Alaya Capital, founded in Córdoba, Argentina in 2011, has transformed from a small, experimental fund into a powerhouse of regional investment that’s helping reshape the future of technology across Latin America, attracting international Venture Funds to collaborate with like Don’t Quit Ventures amongst others.
Evolution of a Regional Champion
Alaya’s journey mirrors the growth of Latin America’s startup ecosystem itself. Beginning as a proof of concept during venture capital’s early days in the region, the firm has matured into a sophisticated investment platform with a clear thesis focused on supporting companies with cross-border potential.
Under the leadership of founder Luis Bermejo, Alaya launched its first fund as a testing ground for regional investments. Building on early successes, the firm expanded with Alaya Capital II in 2017, a $20M vehicle that significantly increased its market presence. The leadership team grew stronger in 2021 when Lorena Suárez and Juan Manuel Giner joined as Managing Partners, bringing additional expertise just as the firm began raising its third fund. Alaya Capital III, a $25M fund launched in 2022, represents the culmination of over a decade of learning and adaptation to the unique challenges of the Latin American market.
Beyond Capital: A Comprehensive Support Structure
What truly differentiates Alaya is its recognition that startups need much more than funding to succeed in Latin America’s complex market environment. The firm has developed a multi-layered approach to supporting its portfolio companies:
At the core of Alaya’s strategy is hands-on involvement in growth strategy and business development. The team works alongside founders to refine go-to-market plans, develop pricing strategies, and unlock commercial opportunities through targeted introductions to potential clients and partners across the region.
Recognizing that sustained growth requires continued investment, Alaya actively prepares founders for future fundraising rounds. This includes coaching on pitch development, data room preparation, and introductions to more than 30 regional and international investors.
Perhaps most impressively, Alaya has built a regional infrastructure specifically designed to help portfolio companies scale across borders. With team members strategically positioned across Mexico, Colombia, Peru, Chile, and Argentina, the firm offers genuine on-the-ground support for companies expanding into new markets.
Strategic Focus on Regional Opportunity
Alaya’s investment thesis demonstrates a sophisticated understanding of Latin America’s unique advantages. The firm has identified several sectors where regional startups can leverage local market conditions to build differentiated businesses:
The firm recognizes Latin America’s position as an agricultural powerhouse and has made strategic investments in agri-tech companies like Kilimo, Loads, and Aquabyte to address challenges in water efficiency, sustainability, and food production.
Despite significant progress in financial inclusion, large portions of Latin America’s population remain underbanked. Alaya has backed innovative fintech startups such as Finerio, Lemon, Versal, Creditop, PaGo46, and Preauth that are creating solutions for underserved market segments.
In education and talent development, Alaya supports platforms like Talently and Teamcubation that connect Latin America’s growing tech workforce to global opportunities while addressing regional skill gaps.
The firm also recognizes the significant gaps in healthcare access across the region, investing in healthtech companies such as Entelai and Motivia that leverage technology to improve care delivery and accessibility.
What’s particularly impressive about Alaya’s approach is how it transforms potential challenges into strategic advantages. The firm has developed sophisticated strategies to manage the macroeconomic volatility common in Latin American markets:
By diversifying investments across Mexico, Colombia, Peru, Chile, and Argentina, Alaya mitigates country-specific risks while maintaining deep local knowledge in each market.
The firm structures its funds in U.S. dollars and encourages portfolio companies to expand regionally early, providing natural hedges against currency fluctuations and economic cycles.
Alaya prioritizes business models with strong unit economics and clear monetization paths that can withstand inflationary pressures and market volatility.
Looking Forward
As Alaya looks to the future, the firm has identified several compelling trends that will shape the next wave of investment opportunities in Latin America:
The maturation of fintech regulation is creating opportunities for infrastructure startups focused on embedded finance, open banking, and cross-border payments.
Climate challenges, particularly around water scarcity and agricultural efficiency, will drive demand for innovative solutions in climate tech and precision agriculture.
Healthcare access and affordability remain critical needs, with significant potential for telemedicine, AI diagnostics, and vertically integrated health solutions.
The growing recognition of Latin America as a global talent hub is creating opportunities for platforms that connect, train, and retain remote workers.
As Latin America’s startup ecosystem continues to evolve, Alaya Capital stands as a testament to the value of regional expertise, strategic patience, and hands-on support. With its deeply embedded regional presence and comprehensive approach to investment, Alaya is not just funding the future of Latin American technology—it’s actively helping to build it.
Noa Khamallah is General Partner at Don’t Quit Ventures.
