=3D"margin: 0; outline: none; padding: 0; color: #045fb4; text-decorat= ion: underline;"><span style=3D"color: ; font-size: inherit; font-weight: i= nherit; line-height: inherit; text-decoration: inherit;">joaokepler.com.br/= the-startup-analisys/</span></a>, para que assim possamos contribuir ainda = mais para o desenvolvimento deste mercado.<br><br class=3D""></div>=0A <div= style=3D"margin: 0; outline: none; padding: 0; color: #000000; font-size: = 13px; font-weight: normal; line-height: inherit; text-decoration: inherit; = font-style: normal; text-align: center; font-family: arial;" class=3D"">Nes= ta semana, trarei a an=C3=A1lise de uma startup com rodada aberta na plataf= orma de crowdfunding Kria, mostrando um pouco da minha an=C3=A1lise baseada= no deck divulgado pela startup, para mostrar aspectos que sempre irei veri= ficar durante minha an=C3=A1lise. Para os founders que tamb=C3=A9m est= =C3=A3o me acompanhando por aqui, no final do texto deixo um link para que = voc=C3=AA possa mandar o seu deck e ganhar a chance de aparecer por aqui.</= div>=0A<br class=3D""><div style=3D"margin: 0; outline: none; padding: 0; c= olor: #000000; font-size: 13px; font-weight: normal; line-height: inherit; = text-decoration: inherit; font-style: normal; text-align: center; font-fami= ly: arial;" class=3D"">Como sempre gosto de ressaltar, minhas an=C3=A1lises= aqui n=C3=A3o s=C3=A3o recomenda=C3=A7=C3=B5es de investimento, assim como= o fato de o Jo=C3=A3o Kepler dizer que n=C3=A3o investiria, n=C3=A3o signi= fica que a Startup n=C3=A3o =C3=A9 invest=C3=ADvel. Meu foco =C3=A9 trazer = educa=C3=A7=C3=A3o e novidades dentro do ecossistema de startups.</div>=0A<= br class=3D""><span style=3D"color: #000000; font-size: 13px; font-weight: = normal; line-height: inherit; text-decoration: inherit; font-style: normal;= font-family: arial; margin: 0;" class=3D"">Abra=C3=A7o e boa leitura</span= ><span style=3D"color: #000000; font-size: inherit; font-weight: inherit; l= ine-height: inherit; text-decoration: inherit; font-style: normal; font-fam= ily: arial;" class=3D""> :)</span><br class=3D""></span></div>=0A</div>=0A = </div>=0A<!--[if (gte mso 12)&(lte mso 15) ]>=0A<style data-ac-keep=3D"true= " data-ac-inline=3D"false"> #text_div1689, #text_div1689 div { line-height:= 140% !important; };=0A</style>=0A<![endif]--></td>=0A</tr>=0A</table>=0A</= td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr style=3D"mso-line-height-rule:= exactly;"><td id=3D"layout-row-margin1815" valign=3D"top" style=3D"mso-lin= e-height-rule: exactly;"><table width=3D"100%" border=3D"0" cellpadding=3D"= 0" cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text-size= -adjust: 100%; border-collapse: collapse; font-size: 14px; min-width: 100%;= mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr id=3D"layout-row1815" c= lass=3D"layout layout-row widget _widget_break " style=3D"mso-line-height-r= ule: exactly;"><td id=3D"layout-row-padding1815" valign=3D"top" style=3D"ms= o-line-height-rule: exactly; line-height: 0;"><table width=3D"100%" border= =3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust: a= uto; -webkit-text-size-adjust: 100%; border-collapse: collapse; font-size: = 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt; line-h= eight: 0; mso-line-height-rule: exactly;"><tr style=3D"mso-line-height-rule= : exactly;"><td height=3D"10" style=3D"mso-line-height-rule: exactly; line-= height: 0;"></td>=0A</tr>=0A<tr style=3D"mso-line-height-rule: exactly;"><t= d align=3D"center" height=3D"1" width=3D"650" style=3D"mso-line-height-rule= : exactly; line-height: 0;"> <table align=3D"center" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" height=3D"1" width=3D"650" style=3D"-ms-text-siz= e-adjust: auto; -webkit-text-size-adjust: 100%; border-collapse: collapse; = font-size: 14px; min-width: auto!important; mso-table-lspace: 0pt; mso-tabl= e-rspace: 0pt; line-height: 0; mso-line-height-rule: exactly; width: 100%; = max-width: 100%;"><tr style=3D"mso-line-height-rule: exactly;"><td class=3D= "break-line" bgcolor=3D"#000000" height=3D"1" width=3D"650" style=3D"mso-li= ne-height-rule: exactly; line-height: 1px; height: 1px; width: 650px; backg= round-color: #000000;"> </td>=0A </tr>=0A</table>=0A</td>=0A </tr>=0A<tr st= yle=3D"mso-line-height-rule: exactly;"><td height=3D"10" style=3D"mso-line-= height-rule: exactly; line-height: 0;"></td>=0A</tr>=0A</table>=0A</td>=0A<= /tr>=0A</table>=0A</td>=0A</tr>=0A<tr style=3D"mso-line-height-rule: exactl= y;"><td id=3D"layout-row-margin1814" valign=3D"top" style=3D"mso-line-heigh= t-rule: exactly; padding: 5px;"><table width=3D"100%" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-te= xt-size-adjust: 100%; border-collapse: initial !important; font-size: 14px;= min-width: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr id=3D"= layout-row1814" class=3D"layout layout-row widget _widget_text style1814" s= tyle=3D"mso-line-height-rule: exactly; margin: 0; padding: 0;"><td id=3D"la= yout-row-padding1814" valign=3D"top" style=3D"mso-line-height-rule: exactly= ; padding: 20px 5px 20px 5px;"><table width=3D"100%" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-tex= t-size-adjust: 100%; border-collapse: collapse; font-size: 14px; min-width:= 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr style=3D"mso-line= -height-rule: exactly;"><td id=3D"text_div1702" class=3D"td_text td_block"= =0Avalign=3D"top" align=3D"left" width=3D"630" style=3D"line-height: 140%; = mso-line-height-rule: exactly; margin: 0; outline: none; padding: 0; color:= inherit; font-size: 12px; font-weight: inherit; line-height: 1.4; text-dec= oration: inherit; font-family: arial;"> <div style=3D"line-height: 140%; ma= rgin: 0; outline: none; padding: 0; color: #000000; font-size: inherit; fon= t-weight: inherit; line-height: 1.4; text-decoration: inherit; mso-line-hei= ght-rule: exactly; font-family: arial;" data-line-height=3D"1.4"><span styl= e=3D"color: #000000; font-size: 12px; font-weight: normal; line-height: inh= erit; text-decoration: inherit; font-style: normal; font-family: arial; mar= gin: 0;">Se=C3=A7=C3=B5es:</span><br><br style=3D"font-size: 16px;"><ol sty= le=3D"margin: 0 0 0 40px; padding: 0; font-size: 16px; color: #0b6121;"><li= style=3D"display: list-item; line-height: inherit; list-style-type: decima= l; margin: 0; font-style: normal; font-weight: normal; font-family: arial; = color: #0b6121;"><b style=3D"margin:=0A0; outline: none; padding: 0; color:= #0b6121;" class=3D"">An=C3=A1lise deck</b></li> </ol><div style=3D"margin:= 0; outline: none; padding: 0; color: inherit; font-size: inherit; font-wei= ght: inherit; line-height: inherit; text-decoration: inherit;"><br></div>= =0A<div style=3D"margin: 0; outline: none; padding: 0; color: #000000; font= -size: 13px; font-weight: inherit; line-height: inherit; text-decoration: i= nherit; text-align: justify; font-style: normal; font-family: arial;"><span= style=3D"color: inherit; font-size: 16px; font-weight: bold; line-height: = inherit; text-decoration: inherit;" class=3D""><span style=3D"color: #00000= 0; font-size: inherit; font-weight: inherit; line-height: inherit; text-dec= oration: inherit; font-style: normal; font-family: arial; margin: 0;">START= UP: AppJusto</span><br></span> <span style=3D"color: inherit; font-size: 14= px; font-weight: normal; line-height: inherit; text-decoration: inherit;" c= lass=3D""><br><div style=3D"margin: 0; outline: none; padding: 0; color: in= herit; font-size: inherit; font-weight: inherit; line-height: inherit; text= -decoration: inherit; text-align: center;"><span style=3D"color: #000000; f= ont-size: inherit; font-weight: inherit; line-height: inherit; text-decorat= ion: inherit;=0Afont-family: arial;">O AppJusto nasceu com a miss=C3=A3o de= concorrer com tradicionais aplicativos de delivery, trazendo maiores possi= bilidades de ganhos para os entregadores e diminuindo os custos para restau= rantes, atrav=C3=A9s de um modelo de gig economy com vi=C3=A9s mais sustent= =C3=A1vel. </span></div>=0A </span> </div>=0A</div>=0A<!--[if (gte mso 12)&= (lte mso 15) ]>=0A<style data-ac-keep=3D"true" data-ac-inline=3D"false"> #t= ext_div1702, #text_div1702 div { line-height: 140% !important; };=0A</style= >=0A<![endif]--></td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A</td>= =0A</tr>=0A<tr style=3D"mso-line-height-rule: exactly;"><td id=3D"layout-ro= w-margin1817" valign=3D"top" style=3D"mso-line-height-rule: exactly; paddin= g: 5px;"><table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text-size-adjust: 100%;= border-collapse: initial !important; font-size: 14px; min-width: 100%; mso= -table-lspace: 0pt; mso-table-rspace: 0pt;"><tr id=3D"layout-row1817" class= =3D"layout layout-row widget _widget_text style1817" style=3D"mso-line-heig= ht-rule: exactly; margin: 0; padding: 0;"><td id=3D"layout-row-padding1817"= valign=3D"top" style=3D"mso-line-height-rule: exactly; padding: 5px;"><tab= le width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D= "-ms-text-size-adjust: auto; -webkit-text-size-adjust: 100%; border-collaps= e: collapse; font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-t= able-rspace: 0pt;"><tr style=3D"mso-line-height-rule: exactly;"><td id=3D"t= ext_div1705" class=3D"td_text td_block" valign=3D"top"=0Aalign=3D"left" wid= th=3D"630" style=3D"mso-line-height-rule: exactly; margin: 0; outline: none= ; padding: 0; color: inherit; font-size: 12px; font-weight: inherit; line-h= eight: 1; text-decoration: inherit; font-family: arial;"> <div style=3D"mar= gin: 0; outline: none; padding: 0; color: #0b6121; font-size: inherit; font= -weight: inherit; line-height: inherit; text-decoration: inherit;"> <div st= yle=3D"margin: 0; outline: none; padding: 0; color: #0b6121; font-size: inh= erit; font-weight: inherit; line-height: inherit; text-decoration: inherit;= "> <div style=3D"margin: 0; outline: none; padding: 0; color: #0b6121; font= -size: 16px; font-weight: inherit; line-height: inherit; text-decoration: i= nherit;"> <div style=3D"margin: 0; outline: none; padding: 0; color: #0b612= 1; font-size: inherit; font-weight: inherit; line-height: inherit; text-dec= oration: inherit; font-family: arial;"><div style=3D"margin: 0; outline: no= ne; padding: 0; color: #0b6121; font-size: inherit; font-weight: inherit;= =0Aline-height: inherit; text-decoration: inherit; text-align: justify; fon= t-style: normal; font-family: arial;"><span style=3D"color: #0b6121; font-s= ize: inherit; font-weight: bold; line-height: inherit; text-decoration: und= erline;" class=3D"">PROBLEMA:</span></div>=0A</div>=0A </div>=0A </div>=0A = </div>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr= >=0A<tr style=3D"mso-line-height-rule: exactly;"><td id=3D"layout-row-margi= n1803" valign=3D"top" style=3D"mso-line-height-rule: exactly;"><table width= =3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-tex= t-size-adjust: auto; -webkit-text-size-adjust: 