Enter bets AI wins Brazil's mass lawsuits: $35M A, then LatAm's first AI unicorn

A Stanford-dropout lawyer sells AI agents that defend Brazil's flood of consumer lawsuits; Founders Fund and Sequoia backed it to LatAm's first AI unicorn.

Enter

它在赌什么That Brazil's mass-litigation burden makes large companies pay for AI agents that run legal strategy, priced partly on case outcomes.在扩

做的是什么生意

Enter is a Brazilian legaltech whose AI agents analyze lawsuits, organize evidence, flag fraud and predatory claims, and draft legal answers for large companies — every step reviewed by human lawyers before filing.

启动资金：Pre-seed angels (a little over $1M in the bank by early 2024, per the founder), then a $35M Series A at a $350M valuation in September 2025, then more than $100M Series B at a $1.2B valuation in May 2026

起因

In September 2023, Mateus Costa-Ribeiro — by then Brazil's youngest lawyer, a Harvard LL.M. and New York bar holder who had argued before the Supreme Federal Court — dropped out of Stanford's MBA to found Enter with Michael Mac-Vicar (ex-CTO of Wildlife) and Henrique Vaz. The first product let users upload a complaint PDF and receive a suggested legal answer by email. Nine months later, with just over $1M in the bank and no enterprise client, the seven-person team shipped a pilot for a large Brazilian bank in a week.

新闻Bloomberg Línea: $35M Series A and founder story 报道Enter: first two years, founder's account

经过

Enter signed its fifth $500K+ ARR contract in November 2024, and by September 2025 said it had supported 250,000+ lawsuits and grown revenue 13x to R$50M ARR. That month Founders Fund and Sequoia co-led a $35M Series A at a $350M valuation — at the time the largest AI-native raise in Latin America. Seven months later Founders Fund led a $100M+ Series B at $1.2B with Ribbit Capital, Kaszek, Sequoia, ONEVC and Atlantico, making Enter Latin America's first AI unicorn and Brazil's first since QI Tech in April 2024.

结果

Still live and scaling: as of September 2026 Enter reports 300,000+ cases processed a year, about 20 billion tokens a day, and 40+ enterprise clients including Nubank, Mercado Livre, Santander, Bradesco, LATAM and Azul. It is entering labor litigation with five clients, plans about 200 staff, and names a US expansion and possible IPO as next horizons.

新闻InfoMoney: unicorn round and metrics 新闻PEGN: $100M Series B details 新闻Greenberg Traurig: $1.2B Series B

背景

Enter is a Brazilian legaltech founded in September 2023 by Mateus Costa-Ribeiro, a 23-year-old lawyer who had become Brazil's youngest lawyer, earned a Harvard LL.M., passed the New York bar, and argued a case before the Supreme Federal Court before dropping out of Stanford's MBA program. With Michael Mac-Vicar, ex-CTO of the Brazilian gaming company Wildlife, and Henrique Vaz, he built software that uses AI agents to analyze lawsuits, organize evidence, flag fraud and predatory claims, and draft legal answers for large companies — with human lawyers reviewing before anything is filed.

The bet was that Brazil's mass consumer litigation, which generates hundreds of thousands of cases a year against big companies, creates a market big enough to support a global legal AI. Enter's revenue model ties about 30% of its fees to case outcomes, and it refused pilots, pushing clients to commit real budget. By November 2024 it had signed its fifth $500K+ ARR contract; by September 2025 it claimed 250,000+ lawsuits supported and R$50M annual recurring revenue, up 13x.

Capital followed the traction. In September 2025 Founders Fund and Sequoia co-led a $35M Series A at a $350M valuation, at the time the largest AI-native raise in Latin America. Seven months later Founders Fund led a Series B of more than $100M at a $1.2B valuation, with Ribbit Capital and Kaszek joining Sequoia, ONEVC and Atlantico — making Enter the first AI unicorn in Latin America and Brazil's first new unicorn since April 2024.

As of September 2026, Enter says it processes more than 300,000 cases a year and about 20 billion tokens a day for 40+ enterprises including Nubank, Mercado Livre, Santander, Bradesco, LATAM Airlines and Azul. It has started serving labor litigation, plans to grow to about 200 employees, and names the US market and a possible IPO as the next horizons — the real test of whether a legal AI built on Brazil's heaviest docket can travel.

这件事要成立，得有什么

The wedge was one acute pain: companies pay legal teams millions to draft answers in mass lawsuits, and Enter sold AI-structured inputs that cut that cost — with lawyers kept in the loop.
Outcome-based pricing (~30% of revenue tied to case success) aligned Enter with clients and made traction measurable, which is what convinced US funds to lead.
Brazil's overloaded courts are the stress test: software that works on the world's heaviest litigation docket has a natural story for expansion.
Founder-market fit: a lawyer who argued before Brazil's top court and quit Stanford knew both the legal buyer and the product better than a generic AI team.

可借鉴之处

A market others call too messy can be the moat: Enter priced partly on case outcomes, so every win on Brazil's hardest legal ground is proof that scales to any jurisdiction.

后续进展

As of September 2026, Enter is scaling: it reports 300,000+ lawsuits supported per year, about 20 billion tokens daily, and 40+ enterprise clients including Nubank, Mercado Livre, Santander, Bradesco, LATAM and Azul. Revenue grew more than 10x since the Series A, and it has begun labor litigation with five clients. The Series B funds go to hiring (~80 engineers toward ~200 staff), R&D, and a CNJ agreement to build a historical database of court cases. A US expansion and possible IPO are on the horizon — the test of whether a legal AI built on Brazil's heaviest docket travels.

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