LATAM Corporate Venture Capital Funds

A Corporate Venture Capital, or CVC, is a venture capital fund whose sole LP (Limited Partner) is a corporation. In a CVC, the investment thesis is aligned with the corporation’s interests and industries. Often, this investment strategy aims to acquire the company in the future, helping the corporation remain relevant in the market and create new business units.

CVC funds have become increasingly important as a potential exit option for startups at later stages; however, there are still relatively few corporations in Latin America involved in this asset class.

The Corporate Venture Capital Landscape in LATAM

According to the report “Corporate Venturing Latam 2024” created by Wayra and Global Corporate Venturing, which interviewed 46 corporate funds across the region, here are some interesting insights into the industry.

• Exponential Growth: CVC activity has grown exponentially since 2020, doubling in just four years, indicating growing interest among corporations in the region.
• Share of Investments: In 2023, 15% of venture capital transactions in the region included a corporate investor, a significant increase from 10% in 2020.
• Fund Size: 62% of CVC funds have less than 50 million dollars in current funds, while 76% manage assets worth less than 100 million.

Corporate Venture Capital Funds in Latin America

1. AC Ventures.  AC Ventures is the CVC of Arca Continental, the world’s third-largest Coca-Cola bottler and distributor. It invests globally in early-stage startups in the Retail-tech, Industry 4.0, and Fintech verticals, as well as in opportunities in snacks, healthy foods, and plastics and water value chains.
2. Agunsa Lab. Agunsa Lab is the corporate venture capital arm of Grupo Agunsa, a company specializing in logistics in LATAM. It seeks startups aligned with its verticals and is the region’s first corporate fund focused on ports, airports, and containers.
3. Bimbo Ventures. Bimbo Ventures, part of Grupo Bimbo, seeks new technologies and innovative startups to nourish a better world. It is the company’s Corporate Venture Capital unit, focused on innovation and growth.
4. C-Labs. C-Labs promotes the development of solutions in the region’s data industry.
5. CEMEX Ventures. Cemex Ventures identifies technologies and business models in areas such as climate change, the circular economy, building materials, and construction productivity.
6. Cencosud Ventures. Cencosud’s venturing unit invests in and accelerates startups shaping the future of retail, e-commerce, fintech, logistics, and supply chains.
7. CompuSoluciones Ventures. CompuSoluciones Ventures invests in B2B startups in LATAM focused on technologies such as blockchain, cybersecurity, artificial intelligence, and IoT, among others.
8. Diproinduca. With 40 years of experience transforming and commercializing iron by-products, Diproinduca seeks startups in the circular economy, recycling, agrotech, and sustainable energy solutions.
9. Elal Venture. Elal Venture is a homegrown investment fund based in La Plata and belonging to the Delsud business group. Its main objective is to advance and bring to fruition innovative projects in goods and services.
10. Falabella Ventures. Falabella Ventures is the CVC of Falabella Group, investing in startups addressing key challenges in sectors such as retail, finance, and services.
11. FEMSA Ventures. FEMSA Ventures connects FEMSA’s platforms with the entrepreneurial ecosystem, investing in startups in conversational commerce, logistics, e-commerce, retail, and fintech.
12. Globant Ventures. Globant Ventures seeks growth-stage B2B technology startups that complement Globant’s solutions.
13. Insta Global Ventures. Insta Global Ventures, the CVC of Instacredit, invests in pre-seed and seed-stage startups in fintech, embedded finance, and data infrastructure.
14. Kamay Ventures. Kamay Ventures is a multi-corporate fund investing in disruptive technologies such as fintech, digital supply chains, and industrial technologies.
15. Krealo. Krealo, Credicorp’s CVC, invests in fintech companies in the Andean region that complement the group’s businesses.
16. Mercado Libre Fund. This fund invests in technology companies that democratize commerce and financial services in Latin America.
17. Murchison Ventures. Murchison Ventures is the Corporate Venture Capital arm of Grupo Murchison and an expression of our identity, driving us to explore new frontiers and horizons and go beyond what made us the company we are today, with 127 years of experience and operations in Argentina, Uruguay, and the USA.
18. Natan VC. “Natan VC is the new Venture Capital fund of Grupo BIND. We’re here to help make dreams come true, transform industries, and improve people’s quality of life through disruptive products and solutions. We seek to strengthen, complement, and enhance our business ecosystem, as well as support the entrepreneurial community in Latin America
19. Proeza Ventures. Proeza Ventures is an early-stage VC firm exclusively investing in the mobility space.
20. PX Ventures. PX Ventures invests in disruptive technologies to solve challenges in the construction industry.
21. Roquin Ventures. Roquin Ventures, part of Grupo Foliatti Casino, seeks startups that embrace new trends and develop disruptive technologies for businesses.
22. RPP Ventures. The CVC of Grupo RPP in Peru connects startups with an audience of more than 20 million people.
23. Sancor Seguros Ventures. Sancor Seguros Ventures invests in disruptive technology startups with the potential to scale globally and make an impact in sectors such as Insurtech, Fintech, and Healthtech.
24. Seversta Ventures. Severstal is a leading Russian steel and mining company. Through Severstal Ventures, we invest in startups transforming the future of industrial manufacturing. Our focus areas include advanced materials, industrial automation, robotics, AI, decarbonization, and digital solutions that enhance efficiency and sustainability in heavy industry.
25. Veronorte. Veronorte operates Corporate Venture Capital programs in collaboration with major regional corporations across LATAM.
26. View Capital. View Capital is a fund focused on investing in high-impact startups, especially in financial technology, healthcare, and education.
27. VX Ventures. VX Ventures specializes in technology startups, supporting innovative business models in Latin America.‍
28. Wayra. Wayra is Grupo Telefónica’s open innovation hub.