100%; border-collapse: colla= pse; font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-rsp= ace: 0pt;"><tr id=3D"layout-row1803" class=3D"layout layout-row widget _wid= get_picture " align=3D"center" style=3D"mso-line-height-rule: exactly;"><td= id=3D"layout-row-padding1803" valign=3D"top" style=3D"mso-line-height-rule= : exactly;"><table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacin= g=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text-size-adjust: 100%= ; border-collapse: collapse; font-size: 14px; min-width: 100%; mso-table-ls= pace: 0pt; mso-table-rspace: 0pt;"><tr style=3D"mso-line-height-rule: exact= ly;"><td class=3D"image-td" align=3D"center" valign=3D"top" width=3D"650" s= tyle=3D"mso-line-height-rule: exactly;"><img=0Asrc=3D"https://content.app-u= s1.com/KGGyk/2022/05/10/b630f7c6-b1f3-4938-b0ec-245b34764c37.jpeg?r=3D17478= 11167" width=3D"464" style=3D"display: block; border: none; outline: none; = width: 464px; opacity: 1; max-width: 100%!important;"></td>=0A</tr>=0A</tab= le>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr style=3D"mso-line-heig= ht-rule: exactly;"><td id=3D"layout-row-margin1804" valign=3D"top" style=3D= "mso-line-height-rule: exactly; padding: 5px;"><table width=3D"100%" border= =3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust: a= uto; -webkit-text-size-adjust: 100%; border-collapse: initial !important; f= ont-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0= pt;"><tr id=3D"layout-row1804" class=3D"layout layout-row widget _widget_te= xt style1804" style=3D"mso-line-height-rule: exactly; margin: 0; padding: 0= ;"><td id=3D"layout-row-padding1804" valign=3D"top" style=3D"mso-line-heigh= t-rule: exactly; padding: 5px;"><table width=3D"100%" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-te= xt-size-adjust: 100%; border-collapse: collapse; font-size: 14px; min-width= : 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr style=3D"mso-lin= e-height-rule: exactly;"><td id=3D"text_div1692" class=3D"td_text td_block"= valign=3D"top"=0Aalign=3D"left" width=3D"630" style=3D"mso-line-height-rul= e: exactly; margin: 0; outline: none; padding: 0; color: inherit; font-size= : 12px; font-weight: inherit; line-height: 1; text-decoration: inherit; fon= t-family: arial;"> <div style=3D"margin: 0; outline: none; padding: 0; colo= r: inherit; font-size: inherit; font-weight: inherit; line-height: inherit;= text-decoration: inherit; text-align: justify;" class=3D""><div style=3D"m= argin: 0; outline: none; padding: 0; color: #000000; font-size: 14px; font-= weight: normal; line-height: inherit; text-decoration: inherit; text-align:= center; font-family: arial; font-style: normal;"><div style=3D"margin: 0; = outline: none; padding: 0; color: #000000; font-size: 14px; font-weight: no= rmal; line-height: inherit; text-decoration: inherit; text-align: center; f= ont-style: normal; font-family: arial;">Trazem como problem=C3=A1tica a ser= resolvida as reivindica=C3=A7=C3=B5es dos atuais usu=C3=A1rios de apps de = delivery e o alto custo que incidem para o=0Arestaurante. O fato de trazere= m not=C3=ADcias vai na linha de sempre utilizar de dados para agregar credi= bilidade ao apresentado. A quest=C3=A3o =C3=A9 que no formato apresentado, = o problema fica amplo, n=C3=A3o mostra dores que diretamente com a solu= =C3=A7=C3=A3o poderiam ser resolvidas.</div>=0A</div>=0A</div>=0A</td>=0A</= tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr style=3D"ms= o-line-height-rule: exactly;"><td id=3D"layout-row-margin1818" valign=3D"to= p" style=3D"mso-line-height-rule: exactly; padding: 5px;"><table width=3D"1= 00%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-siz= e-adjust: auto; -webkit-text-size-adjust: 100%; border-collapse: initial !i= mportant; font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-tabl= e-rspace: 0pt;"><tr id=3D"layout-row1818" class=3D"layout layout-row widget= _widget_text style1818" style=3D"mso-line-height-rule: exactly; margin: 0;= padding: 0;"><td id=3D"layout-row-padding1818" valign=3D"top" style=3D"mso= -line-height-rule: exactly; padding: 5px;"><table width=3D"100%" border=3D"= 0" cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto;= -webkit-text-size-adjust: 100%; border-collapse: collapse; font-size: 14px= ; min-width: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr style= =3D"mso-line-height-rule: exactly;"><td id=3D"text_div1706" class=3D"td_tex= t td_block" valign=3D"top"=0Aalign=3D"left" width=3D"630" style=3D"mso-line= -height-rule: exactly; margin: 0; outline: none; padding: 0; color: inherit= ; font-size: 12px; font-weight: inherit; line-height: 1; text-decoration: i= nherit; font-family: arial;"> <div style=3D"margin: 0; outline: none; paddi= ng: 0; color: #0b6121; font-size: inherit; font-weight: inherit; line-heigh= t: inherit; text-decoration: inherit;"> <div style=3D"margin: 0; outline: n= one; padding: 0; color: #0b6121; font-size: inherit; font-weight: inherit; = line-height: inherit; text-decoration: inherit;"> <div style=3D"margin: 0; = outline: none; padding: 0; color: #0b6121; font-size: 16px; font-weight: in= herit; line-height: inherit; text-decoration: inherit;"> <div style=3D"marg= in: 0; outline: none; padding: 0; color: #0b6121; font-size: inherit; font-= weight: inherit; line-height: inherit; text-decoration: inherit; text-align= : justify; font-style: normal; font-family: arial;"><span style=3D"color: #= 0b6121; font-size: inherit; font-weight: bold;=0Aline-height: inherit; text= -decoration: underline;" class=3D"">MERCADO</span></div>=0A </div>=0A </div= >=0A </div>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A</td>= =0A</tr>=0A<tr style=3D"mso-line-height-rule: exactly;"><td id=3D"layout-ro= w-margin1805" valign=3D"top" style=3D"mso-line-height-rule: exactly;"><tabl= e width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"= -ms-text-size-adjust: auto; -webkit-text-size-adjust: 100%; border-collapse= : collapse; font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-ta= ble-rspace: 0pt;"><tr id=3D"layout-row1805" class=3D"layout layout-row widg= et _widget_picture " align=3D"center" style=3D"mso-line-height-rule: exactl= y;"><td id=3D"layout-row-padding1805" valign=3D"top" style=3D"mso-line-heig= ht-rule: exactly;"><table width=3D"100%" border=3D"0" cellpadding=3D"0" cel= lspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text-size-adjus= t: 100%; border-collapse: collapse; font-size: 14px; min-width: 100%; mso-t= able-lspace: 0pt; mso-table-rspace: 0pt;"><tr style=3D"mso-line-height-rule= : exactly;"><td class=3D"image-td" align=3D"center" valign=3D"top" width=3D= "650" style=3D"mso-line-height-rule: exactly;"><img=0Asrc=3D"https://conten= t.app-us1.com/KGGyk/2022/05/10/30c324e5-a35f-41a2-95a8-2af4ae65aa8b.jpeg?r= =3D1926149575" width=3D"650" style=3D"display: block; border: none; outline= : none; width: 650px; opacity: 1; max-width: 100%!important;"></td>=0A</tr>= =0A</table>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr style=3D"mso-l= ine-height-rule: exactly;"><td id=3D"layout-row-margin1819" valign=3D"top" = style=3D"mso-line-height-rule: exactly; padding: 5px;"><table width=3D"100%= " border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-a= djust: auto; -webkit-text-size-adjust: 100%; border-collapse: initial !impo= rtant; font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-r= space: 0pt;"><tr id=3D"layout-row1819" class=3D"layout layout-row widget _w= idget_text style1819" style=3D"mso-line-height-rule: exactly; margin: 0; pa= dding: 0;"><td id=3D"layout-row-padding1819" valign=3D"top" style=3D"mso-li= ne-height-rule: exactly; padding: 5px;"><table width=3D"100%" border=3D"0" = cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -w= ebkit-text-size-adjust: 100%; border-collapse: collapse; font-size: 14px; m= in-width: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr style=3D= "mso-line-height-rule: exactly;"><td id=3D"text_div1707" class=3D"td_text t= d_block" valign=3D"top"=0Aalign=3D"left" width=3D"630" style=3D"line-height= : 100%; mso-line-height-rule: exactly; margin: 0; outline: none; padding: 0= ; color: inherit; font-size: 12px; font-weight: inherit; line-height: 1; te= xt-decoration: inherit; font-family: arial;"> <div style=3D"line-height: 10= 0%; margin: 0; outline: none; padding: 0; color: inherit; font-size: inheri= t; font-weight: inherit; line-height: 1; text-decoration: inherit; mso-line= -height-rule: exactly;" data-line-height=3D"1"><div style=3D"margin: 0; out= line: none; padding: 0; color: #000000; font-size: 12px; font-weight: norma= l; line-height: inherit; text-decoration: inherit; text-align: justify; fon= t-style: normal; font-family: arial;"></div>=0A<div style=3D"margin: 0; out= line: none; padding: 0; color: #000000; font-size: 14px; font-weight: norma= l; line-height: inherit; text-decoration: inherit; text-align: center; font= -style: normal; font-family: arial;"><div style=3D"margin: 0; outline: none= ; padding: 0; color: #000000; font-size: 14px; font-weight: normal; line-he= ight: inherit; text-decoration: inherit; font-style: normal; font-family: a= rial;">Na apresenta=C3=A7=C3=A3o do mercado, trazem a magnitude de valor qu= e o segmento movimenta, neste caso, como possuem concorrentes j=C3=A1 bem c= onsolidados, =C3=A9 interessante trazer esta =C3=B3tica de que ainda tem es= pa=C3=A7o a ser explorado e mesmo com um market share pequeno j=C3=A1 seria= poss=C3=ADvel ter um resultado relevante.</div>=0A</div>=0A</div>=0A<!--[i= f (gte mso 12)&(lte mso 15) ]>=0A<style data-ac-keep=3D"true" data-ac-inlin= e=3D"false"> #text_div1707, #text_div1707 div { line-height: 100% !importan= t; };=0A</style>=0A<![endif]--></td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<= /table>=0A</td>=0A</tr>=0A<tr style=3D"mso-line-height-rule: exactly;"><td = id=3D"layout-row-margin1806" valign=3D"top" style=3D"mso-line-height-rule: = exactly; padding: 5px;"><table width=3D"100%" border=3D"0" cellpadding=3D"0= " cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text-size-= adjust: 100%; border-collapse: initial !important; font-size: 14px; min-wid= th: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr id=3D"layout-r= ow1806" class=3D"layout layout-row widget _widget_text style1806" style=3D"= mso-line-height-rule: exactly; margin: 0; padding: 0;"><td id=3D"layout-row= -padding1806" valign=3D"top" style=3D"mso-line-height-rule: exactly; paddin= g: 5px;"><table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text-size-adjust: 100%;= border-collapse: collapse; font-size: 14px; min-width: 100%; mso-table-lsp= ace: 0pt; mso-table-rspace: 0pt;"><tr style=3D"mso-line-height-rule: exactl= y;"><td id=3D"text_div1694" class=3D"td_text td_block" valign=3D"top"=0Aali= gn=3D"left" width=3D"630" style=3D"line-height: 100%; mso-line-height-rule:= exactly; margin: 0; outline: none; padding: 0; color: inherit; font-size: = 12px; font-weight: inherit; line-height: 1; text-decoration: inherit; font-= family: arial;"> <div data-line-height=3D"1" style=3D"line-height: 100%; ma= rgin: 0; outline: none; padding: 0; color: #0b6121; font-size: 16px; font-w= eight: inherit; line-height: 1; text-decoration: inherit; mso-line-height-r= ule: exactly; font-family: arial;"><span style=3D"color: #0b6121; font-size= : 16px; font-weight: bold; line-height: inherit; text-decoration: underline= ; font-family: arial; font-style: normal;">MODELO DE NEG=C3=93CIO:</span><b= r></div>=0A<!