Empiricus

What Empiricus does

Empiricus Research Publicações S.A. is a privately held Brazilian independent financial content publisher headquartered in São Paulo's Itaim Bibi financial district, operating since approximately 2014 (firmographic records cite 2009). The company serves individual Brazilian retail investors with subscription-based investment research, portfolio recommendations, and financial education across 14+ themed product lines spanning Brazilian equities, small caps, dividends, fixed income, real estate funds (FIIs), cryptocurrencies, international equities (via BDRs), options, and dedicated AI/technology investment themes. Premium analyst-led series include Palavra do Estrategista (under Rodolfo Amstalden), Exponential Coins, Alphacoins (Valter Rebelo), MoneyBets (Enzo Pacheco), and Os Melhores Fundos de Investimento (Lais Costa), supported by what the company describes as the largest investment analysis team in Brazil with 30+ analysts.

The underlying technology is a digital content distribution platform comprising a website (empiricus.com.br), native iOS/Android applications, a transactional e-commerce storefront (store.empiricus.com.br), YouTube, dedicated podcasts (Market Makers, Crypto Never Sleeps), email newsletters (Day One, Crypto Insights), and Telegram channels for subscriber communities. The company is formally accredited before Brazil's CVM (Comissao de Valores Mobiliarios) and APIMEC, with technical responsibility for securities analysis publications attributed to a certified Diretor Técnico in compliance with CVM Resolution 20.

The business model is direct-to-consumer subscription recurring revenue, with monthly and annual billing options priced from R$7/month entry-level products up to R$247-R$330/month premium series such as Alphacoins and MoneyBets, and annual prepayments offering 5-10% discounts. A secondary revenue stream comes from one-time educational course licensing (MBA programs). Subscriber acquisition is product-led and community-led via free articles, SEO-driven content marketing, multimedia presence, and live events. Distribution is augmented by a channel partnership with Vitreo, through which the Melhores Fundos Blend fund of funds is made available for direct execution by subscribers.

Name

Empiricus

Legal name

Empiricus Research Publicações S.A.

Website

https://empiricus.com.br

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

251–500 employees

Short description

Empiricus is Brazil's largest independent financial content publisher, offering subscription-based investment research, portfolio recommendations, and financial education across 14+ themed series covering Brazilian and international equities, crypto, fixed income, FIIs, and funds to individual retail investors via digital channels.

Ownership category

akta.pro rank

Product category

Investment Research & Publishing

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

E-book Subscription & Bundling Services (MPAJAMAB)

Keywords

• Investment research subscriptions
• Financial newsletter publishing
• Independent investment analysis
• Stock recommendation services
• Crypto investment research

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2C

Offering type

Digital Commerce or Content

Cost components

Personnel, Marketing or Sales, Technology or R&D, Operations, Others

Revenue model

1. Subscription-based Content Access: Recurring subscription revenue from premium investment research publications, reports, and recommendations delivered through multiple themed series. Subscribers pay monthly or annual fees for access to content libraries, portfolio suggestions, and analyst alerts.
2. Educational Courses: MBA programs and educational courses on financial analysis and investing, positioned as complementary educational offerings alongside the core subscription content.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Empiricus operates a digital investment research and publishing platform that sells subscription-based access to themed analyst-led series covering Brazilian stocks, small-caps, dividend stocks, options, real estate funds (FIIs), cryptocurrencies, international stocks (BDRs), and multi-strategy portfolios. Subscribers receive periodic reports, portfolio recommendations, alerts, podcasts, videos, and exclusive Telegram channel access across 14+ distinct product lines priced from R$ 7 to R$ 330+ per month.

Product overview

Empiricus is a digital investment research and publishing platform offering multiple subscription-based investment series. The portfolio includes 14 distinct product lines covering cryptocurrencies (Exponential Coins, Alphacoins), Brazilian stocks (Empiricus Ações, SmallCaps, Dividendos), international stocks (Ações Internacionais, MoneyBets), fixed income and multi-asset strategies (Multiestratégia, Renda Extra, Opções), real estate funds (FIIs), investment funds selection (Melhores Fundos, Os Melhores Fundos de Investimento), strategic analysis (Palavra do Estrategista), and technology sector focus (IA+Tech). Content is delivered through reports, newsletters, podcasts, videos, and exclusive Telegram channels, with subscriptions available via annual or monthly payment plans.

Differentiator

Problem solved

Functional benefit

Brands

• Exponential Coins: Cryptocurrency investment series and portfolio recommendations
• Empiricus Palavra do Estrategista
• Empiricus SmallCaps
• Empiricus Multiestratégia
• Empiricus Dividendos
• Empiricus Opções
• Empiricus FIIs
• Empiricus Renda Extra
• Empiricus Melhores Fundos
• Empiricus Ações
• Empiricus Ações Internacionais
• Alphacoins
• Empiricus IA+Tech
• MoneyBets
• Market Makers
• Crypto Trades
• Crypto Never Sleeps
• Day One
• Crypto Insights

