> WE CATALIZE, WE ENVOLVE, WE EXPAND.
Firm Perspectives
How to raise seed capital in Latin America?
↓
You have a product, early traction, and the question: how do I get capital to scale?
The short answer: it depends on where you are today. The longer answer is this guide.
It's not a textbook. It's what we've learned over two decades building and funding companies in the region — watching founders close rounds successfully, and watching others burn opportunities through entirely avoidable mistakes.
The LatAm playing field: three things you need to know
One: capital exists, but for fewer companies. The regional trend is consistent: funds deploy larger tickets into fewer startups. The money is there. What's scarce is founders' ability to prove they deserve it.
Two: geography matters more than you think. Brazil and Mexico capture 70-80% of the region's VC investment. Chile is the third hub. If you operate outside these markets, you need a more creative fundraising strategy — not because your startup is worse, but because funds have less coverage in your market.
Three: fintech takes the largest share. Financial services consistently capture the biggest proportion of capital. If your startup isn't fintech, you're not out of the game — but you need an especially clear thesis to compete for attention.
What funds actually evaluate (not what their website says)
Forget "we seek exceptional founders with transformative vision." When a GP sits down with your deck, they look at five things:
Team. Do you complement each other? Do you have relevant experience? Solo founder? Your chances of raising collapse. Funds know a solo founder is more likely to burn out than to scale.
Market. You don't need a US$50B TAM. You need it large enough to justify a 10x+ return. In LatAm, that usually means it works in 2-3 countries or your local market is massive.
Real signals. Active users, retention, early revenue, letters of intent. Not unsupported hockey-stick projections. The era of "invest in my vision" is over.
Unit economics. You don't need to be profitable. You need to understand your CAC, your LTV, and how that ratio behaves at scale. If you don't know these numbers, you're not ready.
"Why you, why now?" Hundreds of decks land at every fund each month. Your edge is the combination of timing + your unique experience + your ability to execute faster than any other team attempting the same thing.
Five mistakes that kill rounds
Raising too early. No product, no metrics? You don't need a round — you need a venture builder or family capital. Knocking on fund doors prematurely only burns relationships.
Wrong ticket size. Pre-seed asking for US$3M = nobody takes you seriously. Seed with traction asking for US$200K = you don't understand your market. Calibrate.
Ignoring dilution. If you already gave up 30% in a friends-and-family round with bad terms, a fund looks at your cap table and passes. Structure with a SAFE from day one. Y Combinator publishes their templates for free.
Generic pitch. Funds have theses. If you send health tech to a fintech fund, they don't reject you — they ignore you, which is worse. Research before you write.
No post-round plan. "What will you do with the money?" If your answer is vague, you've lost. Show up with an 18-month plan: "With X, we achieve Y metrics, positioning us for Z."
It's not all equity: alternatives that exist
Venture builders. If you're at zero — idea without team or infrastructure — a venture builder like Andrómeda can be more valuable than any check. It provides team, method, and capital. Higher dilution, but dramatically lower execution risk. To understand the differences, we wrote a guide on Venture Builder vs Accelerator vs VC.
Revenue-based financing. If you're already generating recurring revenue, you can finance growth by repaying a percentage of sales. No equity given up. Ideal for SaaS with stable MRR.
Non-dilutive grants. Start-Up Chile, CORFO, iNNpulsa (Colombia), BID Lab. Slower, more bureaucratic, but zero dilution.
Venture debt. For startups that already raised equity and need additional capital without further dilution.
Accelerators. Programs like our Venture Accelerator combine small investment (5-10% equity) with mentorship and network. The value is in compressed learning.
Bootstrapping. If your model generates revenue from day one, building with your own resources gives you better leverage when you do raise. Not glamorous, but effective.
Before you go out to raise: get ready
Personalized fund map: identify 15-25 funds whose thesis, stage, and geography match your startup. Startuplinks and LAVCA help you filter.
Metrics before slides: know your MRR, retention, CAC, LTV, burn rate, and runway before opening PowerPoint.
Real legal advice: get a lawyer with LatAm venture deal experience before signing anything. Early legal mistakes are the most expensive to fix.
Pitch with honest feedback: practice with founders who've raised, not your family. Pitches are perfected through truth, not applause.
What's your next step?
If your conclusion is "I need to build before I raise" — we get it. That's what our Startup Studio is for. If you already have traction, our Venture Accelerator. If you're ready to scale, our investment line.