--[if (gte mso 12)&(lte mso 15) ]>=0A<style data-ac-keep=3D"tr= ue" data-ac-inline=3D"false"> #text_div1694, #text_div1694 div { line-heigh= t: 100% !important; };=0A</style>=0A<![endif]--></td>=0A</tr>=0A</table>=0A= </td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr style=3D"mso-line-height-rul= e: exactly;"><td id=3D"layout-row-margin1807" valign=3D"top" style=3D"mso-l= ine-height-rule: exactly;"><table width=3D"100%" border=3D"0" cellpadding= =3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text-= size-adjust: 100%; border-collapse: collapse; font-size: 14px; min-width: 1= 00%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr id=3D"layout-row180= 7" class=3D"layout layout-row widget _widget_picture " align=3D"center" sty= le=3D"mso-line-height-rule: exactly;"><td id=3D"layout-row-padding1807" val= ign=3D"top" style=3D"mso-line-height-rule: exactly;"><table width=3D"100%" = border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adj= ust: auto; -webkit-text-size-adjust: 100%; border-collapse: collapse; font-= size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"= ><tr style=3D"mso-line-height-rule: exactly;"><td class=3D"image-td" align= =3D"center" valign=3D"top" width=3D"650" style=3D"mso-line-height-rule: exa= ctly;"><img=0Asrc=3D"https://content.app-us1.com/KGGyk/2022/05/10/8e0442ad-= 3b9f-4552-a041-c7dae235e8fe.jpeg?r=3D12262527" width=3D"325" style=3D"displ= ay: block; border: none; outline: none; width: 325px; opacity: 1; max-width= : 100%!important;"></td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A</= td>=0A</tr>=0A<tr style=3D"mso-line-height-rule: exactly;"><td id=3D"layout= -row-margin1808" valign=3D"top" style=3D"mso-line-height-rule: exactly; pad= ding: 5px;"><table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacin= g=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text-size-adjust: 100%= ; border-collapse: initial !important; font-size: 14px; min-width: 100%; ms= o-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr id=3D"layout-row1808" clas= s=3D"layout layout-row widget _widget_text style1808" style=3D"mso-line-hei= ght-rule: exactly; margin: 0; padding: 0;"><td id=3D"layout-row-padding1808= " valign=3D"top" style=3D"mso-line-height-rule: exactly; padding: 5px;"><ta= ble width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style= =3D"-ms-text-size-adjust: auto; -webkit-text-size-adjust: 100%; border-coll= apse: collapse; font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; ms= o-table-rspace: 0pt;"><tr style=3D"mso-line-height-rule: exactly;"><td id= =3D"text_div1696" class=3D"td_text td_block" valign=3D"top"=0Aalign=3D"left= " width=3D"630" style=3D"line-height: 100%; mso-line-height-rule: exactly; = margin: 0; outline: none; padding: 0; color: inherit; font-size: 12px; font= -weight: inherit; line-height: 1; text-decoration: inherit; font-family: ar= ial;"> <div class=3D"" style=3D"line-height: 100%; margin: 0; outline: none= ; padding: 0; color: inherit; font-size: 13px; font-weight: inherit; line-h= eight: 1; text-decoration: inherit; mso-line-height-rule: exactly;" data-li= ne-height=3D"1"> <div style=3D"margin: 0; outline: none; padding: 0; color:= inherit; font-size: inherit; font-weight: inherit; line-height: inherit; t= ext-decoration: inherit;" class=3D""><div style=3D"margin: 0; outline: none= ; padding: 0; color: #000000; font-size: inherit; font-weight: normal; line= -height: inherit; text-decoration: inherit; text-align: justify; font-style= : normal; font-family: arial;" class=3D""><div style=3D"margin: 0; outline:= none; padding: 0; color: #000000; font-size: 13px; font-weight: normal; li= ne-height:=0Ainherit; text-decoration: inherit; font-style: normal; font-fa= mily: arial; text-align: center;" class=3D""><div style=3D"margin: 0; outli= ne: none; padding: 0; color: #000000; font-size: 13px; font-weight: normal;= line-height: inherit; text-decoration: inherit; text-align: center; font-s= tyle: normal; font-family: arial;">Trazem como diferencial para o modelo n= =C3=A3o terem a cobran=C3=A7a de mensalidade para os restaurantes e uma tax= a vari=C3=A1vel mais baixa, aumentando a rentabilidade para o entregador e = restaurantes. Obviamente que para sustentarem este formato, que traz menos = receitas para a empresa, atribuem a uma opera=C3=A7=C3=A3o mais enxuta e me= nos gasto com CAC, que torna mais saud=C3=A1vel financeiramente. Fico com b= astante receio neste argumento, pois em um cen=C3=A1rio competitivo e com b= usiness B2C, =C3=A9 dif=C3=ADcil n=C3=A3o imaginar que o custo de aquisi= =C3=A7=C3=A3o de usu=C3=A1rios ser=C3=A1 alto. =C2=A0</div>=0A</div>=0A</di= v>=0A</div>=0A </div>=0A<!--[if (gte mso 12)&(lte mso 15) ]>=0A<style data-= ac-keep=3D"true" data-ac-inline=3D"false"> #text_div1696, #text_div1696 div= { line-height: 100% !important; };=0A</style>=0A<![endif]--></td>=0A</tr>= =0A</table>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr style=3D"mso-l= ine-height-rule: exactly;"><td id=3D"layout-row-margin1820" valign=3D"top" = style=3D"mso-line-height-rule: exactly; padding: 5px;"><table width=3D"100%= " border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-a= djust: auto; -webkit-text-size-adjust: 100%; border-collapse: initial !impo= rtant; font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-r= space: 0pt;"><tr id=3D"layout-row1820" class=3D"layout layout-row widget _w= idget_text style1820" style=3D"mso-line-height-rule: exactly; margin: 0; pa= dding: 0;"><td id=3D"layout-row-padding1820" valign=3D"top" style=3D"mso-li= ne-height-rule: exactly; padding: 5px;"><table width=3D"100%" border=3D"0" = cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -w= ebkit-text-size-adjust: 100%; border-collapse: collapse; font-size: 14px; m= in-width: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr style=3D= "mso-line-height-rule: exactly;"><td id=3D"text_div1708" class=3D"td_text t= d_block" valign=3D"top"=0Aalign=3D"left" width=3D"630" style=3D"line-height= : 100%; mso-line-height-rule: exactly; margin: 0; outline: none; padding: 0= ; color: inherit; font-size: 12px; font-weight: inherit; line-height: 1; te= xt-decoration: inherit; font-family: arial;"> <div style=3D"line-height: 10= 0%; margin: 0; outline: none; padding: 0; color: #0b6121; font-size: inheri= t; font-weight: inherit; line-height: 1; text-decoration: inherit; mso-line= -height-rule: exactly;" data-line-height=3D"1"> <div style=3D"margin: 0; ou= tline: none; padding: 0; color: #0b6121; font-size: inherit; font-weight: i= nherit; line-height: inherit; text-decoration: inherit;"> <div style=3D"mar= gin: 0; outline: none; padding: 0; color: #0b6121; font-size: 16px; font-we= ight: inherit; line-height: inherit; text-decoration: inherit;"> <div style= =3D"margin: 0; outline: none; padding: 0; color: #0b6121; font-size: inheri= t; font-weight: inherit; line-height: inherit; text-decoration: inherit;"><= b style=3D"margin: 0; outline: none; padding: 0;=0Afont-style: normal; font= -size: 16px; font-family: arial; color: #0b6121; text-decoration: underline= ;" class=3D""><b style=3D"margin: 0; outline: none; padding: 0; font-style:= normal; font-size: 16px; font-family: arial; color: #0b6121; text-decorati= on: underline;" class=3D"">VALIDA=C3=87=C3=83O:</b></b><br style=3D"color: = #0b6121;"></div>=0A </div>=0A </div>=0A </div>=0A<!--[if (gte mso 12)&(lte = mso 15) ]>=0A<style data-ac-keep=3D"true" data-ac-inline=3D"false"> #text_d= iv1708, #text_div1708 div { line-height: 100% !important; };=0A</style>=0A<= ![endif]--></td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</= tr>=0A<tr style=3D"mso-line-height-rule: exactly;"><td id=3D"layout-row-mar= gin1809" valign=3D"top" style=3D"mso-line-height-rule: exactly;"><table wid= th=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-t= ext-size-adjust: auto; -webkit-text-size-adjust: 100%; border-collapse: col= lapse; font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-r= space: 0pt;"><tr id=3D"layout-row1809" class=3D"layout layout-row widget _w= idget_picture " align=3D"center" style=3D"mso-line-height-rule: exactly;"><= td id=3D"layout-row-padding1809" valign=3D"top" style=3D"mso-line-height-ru= le: exactly;"><table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspac= ing=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text-size-adjust: 10= 0%; border-collapse: collapse; font-size: 14px; min-width: 100%; mso-table-= lspace: 0pt; mso-table-rspace: 0pt;"><tr style=3D"mso-line-height-rule: exa= ctly;"><td class=3D"image-td" align=3D"center" valign=3D"top" width=3D"650"= style=3D"mso-line-height-rule: exactly;"><img=0Asrc=3D"https://content.app= -us1.com/KGGyk/2022/05/10/d7d8cbaa-e4ef-41fa-a1e0-dbc4c74a6615.jpeg?r=3D213= 1133053" width=3D"650" style=3D"display: block; border: none; outline: none= ; width: 650px; opacity: 1; max-width: 100%!important;"></td>=0A</tr>=0A</t= able>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr style=3D"mso-line-he= ight-rule: exactly;"><td id=3D"layout-row-margin1810" valign=3D"top" style= =3D"mso-line-height-rule: exactly; padding: 5px;"><table width=3D"100%" bor= der=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust= : auto; -webkit-text-size-adjust: 100%; border-collapse: initial !important= ; font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-rspace= : 0pt;"><tr id=3D"layout-row1810" class=3D"layout layout-row widget _widget= _text style1810" style=3D"mso-line-height-rule: exactly; margin: 0; padding= : 0;"><td id=3D"layout-row-padding1810" valign=3D"top" style=3D"mso-line-he= ight-rule: exactly; padding: 5px;"><table width=3D"100%" border=3D"0" cellp= adding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit= -text-size-adjust: 100%; border-collapse: collapse; font-size: 14px; min-wi= dth: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr style=3D"mso-= line-height-rule: exactly;"><td id=3D"text_div1698" class=3D"td_text td_blo= ck" valign=3D"top"=0Aalign=3D"left" width=3D"630" style=3D"mso-line-height-= rule: exactly; margin: 0; outline: none; padding: 0; color: inherit; font-s= ize: 12px; font-weight: inherit; line-height: 1; text-decoration: inherit; = font-family: arial;"> <div style=3D"margin: 0; outline: none; padding: 0; c= olor: inherit; font-size: small; font-weight: inherit; line-height: inherit= ; text-decoration: inherit;" class=3D""><div style=3D"margin: 0; outline: n= one; padding: 0; color: #000000; font-size: small; font-weight: