Angel Ventures: Fueling Latin America’s Startup Ecosystem
Angel Ventures (AV), headquartered in Mexico City, is one of Latin America’s most active venture capital firms and angel investor networks. Since its founding in 2008, AV has focused on backing early-stage and early-growth startups, bridging capital gaps, and building regional ecosystems for innovation. In this post, we explore its origin, investment model, network effects, portfolio focus, and role in shaping Latin America’s venture capital landscape.
The Origins & Mission of Angel Ventures
Founding & Vision
Angel Ventures was founded in 2008 by Hernán Fernández, among others, at a time when venture capital and angel investing were nascent in Latin America. Recognizing the large unmet need for early capital in the region, the firm positioned itself as a bridge between ideas and capital, leveraging an angel network plus institutional backing.
Their mission is to support innovative, scalable tech-driven business models and to catalyze the startup ecosystem across Latin America by combining capital, mentorship, and networks.
Dual Structure: VC Firm + Angel Network
Unlike many pure VC funds, Angel Ventures maintains a hybrid structure:
Venture Capital Fund(s): AV manages funds used to make direct investments (seed, Series A, early-growth) in startups across Latin America and some U.S. Hispanic / Latinx ventures
AV Network (Angel Investor Network): This is a curated network of angel investors, executives, and experienced professionals who co-invest, mentor, and help source deals. The AV Network comprises hundreds of members across Latin America.
This model helps scale deal flow, distribute risk, and strengthen the capital stack for promising startups.
Investment Strategy & Focus
Stage, Ticket Sizes & Sectors
Angel Ventures invests primarily in seed and early-stage (Series A / early growth) startups
For its U.S.-based fund that focuses on Latinx founder companies, AV typically writes initial checks between US$250,000 and US$1,000,000, with the possibility of follow-on investments.
As for industry verticals, AV has expressed interest in:
Fintech / Financial Services
Health / Biotech / HealthTech
Retail / Consumer / e-Commerce
Agribusiness / AgTech / FoodTech
ICT, SaaS, PropTech, Logistics, Industry 4.0
Artificial Intelligence / AI / Deep Tech
Geographical Reach & Regional Strategy
AV focuses on Latin American markets, especially the Pacific Alliance countries — Mexico, Colombia, Chile, and Peru. (AV)
They also run a U.S. fund targeting Latinx / Hispanic-founded startups in the U.S. marketplace, building bridges between Latin America and U.S. diaspora entrepreneurship.
One of AV’s funds, Fund II (Pacific Alliance Fund II), explicitly treats the Pacific Alliance as a “single geographic location,” letting portfolio startups scale regionally. It has a Bogotá office to expand presence in Colombia.
Co-Investment & Deal Sourcing
AV’s co-investment model leverages its network of angel investors (AV Network) to share deal opportunities, perform due diligence, and invest alongside the fund. This helps broaden their risk pool and source more deals.
AV also partners with accelerators, incubators, family offices, regional angel groups, and global VCs to syndicate investments and extend expertise.
They maintain a high-touch approach: evaluating management teams, business model traction, product-market fit, scalability, and alignment with market trends.
AV Network: Building Angel Ecosystem
Size, Scope & Member Benefits
The AV Network is a selective, invitation-only angel investor network in Latin America. It currently has over 440 members, many of whom are board-level corporate executives or senior professionals.
Member benefits include:
Access to curated startup investment opportunities
Sharing of due diligence reports
Education/training for angel investing
Assistance with term sheets, deal structuring, legal processes
Networking and co-investing with regional and cross-border investors.
In Guadalajara (a regional hub), AV Network has been active since 2014, helping evaluate hundreds of projects and supporting local startups in fundraising.
Impact on Funding Gaps
The AV Network helps alleviate capital scarcity in early stages, especially in markets where institutional venture capital is underdeveloped. By combining small and medium angel checks, AV helps startups bridge their seed-to-Series-A gaps.
The network also raises the sophistication of local investor communities, bringing standardization, professionalization, and mentorship into what is often an informal funding environment.
Portfolio Highlights & Notable Metrics
Portfolio Breadth & Exit Activity
Angel Ventures has built a substantial portfolio over time:
According to PitchBook data, AV Mexico has made over 185 investments across sectors including fintech, SaaS, health, and consumer tech.
They have recorded numerous exits — some sources say 45 exits in their history.
Their portfolio spans early-stage to growing startups, reflecting their “series seed to early-growth” mandate.
While not all details are publicly disclosed, AV’s performance is bolstered by strong co-investment partnerships and a moderate track record of exits.
Thought Leadership & Tools
Beyond capital, AV engages in knowledge sharing. For example, AV developed the Venture Capital Fund Toolkit, a guide for structuring VC funds in emerging markets, particularly Latin America and the Caribbean.
This positions them not just as capital allocators, but as ecosystem builders, promoting best practices, transparency, and capacity building.
Role in Latin America’s Venture Landscape
Catalyzing Early-Stage Capital
Angel Ventures plays a critical role in plugging gaps in seed and pre-seed funding in Latin America, where institutional venture capital often prefers later-stage deals. Their network-driven model helps channel capital into nascent, high-potential startups.
Fostering Cross-Border Bridges
With its U.S. fund for Latinx founders, AV fosters cross-border innovation, drawing diaspora founders and Latin American entrepreneurs into a shared capital ecosystem. This helps diversify deal flow and access international markets.
Ecosystem Building & Education
Through programs like AV Network, partnerships with accelerators, and publishing toolkits, AV contributes to building local investor capacity, increasing deal sophistication, and strengthening venture culture in emerging markets.
Regional Scaling Logic
By treating clusters like the Pacific Alliance as a combined market, AV encourages startups to think regionally, reducing fragmentation and increasing scale potential across Mexico, Colombia, Peru, and Chile.
Trends & Outlook
Latin America’s startup investment landscape is evolving rapidly. In 2024, startup investments in Latin America grew by 26% year-over-year, driven by fintech, digital adoption, and larger rounds in more mature startups.
As capital deepens, early-stage funds like Angel Ventures that have strong local presence, deal sourcing, and network effects may play an increasingly important role in identifying winners early. Their ability to co-invest, scale regionally, and support founders across phases gives them a structural advantage.
Looking ahead, Angel Ventures is well positioned to:
Deploy newer funds focused on U.S.-Latinx and Latin American ecosystems
Expand portfolio diversity across sectors (e.g. healthtech, climate tech, AI)
Deepen regional offices and operations to capture emerging markets
Strengthen exits and secondary liquidity options to attract more capital
Conclusion
Angel Ventures stands out as a pivotal player in Latin America’s venture capital ecosystem, combining the strengths of a professional VC firm with the reach and capital of an angel network. Through seed-to-growth investments, co-investment models, network infrastructure, and thought leadership, AV is pushing the frontier for Latin American innovation.
For early-stage founders seeking capital, mentorship, regional expansion, or connection to U.S.-Latinx markets, Angel Ventures is a notable and credible partner. As Latin America’s startup economy matures, firms like AV will likely remain central to guiding the next wave of unicorns and ecosystem leaders.
