By Brazil Stock Guide – Grupo Alun, the Brazilian education holding that controls Alura, PM3 and Fiap, has acquired StartSe, one of the country’s leading business schools. The deal involves a mix of cash and stock and gives a full exit to private equity firm Pátria Investimentos, which had invested 75 million reais ($13.8 million) in StartSe in 2021.
With the transaction, Alun expects to reach 1 billion reais in revenue one year earlier than planned, in 2026. The group projects 800 million reais in revenue in 2025. StartSe’s founder, Junior Borneli, will remain CEO of the business school, now operating as an independent unit within Alun and reporting directly to Alun’s chief executive Juliano Tubino.
“There is a strong convergence between business and technology,” Tubino said in an interview with NeoFeed. “StartSe opens the door for us to enter a new market, with other avenues for growth.”
New programs and market expansion
The first joint initiative is the Post-MBA StartSe University, a six-to-eight month program that will launch in early 2026 with 50 initial slots. “We will combine all the assets and experiences the company already offers and prepare this course, where executives will have access to the latest technologies and best practices to prepare their companies for upcoming waves,” Tubino said. The program will include a two-week immersion in China or Silicon Valley.
Shareholding structure and strategy
Grupo Alun is backed by Crescera Capital and Asia-based Seek Capital, which together hold more than two-thirds of the company’s equity. The remainder is held by co-founders, including Paulo Silveira. The holding was formed in June 2025 and consolidates brands with different specialties, from Alura (founded in 2013) to Fiap (established in 1993) and PM3, a product-focused edtech acquired in 2021.
According to Tubino, the addition of StartSe fills a gap in the portfolio. “We always felt we needed something for the executive level, which is where StartSe leads. We have always believed in this convergence between business and technology. We are living the greatest skilling opportunity that has ever existed,” he said.
Market impact and regulatory review
Since its founding in 2015, StartSe has trained more than 300,000 executives, including professionals from 70% of Brazil’s largest companies. Together, Alun’s brands have already reached 6 million learners and now target 15 million by 2030.
The deal also includes StartSe’s stakes in CapTable, a startup investment platform; Snaq, a data intelligence firm; Digitaliza.ai, a marketplace; app developer Gempe; and the Startups portal. The acquisition is subject to approval by Brazil’s antitrust watchdog Cade.