normal; lin= e-height: inherit; text-decoration: inherit; text-align: center; font-style= : normal; font-family: arial;" class=3D""><span style=3D"color: #000000; fo= nt-size: 13px; font-weight: normal; line-height: inherit; text-decoration: = inherit; font-style: normal; font-family: arial; margin: 0;" class=3D"">O n= eg=C3=B3cio ainda est=C3=A1 em est=C3=A1gio bastante inicial, mas j=C3= =A1 conseguiram validar a solu=C3=A7=C3=A3o com o bom n=C3=BAmero de pedido= s, entregadores cadastrados, restaurantes e tamb=C3=A9m consumidores. Neste= =0Aprimeiro teste, tiveram boas m=C3=A9tricas, =C3=BAnico ponto de receio f= oi sobre o CAC de consumidores, que no patamar atual ainda n=C3=A3o seria m= uito sustent=C3=A1vel. Al=C3=A9m disso, achei baixa a convers=C3=A3o de usu= =C3=A1rios total para o n=C3=BAmero que fizeram pedidos. </span><br></div>= =0A</div>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A</td>=0A<= /tr>=0A<tr style=3D"mso-line-height-rule: exactly;"><td id=3D"layout-row-ma= rgin1821" valign=3D"top" style=3D"mso-line-height-rule: exactly; padding: 5= px;"><table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0"= style=3D"-ms-text-size-adjust: auto; -webkit-text-size-adjust: 100%; borde= r-collapse: initial !important; font-size: 14px; min-width: 100%; mso-table= -lspace: 0pt; mso-table-rspace: 0pt;"><tr id=3D"layout-row1821" class=3D"la= yout layout-row widget _widget_text style1821" style=3D"mso-line-height-rul= e: exactly; margin: 0; padding: 0;"><td id=3D"layout-row-padding1821" valig= n=3D"top" style=3D"mso-line-height-rule: exactly; padding: 5px;"><table wid= th=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-t= ext-size-adjust: auto; -webkit-text-size-adjust: 100%; 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color: #0b6121; fon= t-size: inherit; font-weight: inherit; line-height: inherit; text-decoratio= n: inherit; font-family: arial;"><div style=3D"margin: 0; outline: none; pa= dding: 0; color: #0b6121; font-size: inherit; font-weight: inherit;=0Aline-= height: inherit; text-decoration: inherit; text-align: justify; font-style:= normal; font-family: arial;"><b style=3D"margin: 0; outline: none; padding= : 0; text-decoration: underline; color: #0b6121;" class=3D""><b style=3D"ma= rgin: 0; outline: none; padding: 0; font-style: normal; font-size: 16px; fo= nt-family: arial; color: #0b6121; text-decoration: underline;" class=3D"">T= IME:</b><br style=3D"color: #0b6121;"></b></div>=0A</div>=0A </div>=0A </di= v>=0A </div>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A</td>= =0A</tr>=0A<tr style=3D"mso-line-height-rule: exactly;"><td id=3D"layout-ro= w-margin1811" valign=3D"top" style=3D"mso-line-height-rule: exactly;"><tabl= e width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"= -ms-text-size-adjust: auto; -webkit-text-size-adjust: 100%; border-collapse= : collapse; font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-ta= ble-rspace: 0pt;"><tr id=3D"layout-row1811" class=3D"layout layout-row widg= et _widget_picture " align=3D"center" style=3D"mso-line-height-rule: exactl= y;"><td id=3D"layout-row-padding1811" valign=3D"top" style=3D"mso-line-heig= ht-rule: exactly;"><table width=3D"100%" border=3D"0" cellpadding=3D"0" cel= lspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text-size-adjus= t: 100%; border-collapse: collapse; font-size: 14px; min-width: 100%; mso-t= able-lspace: 0pt; mso-table-rspace: 0pt;"><tr style=3D"mso-line-height-rule= : exactly;"><td class=3D"image-td" align=3D"center" valign=3D"top" width=3D= "650" style=3D"mso-line-height-rule: exactly;"><img=0Asrc=3D"https://conten= t.app-us1.com/KGGyk/2022/05/10/8ef4d1b4-7c69-40e4-92ae-fd08b79f2469.jpeg?r= =3D1742692270" width=3D"650" style=3D"display: block; border: none; outline= : none; width: 650px; opacity: 1; max-width: 100%!important;"></td>=0A</tr>= =0A</table>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr style=3D"mso-l= ine-height-rule: exactly;"><td id=3D"layout-row-margin1812" valign=3D"top" = style=3D"mso-line-height-rule: exactly; padding: 5px;"><table width=3D"100%= " border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-a= djust: auto; -webkit-text-size-adjust: 100%; border-collapse: initial !impo= rtant; font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-r= space: 0pt;"><tr id=3D"layout-row1812" class=3D"layout layout-row widget _w= idget_text style1812" style=3D"mso-line-height-rule: exactly; margin: 0; pa= dding: 0;"><td id=3D"layout-row-padding1812" valign=3D"top" style=3D"mso-li= ne-height-rule: exactly; padding: 5px;"><table width=3D"100%" border=3D"0" = cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -w= ebkit-text-size-adjust: 100%; border-collapse: collapse; font-size: 14px; m= in-width: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr style=3D= "mso-line-height-rule: exactly;"><td id=3D"text_div1700" class=3D"td_text t= d_block" valign=3D"top"=0Aalign=3D"left" width=3D"630" style=3D"mso-line-he= ight-rule: exactly; margin: 0; outline: none; padding: 0; color: inherit; f= ont-size: 12px; font-weight: inherit; line-height: 1; text-decoration: inhe= rit; font-family: arial;"> <div style=3D"margin: 0; outline: none; padding:= 0; color: inherit; font-size: 14px; font-weight: inherit; line-height: inh= erit; text-decoration: inherit;"> <div style=3D"margin: 0; outline: none; p= adding: 0; color: inherit; font-size: inherit; font-weight: inherit; line-h= eight: inherit; text-decoration: inherit;"><div style=3D"margin: 0; outline= : none; padding: 0; color: #000000; font-size: inherit; font-weight: normal= ; line-height: inherit; text-decoration: inherit; text-align: center; font-= style: normal; font-family: arial;"><span style=3D"color: #000000; font-siz= e: inherit; font-weight: normal; line-height: inherit; text-decoration: inh= erit; font-style: normal; font-family: arial; margin: 0;" class=3D"">O time= aparenta ser complementar, com pessoas de=0Aperfil e expertise em segmento= s chave diferentes para uma boa gest=C3=A3o do neg=C3=B3cio. Talvez precise= m complementar com uma pessoa experiente em growth, para auxiliar na aquisi= =C3=A7=C3=A3o em massa de usu=C3=A1rios.</span><br></div>=0A</div>=0A </div= >=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<= tr style=3D"mso-line-height-rule: exactly;"><td id=3D"layout-row-margin1840= " valign=3D"top" style=3D"mso-line-height-rule: exactly; padding: 5px;"><ta= ble width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style= =3D"-ms-text-size-adjust: auto; -webkit-text-size-adjust: 100%; border-coll= apse: initial !important; font-size: 14px; min-width: 100%; mso-table-lspac= e: 0pt; mso-table-rspace: 0pt;"><tr id=3D"layout-row1840" class=3D"layout l= ayout-row widget _widget_text style1840" style=3D"mso-line-height-rule: exa= ctly; margin: 0; padding: 0;"><td id=3D"layout-row-padding1840" valign=3D"t= op" style=3D"mso-line-height-rule: exactly; padding: 5px;"><table width=3D"= 100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-si= ze-adjust: auto; -webkit-text-size-adjust: 100%; border-collapse: collapse;= font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-rspace:= 0pt;"><tr style=3D"mso-line-height-rule: exactly;"><td id=3D"text_div1725"= class=3D"td_text td_block" valign=3D"top"=0Aalign=3D"left" width=3D"630" s= tyle=3D"mso-line-height-rule: exactly; margin: 0; outline: none; padding: 0= ; color: inherit; font-size: 12px; font-weight: inherit; line-height: 1; te= xt-decoration: inherit; font-family: arial;"> <div style=3D"margin: 0; outl= ine: none; padding: 0; color: #0b6121; font-size: 16px; font-weight: inheri= t; line-height: inherit; text-decoration: inherit;"> <div style=3D"margin: = 0; outline: none; padding: 0; color: #0b6121; font-size: inherit; font-weig= ht: inherit; line-height: inherit; text-decoration: inherit;"><b style=3D"m= argin: 0; outline: none; padding: 0; color: #0b6121; font-style: normal; fo= nt-weight: normal; font-family: arial; text-decoration: underline;">RODADA = E ROADMAP:</b><br style=3D"color: #0b6121;"></div>=0A </div>=0A</td>=0A</tr= >=0A</table>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr style=3D"mso-= line-height-rule: exactly;"><td id=3D"layout-row-margin1829" valign=3D"top"= style=3D"mso-line-height-rule: exactly;"><table width=3D"100%" border=3D"0= " cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; = -webkit-text-size-adjust: 100%; border-collapse: collapse; font-size: 14px;= min-width: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr id=3D"= layout-row1829" class=3D"layout layout-row widget _widget_picture " align= =3D"left" style=3D"mso-line-height-rule: exactly;"><td id=3D"layout-row-pad= ding1829" valign=3D"top" style=3D"mso-line-height-rule: exactly;"><table wi= dth=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-= text-size-adjust: auto; -webkit-text-size-adjust: 100%; border-collapse: co= llapse; font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-= rspace: 0pt;"><tr style=3D"mso-line-height-rule: exactly;"><td class=3D"ima= ge-td" align=3D"left" valign=3D"top" width=3D"650" style=3D"mso-line-height= -rule: exactly;"><img=0Asrc=3D"https://content.app-us1.com/KGGyk/2022/05/10= /89f87cf9-846c-438c-a132-742d49f1fb3b.jpeg?r=3D1047937937" width=3D"650" st= yle=3D"display: block; border: none; outline: none; width: 650px; opacity: = 1; max-width: 100%!important;"></td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<= /table>=0A</td>=0A</tr>=0A<tr style=3D"mso-line-height-rule: exactly;"><td = id=3D"layout-row-margin1830" valign=3D"top" style=3D"mso-line-height-rule: = exactly; padding: 5px;"><table width=3D"100%" border=3D"0" cellpadding=3D"0= " cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text-size-= adjust: 100%; border-collapse: initial !important; font-size: 14px; min-wid= th: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr id=3D"layout-r= ow1830" class=3D"layout layout-row widget _widget_text style1830" style=3D"= mso-line-height-rule: exactly; margin: 0; padding: 0;"><td id=3D"layout-row= -padding1830" valign=3D"top" style=3D"mso-line-height-rule: exactly; paddin= g: 5px;"><table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text-size-adjust: 100%;= border-collapse: collapse; font-size: 14px; min-width: 100%; mso-table-lsp= ace: 0pt; mso-table-rspace: 0pt;"><tr style=3D"mso-line-height-rule: exactl= y;"><td id=3D"text_div1718" class=3D"td_text td_block" valign=3D"top"=0Aali= gn=3D"left" width=3D"630" style=3D"mso-line-height-rule: exactly; margin: 0= ; outline: none; padding: 0; color: inherit; font-size: 12px; font-weight: = inherit; line-height: 1; text-decoration: inherit; font-family: arial;"> <d= iv style=3D"margin: 0; outline: none; padding: 0; color: inherit; font-size= : inherit; font-weight: inherit; line-height: inherit; text-decoration: inh= erit; text-align: justify;"><div style=3D"margin: 0; outline: none; padding= : 0; color: #000000; font-size: 14px; font-weight: normal; line-height: inh= erit; text-decoration: inherit; font-family: arial; font-style: normal; tex= t-align: center;"><span style=3D"color: #000000; font-size: inherit; font-w= eight: inherit; line-height: inherit; text-decoration: inherit; font-family= : arial;">Pelo fato do neg=C3=B3cio ainda em est=C3=A1gio inicial parte sub= stancial do round ir=C3=A1 para produto e operacional, mas mesmo assim, 46%= ser=C3=A1 destinado em atividade que visam o crescimento e expans=C3=A3o d= a base de clientes. Mas essa=0Atra=C3=A7=C3=A3o e acelera=C3=A7=C3=A3o dema= ndar=C3=A1 inje=C3=A7=C3=B5es mais robustas de capital que devem vir nas pr= =C3=B3ximas rodadas.