> WE CATALIZE, WE ENVOLVE, WE EXPAND.
Firm Perspectives
How to raise seed capital in Latin America?
↓
You have a product, early traction, and the question: how do I get capital to scale?
The short answer: it depends on where you are today. The longer answer is this guide.
It's not a textbook. It's what we've learned over two decades building and funding companies in the region — watching founders close rounds successfully, and watching others burn opportunities through entirely avoidable mistakes.
The LatAm playing field: three things you need to know
One: capital exists, but for fewer companies. The regional trend is consistent: funds deploy larger tickets into fewer startups. The money is there. What's scarce is founders' ability to prove they deserve it.
Two: geography matters more than you think. Brazil and Mexico capture 70-80% of the region's VC investment. Chile is the third hub. If you operate outside these markets, you need a more creative fundraising strategy — not because your startup is worse, but because funds have less coverage in your market.
Three: fintech takes the largest share. Financial services consistently capture the biggest proportion of capital. If your startup isn't fintech, you're not out of the game — but you need an especially clear thesis to compete for attention.
What funds actually evaluate (not what their website says)
Forget "we seek exceptional founders with transformative vision." When a GP sits down with your deck, they look at five things:
Team. Do you complement each other? Do you have relevant experience? Solo founder? Your chances of raising collapse. Funds know a solo founder is more likely to burn out than to scale.
Market. You don't need a US$50B TAM. You need it large enough to justify a 10x+ return. In LatAm, that usually means it works in 2-3 countries or your local market is massive.
Real signals. Active users, retention, early revenue, letters of intent. Not unsupported hockey-stick projections. The era of "invest in my vision" is over.
Unit economics. You don't need to be profitable. You need to understand your CAC, your LTV, and how that ratio behaves at scale. If you don't know these numbers, you're not ready.
"Why you, why now?" Hundreds of decks land at every fund each month. Your edge is the combination of timing + your unique experience + your ability to execute faster than any other team attempting the same thing.
Five mistakes that kill rounds
Raising too early. No product, no metrics? You don't need a round — you need a venture builder or family capital. Knocking on fund doors prematurely only burns relationships.
Wrong ticket size. Pre-seed asking for US$3M = nobody takes you seriously. Seed with traction asking for US$200K = you don't understand your market. Calibrate.
Ignoring dilution. If you already gave up 30% in a friends-and-family round with bad terms, a fund looks at your cap table and passes. Structure with a SAFE from day one. Y Combinator publishes their templates for free.
Generic pitch. Funds have theses. If you send health tech to a fintech fund, they don't reject you — they ignore you, which is worse. Research before you write.
No post-round plan. "What will you do with the money?" If your answer is vague, you've lost. Show up with an 18-month plan: "With X, we achieve Y metrics, positioning us for Z."
It's not all equity: alternatives that exist
Venture builders. If you're at zero — idea without team or infrastructure — a venture builder like Andrómeda can be more valuable than any check. It provides team, method, and capital. Higher dilution, but dramatically lower execution risk. To understand the differences, we wrote a guide on Venture Builder vs Accelerator vs VC.
Revenue-based financing. If you're already generating recurring revenue, you can finance growth by repaying a percentage of sales. No equity given up. Ideal for SaaS with stable MRR.
Non-dilutive grants. Start-Up Chile, CORFO, iNNpulsa (Colombia), BID Lab. Slower, more bureaucratic, but zero dilution.
Venture debt. For startups that already raised equity and need additional capital without further dilution.
Accelerators. Programs like our Venture Accelerator combine small investment (5-10% equity) with mentorship and network. The value is in compressed learning.
Bootstrapping. If your model generates revenue from day one, building with your own resources gives you better leverage when you do raise. Not glamorous, but effective.
Before you go out to raise: get ready
Personalized fund map: identify 15-25 funds whose thesis, stage, and geography match your startup. Startuplinks and LAVCA help you filter.
Metrics before slides: know your MRR, retention, CAC, LTV, burn rate, and runway before opening PowerPoint.
Real legal advice: get a lawyer with LatAm venture deal experience before signing anything. Early legal mistakes are the most expensive to fix.
Pitch with honest feedback: practice with founders who've raised, not your family. Pitches are perfected through truth, not applause.
What's your next step?
If your conclusion is "I need to build before I raise" — we get it. That's what our Startup Studio is for. If you already have traction, our Venture Accelerator. If you're ready to scale, our investment line.
