Gilgamesh Ventures — Investment Thesis & Preferences

Gilgamesh Ventures Research

Investment Thesis

Gilgamesh Ventures is a global, early-stage fintech venture capital fund built around a unique operating model: deep fintech expertise combined with an influential media platform. Co-founder Miguel Armaza's Fintech Leaders podcast reaches nearly 100,000 followers across 180 countries and has directly sourced approximately 40% of the fund's investments. The firm invests in visionary entrepreneurs reshaping financial services, with particular emphasis on AI-native fintech companies that can reach $5M+ ARR within 18 months using lean, agile teams. The fund believes that artificial intelligence is uniquely positioned to dramatically improve customer experiences and operational effectiveness across financial services.

Sector and Stage Focus

Gilgamesh invests across core fintech verticals:

Payments and embedded finance - Next-generation payment infrastructure, cross-border payments, instant settlement
Lending and credit - Alternative credit scoring, embedded lending, SMB lending solutions
Insurance - Vertical-specific insurance, AI-powered underwriting and claims
Capital markets infrastructure - Trading platforms, data services, compliance and anti-fraud tools
Financial infrastructure - Treasury management, financial data APIs, compliance technology

The fund focuses on early-stage investments:

Pre-seed: $150K-$250K in Fund I, increased to $200K-$400K in Fund II
Seed: $250K-$500K in Fund I, increased to $400K-$600K in Fund II
Selective Series A follow-ons for portfolio winners

Their typical check size has increased between funds, reflecting strong fund performance and momentum. The fund typically does NOT lead rounds but participates alongside lead investors, allowing them to write meaningful checks without holding large ownership stakes.

Geographic Focus

Gilgamesh has expanded its geographic footprint significantly:

Primary: United States (particularly NYC - nearly a third of portfolio is NYC-headquartered)
Secondary: Brazil and Mexico (Latin America focus with deep expertise)
Emerging: Global-first businesses addressing payment, compliance, and treasury pain points across borders

The firm has developed particular expertise in Latin America, with Miguel Armaza frequently commenting on regional funding trends and investment opportunities. Their portfolio companies span across these geographies, reflecting a truly global fintech thesis.

Fund Status and Recent Activity

Fund History:

Fund I: Launched 2021, deployed early
Fund II: Closed May 2025 at $20M
Total AUM: $35 Million (across both funds)
Status: Actively deploying from Fund II

Recent Investments (2025-2026):

Affiniti: $62M of equity and debt financing announced (February 2025) - expense management for SMBs
EMTECH: Investment announced (August 2023, continuing relationship)
Multiple portfolio companies have surpassed $5M ARR, demonstrating strong execution by the fund

Investment Approach and Value-Add

Beyond capital, Gilgamesh provides substantial operational support:

Network leverage: Extensive relationships across fintech, banking, and payments ecosystems
Media amplification: Portfolio companies benefit from podcast platform (100k+ audience) for customer acquisition and market visibility
Strategic partnerships: Help portfolio companies secure early customers, strategic partners, and follow-on financing
Board-level support: Approachable, hands-on partners who go beyond capital provision
Operating experience: Both GPs bring direct fintech operating experience (Andrew Endicott founded Petal, acquired by Empower in 2024)

Team

Core Partners:

Miguel Armaza, Co-Founding Partner: Former banker in structured finance, infrastructure, corporate banking, trade finance, and capital markets at Citi and MUFG. Now hosts the Fintech Leaders podcast reaching 100k followers. Fluent in Russian, Spanish, and English. MBA from Wharton, MA from Lauder Institute.
Andrew Endicott, Co-Founding Partner: Fintech entrepreneur and investor. Co-founder of Petal (credit card fintech, acquired by Empower in 2024). Former investment banker at Lazard and corporate lawyer at Willkie Farr & Gallagher. Board member of Encore Bank (since 2019). JD from Harvard Law School, BSBA from University of Arkansas.

Senior Advisors:

Burt Hicks: President and Chief Strategy & Growth Officer of Encore Bank (Little Rock, Arkansas)
Alan Chusid: Serial entrepreneur, co-founder of Spin Pay (acquired by Nubank in 2021), now NuPay
Tuvia Barak: Venture Partner at Lux Capital and Lytical Ventures, board member of Skyline Software, WeatherBell Analytics, Toonimo

Portfolio Highlights

Notable portfolio companies include (as of 2026):

Brinta: AI-native company in the portfolio
Affiniti: Expense management platform, recently raised $62M
Niva: Business identity platform, AI-native, raised $5.5M Series A (March 2025)
Baselayer: B2B fraud detection and AML compliance platform
Nexu: Leading financing platform for car dealerships in Mexico, increasing transaction volumes
Cayena: Marketplace simplifying procurement for restaurants in Brazil
Modernlife: FinTech services
Divibank: Digital banking platform
Klarin: Lending platform
Pomelo: Financial services
Tarken: Fintech services
Worky: Employment financial services
Boom.Market: Commerce/marketplace
Menta: Financial services platform
Intrinio: Financial data and API infrastructure

The portfolio spans the fintech spectrum from payments to lending to infrastructure, with geographic diversity across North America and Latin America. Several portfolio companies have achieved impressive growth metrics, with AI-native companies demonstrating rapid scalability.

Fund Performance and Strategy Evolution

Between Fund I and Fund II, the firm has refined its investment strategy:

Increased check sizes, reflecting conviction in winners and improved follow-on dynamics
Greater emphasis on AI-native fintech companies demonstrating exceptional efficiency
Maintained focus on companies solving critical pain points in payments, compliance, and financial infrastructure
Leveraged podcast platform success (40% of deal sourcing from media, 25+ podcast guests became investors)

The fund closed Fund II during a challenging fundraising environment, which Andrew Endicott noted is a significant achievement for emerging managers. This demonstrates strong LP confidence in the firm's strategy and execution.

Decision Process and Timeline

Based on portfolio activity and firm structure:

Decision Process: Partnership-based (Miguel and Andrew make investment decisions together with input from advisors)
Decision Timeline: Relatively efficient given the seed-stage focus; likely 1-2 month process for diligence
Lead Tendency: Typically does not lead rounds (per VCSheet data), but participates meaningfully in seed rounds
Typical Involvement: Likely advisory/observer role with close partnership support
Warm Introductions: Preferred, especially through podcast network or industry referrals

Key Differentiators

Media-driven sourcing: 40% of investments sourced through Fintech Leaders podcast, creating competitive advantage
Operating expertise: Both GPs bring direct fintech founding and banking experience
Geographic expertise: Deep knowledge of Latin America fintech ecosystem
Network effects: Podcast platform creates flywheel for deal sourcing, portfolio support, and follow-on financing
AI focus: Early recognition of AI's transformative potential in fintech; several portfolio companies already exceeding growth expectations

Fund Positioning

Gilgamesh Ventures positions itself as:

Partner, not just capital provider
Global fintech specialists with deep U.S. and LatAm expertise
AI-native company investors with proven execution track record
Media-enabled fund leveraging podcast platform for founder relationships and portfolio support
Emerging manager that has successfully closed Fund II, demonstrating LP confidence

The firm operates in the seed-stage category ($200K-$600K checks) and focuses on companies that can achieve meaningful traction (payments, lending, compliance, infrastructure) within 18-24 months of investment.