</span></div>=0A<div style=3D"margin: 0; outline: none;= padding: 0; color: inherit; font-size: inherit; font-weight: inherit; line= -height: inherit; text-decoration: inherit; text-align: center;"><br style= =3D"font-size: 14px;"></div>=0A <div style=3D"margin: 0; outline: none; pad= ding: 0; color: #000000; font-size: 14px; font-weight: normal; line-height:= inherit; text-decoration: inherit; font-style: normal; font-family: arial;= text-align: center;"><span style=3D"color: #000000; font-size: inherit; fo= nt-weight: inherit; line-height: inherit; text-decoration: inherit; font-fa= mily: arial;">Neste round est=C3=A3o captando R$ 2,25 milh=C3=B5es em uma r= odada em formato de SAFE, com o cap de valuation em R$ 28,75 Milh=C3=B5es p= re-money e desconto de 20%. Neste modelo de contrato, o valuation final = =C3=A9 definido na pr=C3=B3xima rodada, mas quem entrar neste round ser= =C3=A1 no m=C3=A1ximo no valuation cap e caso seja inferior que o cap ainda= incide os 20% de desconto.<br></span><span style=3D"color: inherit; font-s= ize: 12px; font-weight: inherit; line-height: inherit; text-decoration: inh= erit;"> </span></div>=0A </div>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>= =0A</table>=0A</td>=0A</tr>=0A<tr style=3D"mso-line-height-rule: exactly;">= <td id=3D"layout-row-margin1813" valign=3D"top" style=3D"mso-line-height-ru= le: exactly; padding: 5px;"><table width=3D"100%" border=3D"0" cellpadding= =3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text-= size-adjust: 100%; border-collapse: initial !important; font-size: 14px; mi= n-width: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr id=3D"lay= out-row1813" class=3D"layout layout-row widget _widget_text style1813" styl= e=3D"mso-line-height-rule: exactly; margin: 0; padding: 0;"><td id=3D"layou= t-row-padding1813" valign=3D"top" style=3D"mso-line-height-rule: exactly; p= adding: 5px;"><table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspac= ing=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text-size-adjust: 10= 0%; border-collapse: collapse; font-size: 14px; min-width: 100%; mso-table-= lspace: 0pt; mso-table-rspace: 0pt;"><tr style=3D"mso-line-height-rule: exa= ctly;"><td id=3D"text_div1701" class=3D"td_text td_block" valign=3D"top"=0A= align=3D"left" width=3D"630" style=3D"mso-line-height-rule: exactly; margin= : 0; outline: none; padding: 0; color: inherit; font-size: 12px; font-weigh= t: inherit; line-height: 1; text-decoration: inherit; font-family: arial;">= <div style=3D"margin: 0; outline: none; padding: 0; color: inherit; font-s= ize: inherit; font-weight: inherit; line-height: inherit; text-decoration: = inherit; text-align: justify;" class=3D""><span style=3D"color: #0b6121; fo= nt-size: 16px; font-weight: 700; line-height: inherit; text-decoration: inh= erit; font-family: arial; font-style: normal;" class=3D"">CONCLUS=C3=83O:</= span><br style=3D"color: #0b6121;" class=3D""><div class=3D"" style=3D"marg= in: 0; outline: none; padding: 0; color: inherit; font-size: inherit; font-= weight: inherit; line-height: inherit; text-decoration: inherit; text-align= : justify;"><br class=3D"" style=3D"font-size: 14px;"></div>=0A<div style= =3D"margin: 0; outline: none; padding: 0; color: #000000; font-size: 14px; = font-weight: inherit; line-height: inherit; text-decoration: inherit; text-= align: justify; font-family: arial; font-style: normal;" class=3D""><span s= tyle=3D"color: #000000; font-size: inherit; font-weight: inherit; line-heig= ht: inherit; text-decoration: inherit; font-family: arial;" class=3D"">O de= ck da startup foi muito bem constru=C3=ADdo, trouxe o problema, apresentou = a solu=C3=A7=C3=A3o de como resolveria a dor, trouxe o funcionamento do mod= elo de neg=C3=B3cios, resultados j=C3=A1 atingidos e o que busca na rodada.= De fato acredito que foi um bom case de deck, fica a dica para os empreend= edores leitores irem fazer bench.<br><br class=3D""></span></div>=0A<div st= yle=3D"margin: 0; outline: none; padding: 0; color: #000000; font-size: 14p= x; font-weight: inherit; line-height: inherit; text-decoration: inherit; te= xt-align: justify; font-family: arial; font-style: normal;" class=3D""><spa= n style=3D"color: #000000; font-size: inherit; font-weight: inherit; line-h= eight: inherit; text-decoration: inherit; font-family: arial;" class=3D"">S= obre o neg=C3=B3cio, tenho algumas ressalvas. =C3=89 um mercado realmente e= norme, tem ainda um grupo desassistido, principalmente em regi=C3=B5es do i= nterior, mas sem d=C3=BAvidas enfrentar os concorrente=C2=A0 consolidados e= bem capitalizados n=C3=A3o =C3=A9 uma tarefa f=C3=A1cil. As vantagens na p= onta podem ser um atrativo, mas sem o capital para o impulsionamento, na po= nta sequer saber=C3=A3o que existe essa solu=C3=A7=C3=A3o. Acredito que nes= te caso o plano de growth precisa ser muito bem estudado, pois =C3=A9 o que= far=C3=A1 total diferen=C3=A7a. No material apresentado, neste sentido o q= ue mais me chamou a aten=C3=A7=C3=A3o foi a cria=C3=A7=C3=A3o de rede, para= =0Aeste formato, pode fazer bastante sentido. =C3=89 muito mais interessant= e eles criarem um diferencial por pertencimento e comunidade do que simples= mente encarar uma briga por pre=C3=A7o.<br><br class=3D""></span></div>=0A = <div style=3D"margin: 0; outline: none; padding: 0; color: #000000; font-si= ze: 14px; font-weight: normal; line-height: inherit; text-decoration: inher= it; font-family: arial; font-style: normal;" class=3D""><span style=3D"colo= r: #000000; font-size: inherit; font-weight: inherit; line-height: inherit;= text-decoration: inherit; font-family: arial;" class=3D"">=C3=89 um neg= =C3=B3cio que achei interessante, a rodada por SAFE para o est=C3=A1gio ini= cial pode fazer sentido, pois deixa para precificar no pr=C3=B3ximo round, = algo que seria complexo para os resultados atuais. Para um investidor com t= ese em solu=C3=A7=C3=B5es B2C, pode ser uma oportunidade interessante para = avalia=C3=A7=C3=A3o, no meu caso pessoalmente, n=C3=A3o =C3=A9 um mercado q= ue tenho minha maior expertise, prefiro solu=C3=A7=C3=B5es B2B, mas de qual= quer forma foi um case que chamou bastante minha aten=C3=A7=C3=A3o. E se vo= c=C3=AA quiser fazer melhor a sua avalia=C3=A7=C3=A3o, pelo link abaixo con= segue acessar o deal na plataforma da Kria:</span><a=0Ahref=3D"https://sme4= 33.lt.acemlnc.com/Prod/link-tracker?redirectUrl=3DaHR0cHMlM0ElMkYlMkZhcHAua= 3JpYS52YyUyRmFnZW50cyUyRnVzZXJzJTJGb2ZmZXJzJTJGMjc3JTNGbG9jYWxlJTNEcHQtQlIl= MjNwaXRjaA=3D=3D&sig=3DBp3skrNF51Rko9UKn2eGj2WuGdBvWsRg6dh2NnHq7hmf&iat=3D1= 652272296&a=3D%7C%7C27164360%7C%7C&account=3Dsme433%2Eactivehosted%2Ecom&em= ail=3DA3gc6N%2FVTTN0GbZd%2FO381I%2BH7AWutl5sbgJnRhNVAzk%3D&s=3De5f03abbaaae= 462b187840d1803be379&i=3D189A238A1A726" data-ac-default-color=3D"1" style= =3D"margin: 0; outline: none; padding: 0; color: #045fb4; text-decoration: = underline; font-family: arial;" target=3D"_blank"><span style=3D"color: ; f= ont-size: inherit; font-weight: inherit; line-height: inherit; text-decorat= ion: inherit;">https://app.kria.vc/agents/users/offers/277?locale=3Dpt-BR#p= itch</span></a></div>=0A <div style=3D"margin: 0; outline: none; padding: 0= ; color: inherit; font-size: inherit; font-weight: inherit; line-height: in= herit; text-decoration: inherit; text-align: center;" class=3D""><br class= =3D"" style=3D"font-size: 14px;"></div>=0A <div style=3D"margin: 0; outline= : none; padding: 0; color: #000000; font-size: 14px; font-weight: normal; l= ine-height: inherit; text-decoration: inherit; font-family: arial; font-sty= le: normal; text-align: center;" class=3D""><b class=3D"" style=3D"margin: = 0; outline: none; padding: 0; color: #000000; font-family: arial;">Lembrand= o, essa n=C3=A3o =C3=A9 uma recomenda=C3=A7=C3=A3o de investimento e =C3= =A9 fundamental que voc=C3=AA sempre realize as suas pr=C3=B3prias an=C3= =A1lises antes da tomada de decis=C3=A3o.</b><span style=3D"color: inherit;= font-size: 12px; font-weight: inherit; line-height: inherit; text-decorati= on: inherit;" class=3D""> </span></div>=0A</div>=0A</td>=0A</tr>=0A</table>= =0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr style=3D"mso-line-height-= rule: exactly;"><td id=3D"layout-row-margin1824" valign=3D"top" style=3D"ms= o-line-height-rule: exactly;"><table width=3D"100%" border=3D"0" cellpaddin= g=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text= -size-adjust: 100%; border-collapse: collapse; font-size: 14px; min-width: = 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr id=3D"layout-row18= 24" class=3D"layout layout-row widget _widget_break " style=3D"mso-line-hei= ght-rule: exactly;"><td id=3D"layout-row-padding1824" valign=3D"top" style= =3D"mso-line-height-rule: exactly; line-height: 0;"><table width=3D"100%" b= order=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adju= st: auto; -webkit-text-size-adjust: 100%; border-collapse: collapse; font-s= ize: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt; l= ine-height: 0; mso-line-height-rule: exactly;"><tr style=3D"mso-line-height= -rule: exactly;"><td height=3D"10" style=3D"mso-line-height-rule: exactly; = line-height: 0;"></td>=0A</tr>=0A<tr style=3D"mso-line-height-rule: exactly= ;"><td align=3D"center" height=3D"1" width=3D"650" style=3D"mso-line-height= -rule: exactly; line-height: 0;"> <table align=3D"center" border=3D"0" cell= padding=3D"0" cellspacing=3D"0" height=3D"1" width=3D"650" style=3D"-ms-tex= t-size-adjust: auto; -webkit-text-size-adjust: 100%; border-collapse: colla= pse; font-size: 14px; min-width: auto!important; mso-table-lspace: 0pt; mso= -table-rspace: 0pt; line-height: 0; mso-line-height-rule: exactly; width: 1= 00%; max-width: 100%;"><tr style=3D"mso-line-height-rule: exactly;"><td cla= ss=3D"break-line" bgcolor=3D"#000000" height=3D"1" width=3D"650" style=3D"m= so-line-height-rule: exactly; line-height: 1px; height: 1px; width: 650px; = background-color: #000000;"> </td>=0A </tr>=0A</table>=0A</td>=0A </tr>=0A<= tr style=3D"mso-line-height-rule: exactly;"><td height=3D"10" style=3D"mso-= line-height-rule: exactly; line-height: 0;"></td>=0A</tr>=0A</table>=0A</td= >=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr style=3D"mso-line-height-rule: e= xactly;"><td id=3D"layout-row-margin1823" valign=3D"top" style=3D"mso-line-= height-rule: