Hybrid Smart Money Model in the Amazon: The Communy Case

Abstract

This article presents the structuring of the first formal hybrid venture capital model in the Amazon region, based on the case of the startup Communy, founded in Manaus. It describes the articulation led by FabriQ Aceleradora between angel investors, through a Sociedade em Conta de Participação (SCP), and incentivized Private Equity Funds (FIPs), resulting in a R$ 3.1 million funding round in 2023. The study discusses challenges such as cultural resistance, legal complexity, and governance issues, as well as the results achieved between 2023 and 2025, including growth in customer base and revenue, company valuation increase, and regional expansion. It concludes that the scarcity of venture capital in the Amazon is primarily organizational, requiring coordination between public policy and the market, with innovation support organizations playing a strategic role.