Products and services

• Exponential Coins Cryptocurrency investment subscription series focused on selecting the best crypto assets, combining technical and fundamental analysis for portfolio recommendations aimed at Brazilian retail investors.
• Empiricus Palavra do Estrategista Strategic investment newsletter and managed portfolio providing market analysis and investment recommendations, led by Rodolfo Amstalden.
• Empiricus SmallCaps Subscription series providing investment recommendations on Brazilian small-cap stocks listed on the B3 exchange, targeting higher growth potential with elevated risk for individual investors.
• Empiricus Multiestrat\u00e9gia Multi-strategy subscription series offering diversified portfolio recommendations across multiple asset classes and investment approaches for individual investors.
• Empiricus Dividendos Dividend-focused subscription series recommending Brazilian stocks with consistent dividend payment histories and high yield potential for income-oriented investors.
• Empiricus Op\u00e7\u00f5es Options trading strategy subscription series providing recommendations for options-based investment approaches for individual investors.
• Empiricus FIIs Real estate investment funds (FIIs) subscription series offering recommendations on Brazilian listed real-estate fund stocks for individual investors.
• Empiricus Renda Extra Extra income generation subscription series focused on strategies to produce additional monthly income through investments for individual investors.
• Empiricus Melhores Fundos Investment fund selection subscription series analyzing and recommending the best investment funds across various categories for individual investors.
• Empiricus A\u00e7\u00f5es Stock subscription series recommending the best Brazilian stocks listed on the B3 exchange for individual investors.
• Empiricus A\u00e7\u00f5es Internacionais International stocks subscription series recommending global equities accessible to Brazilian investors through BDRs (Brazilian Depositary Receipts).
• Alphacoins Cryptocurrency investment subscription series offering balanced crypto portfolio recommendations with technical analysis, asset cards, and an allocation calculator tool for individual investors.
• Empiricus IA+Tech AI and technology-focused investment subscription series targeting stocks and companies in the artificial intelligence and technology sectors for individual investors.
• MoneyBets Premium international stocks subscription series focused on innovative companies and emerging-market opportunities outside the radar of mainstream investors, led by Enzo Pacheco.
• Os Melhores Fundos de Investimento Fund selection subscription series curating the best investment fund strategies from top managers across local and global markets, led by analyst Lais Costa.

Quantifiable outcome

• Exponential Coins: 2326.7% return since 2017
• +3 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• VitreocoreChannel Partner/ Reseller/ DistributorVitreo serves as a distribution partner enabling investors to directly purchase funds recommended in Empiricus series. The FoF Melhores Fundos Blend fund, which aggregates Empiricus's recommended strategies, is available for investment through the Vitreo platform, facilitating seamless subscription and investment execution for subscribers.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• The Motley Fool: US-based investment research subscription publisher with themed stock-picking services, premium tiers, and a strong brand. Directly comparable to Empiricus in subscription-driven, themed investment research publishing for retail investors, though at much larger scale and global reach.
• Nord Research: Brazilian independent investment research subscription firm offering equity research and recommended portfolios to retail investors. Directly comparable to Empiricus in target audience (Brazilian retail investors), product format (themed subscription reports), and go-to-market (digital, content-led).
• Stansberry Research: US-based subscription research publisher selling themed investment advisories across asset classes (equities, commodities, crypto) to retail investors. Closely analogous business model to Empiricus — premium subscription research with multiple themed series and analyst-led content.
• Seeking Alpha: Crowd-sourced and contributor-driven investment research platform with premium subscription tiers. Comparable to Empiricus in paid investment-research content monetization and retail-investor audience, though Empiricus uses an in-house analyst model while Seeking Alpha relies on contributors.
• Suno Research: Brazilian independent investment research subscription publisher offering themed research reports on Brazilian equities, macro, and funds. Closest direct competitor to Empiricus in the independent Brazilian research subscription category with a similar product-led, multi-series distribution model.

Broad incumbents

• XP Inc: Brazil's largest retail brokerage platform, offering proprietary research, educational content, and investment products. Overlaps with Empiricus as both serve Brazilian retail investors seeking investment research, but XP bundles content with brokerage services rather than selling research as a standalone subscription.
• Genial Investimentos: Brazilian retail brokerage and wealth management platform with proprietary research and educational offerings. Comparable to Empiricus in targeting Brazilian retail investors but distributes research as part of an integrated brokerage/wealth offering rather than standalone subscriptions.
• BTG Pactual: Major Brazilian investment bank with a large retail digital platform (BTG Pactual Digital) producing proprietary equity research and macro analysis. Competes with Empiricus for Brazilian retail investor attention but as part of a broader investment-banking and brokerage portfolio rather than as a research-only subscription product.

Emerging players

• Toro Investimentos: Brazilian digital broker with educational content, research, and trading platform aimed at retail investors. Competes with Empiricus for retail-investor mindshare in Brazil but with a primarily brokerage-first model and limited standalone subscription research.

Others

• Money Times: Brazilian financial news portal covering markets, companies, and investments. Adjacent to Empiricus as a financial-information destination for Brazilian retail investors but distinct as a free, ad-supported media outlet rather than a paid subscription research publisher.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/VideosEmpiricus
• Xx.com/empiricus

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Empiricus