exactly; padding: 5px;"><table width=3D"100%" border=3D"0" cel= lpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -webk= it-text-size-adjust: 100%; border-collapse: initial !important; font-size: = 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr i= d=3D"layout-row1823" class=3D"layout layout-row widget _widget_text style18= 23" style=3D"mso-line-height-rule: exactly; margin: 0; padding: 0;"><td id= =3D"layout-row-padding1823" valign=3D"top" style=3D"mso-line-height-rule: e= xactly; padding: 5px;"><table width=3D"100%" border=3D"0" cellpadding=3D"0"= cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text-size-a= djust: 100%; border-collapse: collapse; font-size: 14px; min-width: 100%; m= so-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr style=3D"mso-line-height-= rule: exactly;"><td id=3D"text_div1711" class=3D"td_text td_block" valign= =3D"top"=0Aalign=3D"left" width=3D"630" style=3D"mso-line-height-rule: exac= tly; margin: 0; outline: none; padding: 0; color: inherit; font-size: 12px;= font-weight: inherit; line-height: 1; text-decoration: inherit; font-famil= y: arial;"> <div class=3D"" style=3D"margin: 0; outline: none; padding: 0; = color: inherit; font-size: 13px; font-weight: inherit; line-height: inherit= ; text-decoration: inherit;"><span style=3D"color: #0b6121; font-size: 16px= ; font-weight: inherit; line-height: inherit; text-decoration: inherit;" cl= ass=3D""><span style=3D"color: inherit; font-size: inherit; font-weight: 70= 0; line-height: inherit; text-decoration: inherit;">=C2=A0 =C2=A0 =C2=A0 = =C2=A0 =C2=A02. Cinco Startups to Watch:</span><br><br style=3D"color: #000= 000;color: #000000;"><div style=3D"margin: 0; outline: none; padding: 0; co= lor: #000000; font-size: 16px; font-weight: normal; line-height: inherit; t= ext-decoration: inherit; text-align: justify; font-style: normal; font-fami= ly: arial;"><span style=3D"color: #000000; font-size:=0Ainherit; font-weigh= t: inherit; line-height: inherit; text-decoration: inherit;" class=3D"">Des= taco ainda alguns neg=C3=B3cios que me deparei recentemente e acredito que = valem a aten=C3=A7=C3=A3o de todos:</span></div>=0A<br style=3D"font-weight= : 700; font-size: 13px; color: #000000;color: #000000;"><ol style=3D"margin= : 0 0 0 40px; padding: 0; font-size: 13px; color: #000000;"><li style=3D"di= splay: list-item; line-height: inherit; list-style-type: decimal; margin: 0= ; text-align: justify; font-style: normal; font-family: arial; color: #0000= 00;"><span style=3D"color: #000000; font-size: inherit; font-weight: bold; = line-height: inherit; text-decoration: inherit;" class=3D"">Agidesk:</span>= </li> </ol><div style=3D"margin: 0 0px 0 35.4px; outline: none; padding: 0;= color: #000000; font-size: 13px; font-weight: normal; line-height: inherit= ; text-decoration: inherit; text-align: justify; font-style: normal; font-f= amily: arial;"><span style=3D"color: #000000; font-size: inherit; font-weig= ht: inherit; line-height: inherit; text-decoration: inherit;" class=3D""><b= r>Software para otimizar atendimento de centros de servi=C3=A7o compartilha= do (CSC), service desk e help desk. </span></div>=0A<span style=3D"color: #= 000000; font-size: 13px; font-weight: 700; line-height: inherit; text-decor= ation: inherit;" class=3D""> <br style=3D"color: #000000;"></span><ol style= =3D"margin: 0 0 0 40px; padding: 0; font-size: 13px; color: #000000;" start= =3D"2"><li style=3D"display: list-item; line-height: inherit; list-style-ty= pe: decimal; margin: 0; font-style: normal; font-family: arial; color: #000= 000;"><span style=3D"color: #000000; font-size: inherit; font-weight: bold;= line-height: inherit; text-decoration: inherit;" class=3D"">Trillio Academ= y:</span></li> </ol><div style=3D"margin: 0 0px 0 36px; outline: none; padd= ing: 0; color: #000000; font-size: 13px; font-weight: normal; line-height: = inherit; text-decoration: inherit; text-align: justify; font-style: normal;= font-family: arial;"><span style=3D"color: #000000; font-size: inherit; fo= nt-weight: inherit; line-height: inherit; text-decoration: inherit;" class= =3D""><br>Edtech focada no desenvolvimento de softskills com foco em=0Aente= rprises.</span></div>=0A<div style=3D"margin: 0; outline: none; padding: 0;= color: #0b6121; font-size: 16px; font-weight: normal; line-height: inherit= ; text-decoration: inherit; text-align: justify; font-style: normal; font-f= amily: arial;"></div>=0A<br style=3D"font-weight: 700; font-size: 13px; col= or: #000000;color: #000000;"><ol style=3D"margin: 0 0 0 40px; padding: 0; f= ont-size: 13px; color: #000000;" start=3D"3"><li style=3D"display: list-ite= m; line-height: inherit; list-style-type: decimal; margin: 0; text-align: j= ustify; font-style: normal; font-family: arial; color: #000000;"><span styl= e=3D"color: #000000; font-size: inherit; font-weight: bold; line-height: in= herit; text-decoration: inherit;" class=3D"">Bud:</span></li> </ol><div sty= le=3D"margin: 0 0px 0 36px; outline: none; padding: 0; color: #000000; font= -size: 13px; font-weight: normal; line-height: inherit; text-decoration: in= herit; text-align: justify; font-style: normal; font-family: arial;"><span = style=3D"color: #000000; font-size: inherit; font-weight: inherit; line-hei= ght: inherit; text-decoration: inherit;" class=3D""><br>Plataforma para aux= iliar na implementa=C3=A7=C3=A3o de OKRs, focado em promover o engajamento = das equipes.</span></div>=0A<div style=3D"margin: 0; outline: none; padding= : 0; color: #0b6121; font-size: 16px; font-weight: normal; line-height: inh= erit; text-decoration: inherit; text-align: justify; font-style: normal; fo= nt-family: arial;"></div>=0A<br style=3D"font-weight: 700; font-size: 13px;= color: #000000;color: #000000;"><ol style=3D"margin: 0 0 0 40px; padding: = 0; font-size: 13px; color: #000000;" start=3D"4"><li style=3D"display: list= -item; line-height: inherit; list-style-type: decimal; margin: 0; text-alig= n: justify; font-style: normal; font-family: arial; color: #000000;"><span = style=3D"color: #000000; font-size: inherit; font-weight: bold; line-height= : inherit; text-decoration: inherit;" class=3D"">Saks:</span></li> </ol><di= v style=3D"margin: 0 0px 0 35.4px; outline: none; padding: 0; color: #00000= 0; font-size: 13px; font-weight: normal; line-height: inherit; text-decorat= ion: inherit; text-align: justify; font-style: normal; font-family: arial;"= ><span style=3D"color: #000000; font-size: inherit; font-weight: inherit; l= ine-height: inherit; text-decoration: inherit;" class=3D""><br>Fintech que = descomplica a previd=C3=AAncia privada, com a ideia de levar a melhor solu= =C3=A7=C3=A3o financeira para cada perfil de=0Acliente.</span></div>=0A<br = style=3D"font-weight: 700; font-size: 13px; color: #000000;color: #000000;"= ><ol style=3D"margin: 0 0 0 40px; padding: 0; font-size: 13px; color: #0000= 00;" start=3D"5"><li style=3D"display: list-item; line-height: inherit; lis= t-style-type: decimal; margin: 0; font-style: normal; font-family: arial; c= olor: #000000;"><span style=3D"color: #000000; font-size: inherit; font-wei= ght: bold; line-height: inherit; text-decoration: inherit;" class=3D"">Plug= gy:</span></li> </ol><div style=3D"margin: 0 0px 0 36px; outline: none; pad= ding: 0; color: #000000; font-size: 13px; font-weight: normal; line-height:= inherit; text-decoration: inherit; text-align: justify; font-style: normal= ; font-family: arial;"><span style=3D"color: #000000; font-size: inherit; f= ont-weight: inherit; line-height: inherit; text-decoration: inherit;" class= =3D""><br>API baseada no open finance para facilitar o acesso das empresas = aos dados fina<span style=3D"color: #000000; font-size: inherit; font-weigh= t: inherit;=0Aline-height: inherit; text-decoration: inherit;" class=3D"">n= ceiros de seus clientes.</span></span></div>=0A</span></div>=0A</td>=0A</tr= >=0A</table>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr style=3D"mso-= line-height-rule: exactly;"><td id=3D"layout-row-margin1825" valign=3D"top"= style=3D"mso-line-height-rule: exactly;"><table width=3D"100%" border=3D"0= " cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; = -webkit-text-size-adjust: 100%; border-collapse: collapse; font-size: 14px;= min-width: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr id=3D"= layout-row1825" class=3D"layout layout-row widget _widget_break " style=3D"= mso-line-height-rule: exactly;"><td id=3D"layout-row-padding1825" valign=3D= "top" style=3D"mso-line-height-rule: exactly; line-height: 0;"><table width= =3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-tex= t-size-adjust: auto; -webkit-text-size-adjust: 100%; border-collapse: colla= pse; font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-rsp= ace: 0pt; line-height: 0; mso-line-height-rule: exactly;"><tr style=3D"mso-= line-height-rule: exactly;"><td height=3D"10" style=3D"mso-line-height-rule= : exactly; line-height: 0;"></td>=0A</tr>=0A<tr style=3D"mso-line-height-ru= le: exactly;"><td align=3D"center" height=3D"1" width=3D"650" style=3D"mso-= line-height-rule: exactly; line-height: 0;"> <table align=3D"center" border= =3D"0" cellpadding=3D"0" cellspacing=3D"0" height=3D"1" width=3D"650" style= =3D"-ms-text-size-adjust: auto; -webkit-text-size-adjust: 100%; border-coll= apse: collapse; font-size: 14px; min-width: auto!important; mso-table-lspac= e: 0pt; mso-table-rspace: 0pt; line-height: 0; mso-line-height-rule: exactl= y; width: 100%; max-width: 100%;"><tr style=3D"mso-line-height-rule: exactl= y;"><td class=3D"break-line" bgcolor=3D"#000000" height=3D"1" width=3D"650"= style=3D"mso-line-height-rule: exactly; line-height: 1px; height: 1px; wid= th: 650px; background-color: #000000;"> </td>=0A </tr>=0A</table>=0A</td>= =0A </tr>=0A<tr style=3D"mso-line-height-rule: exactly;"><td height=3D"10" = style=3D"mso-line-height-rule: exactly; line-height: 0;"></td>=0A</tr>=0A</= table>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr style=3D"mso-line-h= eight-rule: exactly;"><td id=3D"layout-row-margin1822" valign=3D"top" style= =3D"mso-line-height-rule: exactly; padding: 5px;"><table width=3D"100%" bor= der=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust= : auto; -webkit-text-size-adjust: 100%; border-collapse: initial !important= ; font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-rspace= : 0pt;"><tr id=3D"layout-row1822" class=3D"layout layout-row widget _widget= _text style1822" style=3D"mso-line-height-rule: exactly; margin: 0; padding= : 0;"><td id=3D"layout-row-padding1822" valign=3D"top" style=3D"mso-line-he= ight-rule: exactly; padding: 5px;"><table width=3D"100%" border=3D"0" cellp= adding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit= -text-size-adjust: 100%; border-collapse: collapse; font-size: 14px; min-wi= dth: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr style=3D"mso-= line-height-rule: exactly;"><td id=3D"text_div1710" class=3D"td_text