Keep up to Date with Latin American VC, Startups News
Venture capital in Latin America is going through a moment of redefinition. After the boom from 2020 to 2022, funds and entrepreneurs face a more complex reality: more demanding rounds, shrinking fundraising, less availability of foreign capital and increasing pressure to demonstrate efficiency and profitability.
Young startups, especially those in seed and Series A stages, face an even greater challenge, as they must scale in fragmented markets, with volatile currencies and uncertain regulatory frameworks, all without losing speed.
Still, the region retains unique attributes. Rapid technology adoption, an emerging middle class of more than 500 million people and room to build deep solutions in segments such as fintech, commerce, logistics and services.
Amid this context, Capria Ventures operates in the region as one of the most active players in emerging markets, with a strategy focused on applied AI, operational support and an investment model that blends capital and technology. It currently manages US$196 million in assets.
“In LATAM, we have a young investment portfolio; therefore, our main milestones are focused on the transformation of our investments, especially through the implementation of applied artificial intelligence,” said Susana García-Robles, Managing Partner of Capria Ventures in an interview with Contxto.
Applied AI as an enabler of scale
One of the fund’s differentiators is its internal AI innovation team, a resource that few firms in the region possess. This team works directly with startups to design use cases, proofs of concept and full production integrations.
The bet is already showing results. Garcia-Robles noted that, among other cases, the fund supported Agrofy’s evolution to a sales engine based on Clemen, the AI agent. “Clemen generated 4,872 leads with a 30% conversion rate in web and WhatsApp interactions, and proactive WhatsApp cadences generated 1,573 leads with a 45% conversion rate between January and September 2025,” she said.
This level of accompaniment is at the core of the fund’s value proposition, according to Susana. “One thing we are particularly proud of is our technology differentiator: we have established an internal AI Innovation Team that works directly to transform our companies.”
Fintech, SaaS and artificial intelligence: the strategic cores
The fund’s investment thesis is structured on a clear principle. It is now key to support companies that use AI to digitize processes, gain efficiency and scale faster than the competition.
“We focus on early- and growth-stage companies that are using AI to digitize processes and scale efficiently. Our main interests are in Fintech, B2B SaaS and companies that are applying AI to transform traditional industries such as manufacturing, retail, financial services and operations,” said García-Robles.
Diversification by sector, market and stage is key to its model, along with a network of more than 50 local partners in different countries in the Global South.
The latest fund for Latin America is designed under a mixed model that includes Series A investments with a focus on AI-native startups with proven product-market fit, along with some Series B opportunities in companies with solid traction that can further accelerate thanks to applied AI.
In addition, Capria Ventures maintains its historical goal of investing in solutions that cater to the region’s emerging middle class, a market of more than 500 million people where technology adoption is growing rapidly and opens the door to create regional leaders.
Of the US$196 million in assets currently under management by Capria Ventures, tickets are distributed 40% to early stage, with investments of US$1 to $2 million per startup.
The remaining 60% is earmarked for later stages, where the average ticket is between US$3 million and $6 million per company.
Keep up to Date with Latin American VC, Startups News