> WE CATALIZE, WE ENVOLVE, WE EXPAND.
Firm Perspectives
How to raise seed capital in Latin America?
↓
You have a product, early traction, and the question: how do I get capital to scale?
The short answer: it depends on where you are today. The longer answer is this guide.
It's not a textbook. It's what we've learned over two decades building and funding companies in the region — watching founders close rounds successfully, and watching others burn opportunities through entirely avoidable mistakes.
The LatAm playing field: three things you need to know
One: capital exists, but for fewer companies. The regional trend is consistent: funds deploy larger tickets into fewer startups. The money is there. What's scarce is founders' ability to prove they deserve it.
Two: geography matters more than you think. Brazil and Mexico capture 70-80% of the region's VC investment. Chile is the third hub. If you operate outside these markets, you need a more creative fundraising strategy — not because your startup is worse, but because funds have less coverage in your market.
Three: fintech takes the largest share. Financial services consistently capture the biggest proportion of capital. If your startup isn't fintech, you're not out of the game — but you need an especially clear thesis to compete for attention.
What funds actually evaluate (not what their website says)
Forget "we seek exceptional founders with transformative vision." When a GP sits down with your deck, they look at five things:
Team. Do you complement each other? Do you have relevant experience? Solo founder? Your chances of raising collapse. Funds know a solo founder is more likely to burn out than to scale.
Market. You don't need a US$50B TAM. You need it large enough to justify a 10x+ return. In LatAm, that usually means it works in 2-3 countries or your local market is massive.
Real signals. Active users, retention, early revenue, letters of intent. Not unsupported hockey-stick projections. The era of "invest in my vision" is over.
Unit economics. You don't need to be profitable. You need to understand your CAC, your LTV, and how that ratio behaves at scale. If you don't know these numbers, you're not ready.
"Why you, why now?" Hundreds of decks land at every fund each month. Your edge is the combination of timing + your unique experience + your ability to execute faster than any other team attempting the same thing.
Five mistakes that kill rounds
Raising too early. No product, no metrics? You don't need a round — you need a venture builder or family capital. Knocking on fund doors prematurely only burns relationships.
Wrong ticket size. Pre-seed asking for US$3M = nobody takes you seriously. Seed with traction asking for US$200K = you don't understand your market. Calibrate.
Ignoring dilution. If you already gave up 30% in a friends-and-family round with bad terms, a fund looks at your cap table and passes. Structure with a SAFE from day one. Y Combinator publishes their templates for free.
Generic pitch. Funds have theses. If you send health tech to a fintech fund, they don't reject you — they ignore you, which is worse. Research before you write.
No post-round plan. "What will you do with the money?" If your answer is vague, you've lost. Show up with an 18-month plan: "With X, we achieve Y metrics, positioning us for Z."
It's not all equity: alternatives that exist
Venture builders. If you're at zero — idea without team or infrastructure — a venture builder like Andrómeda can be more valuable than any check. It provides team, method, and capital. Higher dilution, but dramatically lower execution risk. To understand the differences, we wrote a guide on Venture Builder vs Accelerator vs VC.
Revenue-based financing. If you're already generating recurring revenue, you can finance growth by repaying a percentage of sales. No equity given up. Ideal for SaaS with stable MRR.
Non-dilutive grants. Start-Up Chile, CORFO, iNNpulsa (Colombia), BID Lab. Slower, more bureaucratic, but zero dilution.
Venture debt. For startups that already raised equity and need additional capital without further dilution.
Accelerators. Programs like our Venture Accelerator combine small investment (5-10% equity) with mentorship and network. The value is in compressed learning.
Bootstrapping. If your model generates revenue from day one, building with your own resources gives you better leverage when you do raise. Not glamorous, but effective.
Before you go out to raise: get ready
Personalized fund map: identify 15-25 funds whose thesis, stage, and geography match your startup. Startuplinks and LAVCA help you filter.
Metrics before slides: know your MRR, retention, CAC, LTV, burn rate, and runway before opening PowerPoint.
Real legal advice: get a lawyer with LatAm venture deal experience before signing anything. Early legal mistakes are the most expensive to fix.
Pitch with honest feedback: practice with founders who've raised, not your family. Pitches are perfected through truth, not applause.
What's your next step?
If your conclusion is "I need to build before I raise" — we get it. That's what our Startup Studio is for. If you already have traction, our Venture Accelerator. If you're ready to scale, our investment line.