td_blo= ck" valign=3D"top"=0Aalign=3D"left" width=3D"630" style=3D"mso-line-height-= rule: exactly; margin: 0; outline: none; padding: 0; color: inherit; font-s= ize: 12px; font-weight: inherit; line-height: 1; text-decoration: inherit; = font-family: arial;"> <div style=3D"margin: 0; outline: none; padding: 0; c= olor: inherit; font-size: 16px; font-weight: inherit; line-height: inherit;= text-decoration: inherit;"><span style=3D"color: #0b6121; font-size: 16px;= font-weight: inherit; line-height: inherit; text-decoration: inherit;" cla= ss=3D""><span style=3D"color: #0b6121; font-size: inherit; font-weight: 700= ; line-height: inherit; text-decoration: inherit;">=C2=A0 =C2=A0 =C2=A0 = =C2=A0 3. </span><b style=3D"margin: 0; outline: none; padding: 0; color: #= 0b6121; text-decoration: inherit; text-align: inherit;">=E2=80=93 OVERVIEW = DO MERCADO:<br style=3D"color: #0b6121;"></b></span><span style=3D"color: i= nherit; font-size: 14px; font-weight: inherit; line-height: inherit; text-d= ecoration: inherit;"><br><div style=3D"margin: 0; outline: none; padding:= =0A0; color: #000000; font-size: inherit; font-weight: normal; line-height:= inherit; text-decoration: inherit; text-align: justify; font-style: normal= ; font-family: arial;"><span style=3D"color: #000000; font-size: inherit; f= ont-weight: normal; line-height: inherit; text-decoration: inherit; text-al= ign: justify; font-style: normal; font-family: arial; margin: 0;">Iniciei o= texto de hoje com a frase do Lemann que circulou bastante esta semana sobr= e sua vis=C3=A3o de que estamos em um momento bastante interessante para o = investimento em startup, com a pondera=C3=A7=C3=A3o de que com o cen=C3= =A1rio macro =C3=A9 preciso revisar valuation e ofertas virem melhor adequa= das a estes fatores. H=C3=A1 algumas semanas atr=C3=A1s j=C3=A1 vinha defen= dendo essa vis=C3=A3o, de que a turbul=C3=AAncia existe, o cen=C3=A1rio exi= ge valuations menos esticados, mas ainda sim o mercado tem muito potencial = e com certeza deals com grande potencial est=C3=A3o dispon=C3=ADveis, caben= do ao investidor o papel de sele=C3=A7=C3=A3o.<br></span><br><span=0Astyle= =3D"color: #000000; font-size: inherit; font-weight: normal; line-height: i= nherit; text-decoration: inherit; text-align: justify; font-style: normal; = font-family: arial; margin: 0;">Para empresas que tiveram sucesso em capta= =C3=A7=C3=B5es com valuations muito esticado, o cen=C3=A1rio ser=C3=A1 um p= ouco mais complexo, pois podem enfrentar dificuldades no pr=C3=B3ximo round= e terem que esticar a dura=C3=A7=C3=A3o dos recursos, ou seja, diminuir a = queima de caixa. Por isso que sempre falo com os empreendedores, nem sempre= um valuation alto =C3=A9 bom para a startup. Se ele n=C3=A3o for condizent= e com o momento e situa=C3=A7=C3=A3o do neg=C3=B3cio, o fato de ter consegu= ido uma rodada a um valuation atrativo pode at=C3=A9 mesmo impossibilitar u= m novo round. =C2=A0<br></span><br><span style=3D"color: #000000; font-size= : inherit; font-weight: normal; line-height: inherit; text-decoration: inhe= rit; font-style: normal; font-family: arial; margin: 0;"> No Brasil, tivemo= s mais um aumento da Selic, mas dentro do que o mercado j=C3=A1=0Aesperava,= no momento convivemos com a tr=C3=ADade: Juros, infla=C3=A7=C3=A3o e desem= prego na casa dos dois d=C3=ADgitos, algo raro e que nos indica cautela. J= =C3=A1 come=C3=A7amos a notar uma estabiliza=C3=A7=C3=A3o de pre=C3=A7os, q= ue pode diminuir a press=C3=A3o inflacion=C3=A1ria, com isso podemos come= =C3=A7ar a trilhar para um cen=C3=A1rio mais positivo. Por fim, gostaria de= terminar este overview apenas ressaltando o ponto da import=C3=A2ncia da s= a=C3=BAde financeira para startups, pois a mentalidade de apenas queimar se= m olhar o fim do t=C3=BAnel est=C3=A1 bastante perigosa. </span> <br></div>= =0A</span></div>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A</= td>=0A</tr>=0A<tr style=3D"mso-line-height-rule: exactly;"><td id=3D"layout= -row-margin1828" valign=3D"top" style=3D"mso-line-height-rule: exactly;"><t= able width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style= =3D"-ms-text-size-adjust: auto; -webkit-text-size-adjust: 100%; border-coll= apse: collapse; font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; ms= o-table-rspace: 0pt;"><tr id=3D"layout-row1828" class=3D"layout layout-row = widget _widget_break " style=3D"mso-line-height-rule: exactly;"><td id=3D"l= ayout-row-padding1828" valign=3D"top" style=3D"mso-line-height-rule: exactl= y; line-height: 0;"><table width=3D"100%" border=3D"0" cellpadding=3D"0" ce= llspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text-size-adju= st: 100%; border-collapse: collapse; font-size: 14px; min-width: 100%; mso-= table-lspace: 0pt; mso-table-rspace: 0pt; line-height: 0; mso-line-height-r= ule: exactly;"><tr style=3D"mso-line-height-rule: exactly;"><td height=3D"1= 0" style=3D"mso-line-height-rule: exactly; line-height: 0;"></td>=0A</tr>= =0A<tr style=3D"mso-line-height-rule: exactly;"><td align=3D"center" height= =3D"1" width=3D"650" style=3D"mso-line-height-rule: exactly; line-height: 0= ;"> <table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0= " height=3D"1" width=3D"650" style=3D"-ms-text-size-adjust: auto; -webkit-t= ext-size-adjust: 100%; border-collapse: collapse; font-size: 14px; min-widt= h: auto!important; mso-table-lspace: 0pt; mso-table-rspace: 0pt; line-heigh= t: 0; mso-line-height-rule: exactly; width: 100%; max-width: 100%;"><tr sty= le=3D"mso-line-height-rule: exactly;"><td class=3D"break-line" bgcolor=3D"#= 000000" height=3D"1" width=3D"650" style=3D"mso-line-height-rule: exactly; = line-height: 1px; height: 1px; width: 650px; background-color: #000000;"> <= /td>=0A </tr>=0A</table>=0A</td>=0A </tr>=0A<tr style=3D"mso-line-height-ru= le: exactly;"><td height=3D"10" style=3D"mso-line-height-rule: exactly; lin= e-height: 0;"></td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A</td>= =0A</tr>=0A<tr style=3D"mso-line-height-rule: exactly;"><td id=3D"layout-ro= w-margin1831" valign=3D"top" style=3D"mso-line-height-rule: exactly; paddin= g: 5px;"><table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text-size-adjust: 100%;= border-collapse: initial !important; font-size: 14px; min-width: 100%; mso= -table-lspace: 0pt; mso-table-rspace: 0pt;"><tr id=3D"layout-row1831" class= =3D"layout layout-row widget _widget_text style1831" style=3D"mso-line-heig= ht-rule: exactly; margin: 0; padding: 0;"><td id=3D"layout-row-padding1831"= valign=3D"top" style=3D"mso-line-height-rule: exactly; padding: 5px;"><tab= le width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D= "-ms-text-size-adjust: auto; -webkit-text-size-adjust: 100%; border-collaps= e: collapse; font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-t= able-rspace: 0pt;"><tr style=3D"mso-line-height-rule: exactly;"><td id=3D"t= ext_div1719" class=3D"td_text td_block" valign=3D"top"=0Aalign=3D"left" wid= th=3D"630" style=3D"mso-line-height-rule: exactly; margin: 0; outline: none= ; padding: 0; color: inherit; font-size: 12px; font-weight: inherit; line-h= eight: 1; text-decoration: inherit; font-family: arial;"> <div style=3D"mar= gin: 0; outline: none; padding: 0; color: inherit; font-size: small; font-w= eight: inherit; line-height: inherit; text-decoration: inherit;" class=3D""= >Quer mais conte=C3=BAdo em outro formato? Se ainda n=C3=A3o conhece e para= todos aqueles que j=C3=A1 acompanham, n=C3=A3o deixe de assistir ao PITCH = REACT no meu canal.<br class=3D""> Semanalmente as quartas =C3=A0 noite ser= =C3=A3o apresentados novos v=C3=ADdeos, meu objetivo =C3=A9 mostrar como eu= reajo a apresenta=C3=A7=C3=B5es de diferentes startups. <br class=3D""><br= class=3D""> A ideia =C3=A9 que, ao mostrar os erros e acertos dos empreend= edores - e um pouco da vis=C3=A3o do investidor diante deste tipo de aprese= nta=C3=A7=C3=A3o, quem esteja assistindo consiga absorver os aprendizados q= ue precisa para inserir na sua pr=C3=B3pria jornada. <br=0Aclass=3D""><br c= lass=3D""> Se voc=C3=AA n=C3=A3o quer perder nenhum epis=C3=B3dio, n=C3= =A3o se esque=C3=A7a de se inscrever no meu canal e ativar as notifica= =C3=A7=C3=B5es!<br class=3D""><br class=3D""> Assista ao =C3=BAltimo v= =C3=ADdeo: <a href=3D"https://sme433.lt.acemlnc.com/Prod/link-tracker?redir= ectUrl=3DaHR0cHMlM0ElMkYlMkZ3d3cueW91dHViZS5jb20lMkZ3YXRjaCUzRnYlM0RldFlOSz= BoR3Y5RQ=3D=3D&sig=3D4dC7a9wz1pJNZ1biXvzgY5LgPM6xqemjv4LSVqzLkCiR&iat=3D165= 2272296&a=3D%7C%7C27164360%7C%7C&account=3Dsme433%2Eactivehosted%2Ecom&emai= l=3DA3gc6N%2FVTTN0GbZd%2FO381I%2BH7AWutl5sbgJnRhNVAzk%3D&s=3De5f03abbaaae46= 2b187840d1803be379&i=3D189A238A1A719" data-ac-default-color=3D"1" target=3D= "_blank" class=3D"" style=3D"margin: 0; outline: none; padding: 0; color: #= 045fb4; text-decoration: underline;"><span style=3D"color: ; font-size: inh= erit; font-weight: inherit; line-height: inherit; text-decoration: inherit;= " class=3D"">https://www.youtube.com/watch?v=3DetYNK0hGv9E</span></a><br cl= ass=3D""></div>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A</t= d>=0A</tr>=0A<tr style=3D"mso-line-height-rule: exactly;"><td id=3D"layout-= row-margin1834" valign=3D"top" style=3D"mso-line-height-rule: exactly;"><ta= ble width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style= =3D"-ms-text-size-adjust: auto; -webkit-text-size-adjust: 100%; border-coll= apse: collapse; font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; ms= o-table-rspace: 0pt;"><tr id=3D"layout-row1834" class=3D"layout layout-row = widget _widget_break " style=3D"mso-line-height-rule: exactly;"><td id=3D"l= ayout-row-padding1834" valign=3D"top" style=3D"mso-line-height-rule: exactl= y; line-height: 0;"><table width=3D"100%" border=3D"0" cellpadding=3D"0" ce= llspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text-size-adju= st: 100%; border-collapse: collapse; font-size: 14px; min-width: 100%; mso-= table-lspace: 0pt; mso-table-rspace: 0pt; line-height: 0; mso-line-height-r= ule: exactly;"><tr style=3D"mso-line-height-rule: exactly;"><td height=3D"1= 0" style=3D"mso-line-height-rule: exactly; line-height: 0;"></td>=0A</tr>= =0A<tr style=3D"mso-line-height-rule: exactly;"><td align=3D"center" height= =3D"1" width=3D"650" style=3D"mso-line-height-rule: exactly; line-height: 0= ;"> <table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0= " height=3D"1" width=3D"650" style=3D"-ms-text-size-adjust: auto; -webkit-t= ext-size-adjust: 100%; border-collapse: collapse; font-size: 14px; min-widt= h: auto!important; mso-table-lspace: 0pt; mso-table-rspace: 0pt; line-heigh= t: 0; mso-line-height-rule: exactly; width: 100%; max-width: 100%;"><tr sty= le=3D"mso-line-height-rule: exactly;"><td class=3D"break-line" bgcolor=3D"#= 000000" height=3D"1" width=3D"650" style=3D"mso-line-height-rule: exactly; = line-height: 1px; height: 1px; width: 650px; background-color: #000000;"> <= /td>=0A </tr>=0A</table>=0A</td>=0A </tr>=0A<tr style=3D"mso-line-height-ru= le: exactly;"><td height=3D"10" style=3D"mso-line-height-rule: exactly; lin= e-height: 0;"></td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A</td>= =0A</tr>=0A<tr style=3D"mso-line-height-rule: exactly;"><td id=3D"layout-ro= w-margin1816" valign=3D"top" style=3D"mso-line-height-rule: exactly; paddin= g: 5px;"><table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text-size-adjust: 100%;= border-collapse: initial !important; font-size: 14px; min-width: 100%; mso= -table-lspace: 0pt; mso-table-rspace: 0pt;"><tr id=3D"layout-row1816" class= =3D"layout layout-row widget _widget_text style1816" style=3D"mso-line-heig= ht-rule: exactly; margin: 0; padding: 0;"><td id=3D"layout-row-padding1816"= valign=3D"top" style=3D"mso-line-height-rule: exactly; padding: 5px;"><tab= le width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D= "-ms-text-size-adjust: auto; -webkit-text-size-adjust: 100%; border-collaps= e: collapse; font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-t= able-rspace: 0pt;"><tr style=3D"mso-line-height-rule: exactly;"><td id=3D"t= ext_div1704" class=3D"td_text td_block" valign=3D"top"=0Aalign=3D"left" wid= th=3D"630" style=3D"mso-line-height-rule: exactly; margin: 0; outline: none= ; padding: 0; color: inherit; font-size: 12px; font-weight: inherit; line-h= eight: 1; text-decoration: inherit; font-family: arial;"> <div style=3D"mar= gin: 0; outline: none; padding: 0; color: inherit; font-size: inherit; font= -weight: inherit; line-height: inherit; text-decoration: inherit;"><div sty= le=3D"margin: 0; outline: none; padding: 0; color: #000000; font-size: 13px= ; font-weight: normal; line-height: inherit; text-decoration: none; --tw-sh= adow: 0 0 transparent; --tw-ring-inset: var(--tw-empty, ); --tw-ring-offset= -width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgba(59,130,246= ,0.5); --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-shadow: 0 0 tran= sparent; font-family: arial; font-style: normal; text-align: justify;" clas= s=3D""><span style=3D"color: #000000; font-size: inherit; font-weight: norm= al; line-height: inherit; text-decoration: inherit; text-align: justify;=0A= font-style: normal; font-family: arial; margin: 0;" class=3D"">Se voc=C3= =AA =C3=A9 uma startup e quer ser analisada e/ou aparecer aqui no The START= UP Analisys ->=C2=A0 <a href=3D"https://sme433.lt.acemlnc.com/Prod/link-= tracker?redirectUrl=3DaHR0cHMlM0ElMkYlMkZmb3Jtcy5nbGUlMkZpemkxUkFBRDZZeWRDY= VMxOA=3D=3D&sig=3DDtZjWm7MR17Uf4nmp5XBHDMLAe3FLLNt3L7FWnHySBt5&iat=3D165227= 2296&a=3D%7C%7C27164360%7C%7C&account=3Dsme433%2Eactivehosted%2Ecom&email= =3DA3gc6N%2FVTTN0GbZd%2FO381I%2BH7AWutl5sbgJnRhNVAzk%3D&s=3De5f03abbaaae462= b187840d1803be379&i=3D189A238A1A721" data-ac-default-color=3D"1" target=3D"= _blank" class=3D"" style=3D"margin: 0; outline: none; padding: 0; color: #0= 45fb4; text-decoration: underline;"><span style=3D"color: ; font-size: inhe= rit; font-weight: inherit; line-height: inherit; text-decoration: inherit;"= class=3D"">https://forms.gle/izi1RAAD6YydCaS18</span></a> <br class=3D""><= br class=3D""> Se voc=C3=AA =C3=A9 uma startup e quer aplicar para a possib= ilidade de receber investimento na Bossanova -> <a=0Ahref=3D"https://sme= 433.lt.acemlnc.com/Prod/link-tracker?redirectUrl=3DaHR0cCUzQSUyRiUyRnd3dy5i= b3NzYWludmVzdC5jb20lMkZzdGFydHVwcw=3D=3D&sig=3DDh3nvm2zWmKwNiVV1E17Mz3McY9p= bC9vnTfDA6Txkphv&iat=3D1652272296&a=3D%7C%7C27164360%7C%7C&account=3Dsme433= %2Eactivehosted%2Ecom&email=3DA3gc6N%2FVTTN0GbZd%2FO381I%2BH7AWutl5sbgJnRhN= VAzk%3D&s=3De5f03abbaaae462b187840d1803be379&i=3D189A238A1A722" data-ac-def= ault-color=3D"1" target=3D"_blank" class=3D"" style=3D"margin: 0; outline: = none; padding: 0; color: ; text-decoration: underline;"><span style=3D"colo= r: ; font-size: inherit; font-weight: inherit; line-height: inherit; text-d= ecoration: inherit;">www.bossainvest.com/startups</span></a></span></div>= =0A<div style=3D"margin: 0; outline: none; padding: 0; color: #000000; font= -size: 13px; font-weight: normal; line-height: inherit; text-decoration: no= ne; --tw-shadow: 0 0 transparent; --tw-ring-inset: var(--tw-empty, ); --tw-= ring-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgba= (59,130,246,0.5); --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-shado= w: 0 0 transparent; font-family: arial; font-style: normal; text-align: jus= tify;" class=3D""><span style=3D"color: #000000; font-size: inherit; font-w= eight: normal; line-height: inherit; text-decoration: inherit; text-align: = justify; font-style: normal; font-family: arial; margin: 0;" class=3D""><br= ><span style=3D"color: #000000; font-size: 13px; font-weight: normal; line-= height: inherit; text-decoration: none; font-family: arial; font-style: nor= mal;">Quer ler as ANALISES anteriores </span><span style=3D"color: #000000;= font-size: 13px; font-weight: normal; line-height: inherit; text-decoratio= n: none;=0A--tw-shadow: 0 0 transparent; --tw-ring-inset: var(--tw-empty, )= ; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-colo= r: rgba(59,130,246,0.5); --tw-ring-offset-shadow: 0 0 transparent; --tw-rin= g-shadow: 0 0 transparent; font-family: arial; font-style: normal;">-></= span><span style=3D"color: #000000; font-size: 13px; font-weight: normal; l= ine-height: inherit; text-decoration: none; font-family: arial; font-style:= normal;"> </span><a href=3D"https://sme433.lt.acemlnc.com/Prod/link-tracke= r?redirectUrl=3DaHR0cHMlM0ElMkYlMkZqb2Fva2VwbGVyLmNvbS5iciUyRnRoZS1zdGFydHV= wLWFuYWxpc3lzJTJG&sig=3DDcuapDkT9LtkjkfB5xwGChR4p2qEbc5ujmsCF22km8om&iat=3D= 1652272296&a=3D%7C%7C27164360%7C%7C&account=3Dsme433%2Eactivehosted%2Ecom&e= mail=3DA3gc6N%2FVTTN0GbZd%2FO381I%2BH7AWutl5sbgJnRhNVAzk%3D&s=3De5f03abbaaa= e462b187840d1803be379&i=3D189A238A1A723" data-ac-default-color=3D"1" style= =3D"margin: 0; outline: none; padding: 0; color: #045fb4; text-decoration: = underline; --tw-shadow: 0 0 transparent; --tw-ring-inset: var(--tw-empty, )= ; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-colo= r: rgba(59,130,246,0.5);=0A--tw-ring-offset-shadow: 0 0 transparent; --tw-r= ing-shadow: 0 0 transparent; font-family: arial; font-weight: normal; font-= size: 13px; font-style: normal;" target=3D"_blank"><span style=3D"color: ; = font-size: inherit; font-weight: inherit; line-height: inherit; text-decora= tion: inherit;">https://joaokepler.com.br/the-startup-analisys/</span></a><= br class=3D""><br class=3D""> Se voc=C3=AA N=C3=83O quer continuar recebend= o esse e-mail semanal de an=C3=A1lise, clique no link abaixo. <br class=3D"= "></span></div>=0A<div style=3D"margin: 0; outline: none; padding: 0; color= : #000000; font-size: 13px; font-weight: normal; line-height: inherit; text= -decoration: none; --tw-shadow: 0 0 transparent; --tw-ring-inset: var(--tw-= empty, ); --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-r= ing-color: rgba(59,130,246,0.5); --tw-ring-offset-shadow: 0 0 transparent; = --tw-ring-shadow: 0 0 transparent; font-family: arial; font-style: normal; = text-align: justify;" class=3D""></div>=0A</div>=0A</td>=0A</tr>=0A</table>= =0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr style=3D"mso-line-height-= rule: exactly;"><td id=3D"layout-row-margin1827" valign=3D"top" style=3D"ms= o-line-height-rule: exactly;"><table width=3D"100%" border=3D"0" cellpaddin= g=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text= -size-adjust: 100%; border-collapse: collapse; font-size: 14px; min-width: = 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr id=3D"layout-row18= 27" class=3D"layout layout-row widget _widget_break " style=3D"mso-line-hei= ght-rule: exactly;"><td id=3D"layout-row-padding1827" valign=3D"top" style= =3D"mso-line-height-rule: exactly; line-height: 0;"><table width=3D"100%" b= order=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adju= st: auto; -webkit-text-size-adjust: 100%; border-collapse: collapse; font-s= ize: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt; l= ine-height: 0; mso-line-height-rule: exactly;"><tr style=3D"mso-line-height= -rule: exactly;"><td height=3D"5" style=3D"mso-line-height-rule: exactly; l= ine-height: 0;"></td>=0A</tr>=0A<tr style=3D"mso-line-height-rule: exactly;= "><td align=3D"center" height=3D"1" width=3D"650" style=3D"mso-line-height-= rule: exactly; line-height: 0;"> <table align=3D"center" border=3D"0" cellp= adding=3D"0" cellspacing=3D"0" height=3D"1" width=3D"650" style=3D"-ms-text= -size-adjust: auto; -webkit-text-size-adjust: 100%; border-collapse: collap= se; font-size: 14px; min-width: auto!important; mso-table-lspace: 0pt; mso-= table-rspace: 0pt; line-height: 0; mso-line-height-rule: exactly; width: 10= 0%; max-width: 100%;"><tr style=3D"mso-line-height-rule: exactly;"><td clas= s=3D"break-line" bgcolor=3D"#000000" height=3D"1" width=3D"650" style=3D"ms= o-line-height-rule: exactly; line-height: 1px; height: 1px; width: 650px; b= ackground-color: #000000;"> </td>=0A </tr>=0A</table>=0A</td>=0A </tr>=0A<t= r style=3D"mso-line-height-rule: exactly;"><td height=3D"5" style=3D"mso-li= ne-height-rule: exactly; line-height: 0;"></td>=0A</tr>=0A</table>=0A</td>= =0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr style=3D"mso-line-height-rule: ex= actly;"><td id=3D"layout-row-margin1826" valign=3D"top" style=3D"mso-line-h= eight-rule: exactly; padding: 5px;"><table width=3D"100%" border=3D"0" cell= padding=3D"0" cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -webki= t-text-size-adjust: 100%; border-collapse: initial !important; font-size: 1= 4px; min-width: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr id= =3D"layout-row1826" class=3D"layout layout-row widget _widget_text style182= 6" style=3D"mso-line-height-rule: exactly; margin: 0; padding: 0;"><td id= =3D"layout-row-padding1826" valign=3D"top" style=3D"mso-line-height-rule: e= xactly; padding: 5px;"><table width=3D"100%" border=3D"0" cellpadding=3D"0"= cellspacing=3D"0" style=3D"-ms-text-size-adjust: auto; -webkit-text-size-a= djust: 100%; border-collapse: collapse; font-size: 14px; min-width: 100%; m= so-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr style=3D"mso-line-height-= rule: exactly;"><td id=3D"text_div1714" class=3D"td_text td_block" valign= =3D"top"=0Aalign=3D"left" width=3D"630" style=3D"mso-line-height-rule: exac= tly; margin: 0; outline: none; padding: 0; color: inherit; font-size: 12px;= font-weight: inherit; line-height: 1; text-decoration: inherit; font-famil= y: arial;"> <div style=3D"margin: 0; outline: none; padding: 0; color: #000= 000; font-size: 13px; font-weight: inherit; line-height: inherit; text-deco= ration: inherit; font-family: arial;"><span style=3D"color: #000000; font-s= ize: 13px; font-weight: normal; line-height: inherit; text-decoration: none= ; font-family: arial; font-style: normal;">Esse Report n=C3=A3o =C3=A9 uma = recomenda=C3=A7=C3=A3o de investimento e muito menos pedido de investimento= . 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