MAYA Capital Research
Investment Thesis
MAYA Capital is the first truly pan-Latin America early-stage venture capital fund dedicated to supporting bold, transformative entrepreneurs catalyzing change across the region. Founded in 2018 by Lara Lemann and Monica Saggioro, MAYA invests in founders leading their first institutional venture round, providing not just capital but extensive hands-on support, operational expertise, and long-term partnership. The fund explicitly emphasizes supporting female founders and entrepreneurs from underrepresented backgrounds, with a significant portion of their deal flow coming from female-founded startups.
Their core belief is that Latin America's greatest untapped resource is its people and entrepreneurial spirit. MAYA positions itself at the intersection of three critical elements: capital, expertise, and long-term partnership.
Stage Focus and Check Size
MAYA Capital focuses exclusively on early-stage investments:
- Seed stage: Primary focus ($300K - $1M typical investments)
- Pre-seed: Secondary focus ($100K - $500K)
- Series A: Selective follow-on investments from existing portfolio companies
The fund typically leads or co-leads seed rounds, serving as the first institutional investor for most portfolio companies. Average check size is in the $100K-$10M range, with most investments clustering in the $300K-$2M band.
Investment Activity and Fund Status
MAYA Capital has deployed multiple funds:
- Fund I (2018): $40M+ raised and deployed
- Fund II (2022): $100M raised, actively deploying
- Fund III (2025): Targeting $80M (as of September 2025, in fundraising)
As of January 2026, MAYA Capital is actively investing with 54+ portfolio companies and 4+ new investments in the last 12 months, demonstrating continued momentum and deployment. The fund has portfolio exits and partnerships with tier-1 co-investors including SoftBank, Kaszek, Y Combinator, Sequoia, and others.
Sector and Model Focus
While sector-agnostic, MAYA has deep expertise in and focus on:
Core Sectors:
- FinTech & Payments: Belvo, Finkargo, Assis, Divibank, Jota!, Lerian, XFX, Vaas
- SaaS B2B: Truora, Gupy, Nilo, Tenchi, Treble.ai, Zenpli, Polaxys, SafeSpace
- HealthTech & InsureTech: Alice, Azos, Stay
- EdTech: Trybe, Vetto
- AgTech: Terra Magna, Arado, Tarken
- E-commerce & Retail: Merama, Unbox, Deco, Vendah, Zubale, Inventa, Diferente
- PropTech: EmCasa, Alude, Crezes
- Logistics: Kovi, Nuvocargo
- FoodTech: NotCo, Fudo
- LawTech: Jusfy
- HR Tech: Gupy, SafeSpace
Business Model Preferences:
- B2B SaaS (particularly vertical SaaS)
- Developer tools and infrastructure
- Marketplace platforms connecting producers to businesses
- Financial inclusion and SME-focused solutions
- Technology-enabled services for underserved populations
Geographic Focus
MAYA is the first truly pan-Latin America fund, with explicit strategy to invest across the region:
- Brazil: Largest concentration of portfolio (50%+ of investments)
- Mexico: Growing presence
- Colombia: Active investments (Crezes founders)
- Chile: Active investments (Karim Pichara from NotCo)
- Peru: Active investments
- Broader LatAm: Argentina, Central America
The fund has global ambitions for their portfolio companies, helping them scale out of and beyond Latin America into North America and globally.
Decision Process and Timeline
Decision Making: Partnership structure with both GPs actively involved in investment decisions. The fund is known for being founder-friendly and pragmatic in evaluation, balancing thorough diligence with speed.
Decision Timeline: Typically 2-4 weeks from initial pitch to investment decision, faster than many VCs. Known for making quick decisions post-due diligence.
Warm Introductions: Not strictly required but highly valued. Active in attending pitch events, conferences, and leveraging their community network.
Team and Leadership
Lara Lemann, Co-Founder & General Partner
- Extensive entrepreneurial and investment experience in Brazil and Latin America
- Transitioned through public and private sectors
- Harvard Business School case study on MAYA Capital (2020)
- Deep network across Brazilian and Latin American startup ecosystem
Monica Saggioro Leal, Co-Founder & General Partner
- Operational background at major Latin American companies (Ambev/ZX Ventures)
- Harvard Business School MBA
- Investor with regional expertise and deep operational experience
- Represents diverse leadership in VC
Investment Team:
- Bruno Kuntz (Finance)
- Igor Voelzke Passarin (Investments)
- Leticia Lage Neves (Investments)
- Luana Marcondes (Investments)
- Marina Guglielmi (Investments)
- Sara Santos (Operations Manager)
Founder Preferences
MAYA explicitly seeks and supports:
- Female founders: Large majority of deal flow, explicit commitment to gender diversity
- Technical founders: Particularly in SaaS and fintech sectors
- Operators from scale-ups: Founders with prior experience at larger Brazilian/LatAm tech companies
- Mission-driven builders: Founders solving real problems in Latin America with global ambitions
- Diverse backgrounds: Founders from underrepresented regions and demographics
- First-time founders: Particularly comfortable backing first-time entrepreneurs in their first institutional round
Recent Notable Investments and Portfolio Performance
Unicorns and Significant Exits:
- Alice (HealthTech/InsureTech): Significant growth, SoftBank lead investor
- Belvo (FinTech): Y Combinator, Founders Fund, major co-investors
- NotCo (FoodTech): Tiger Global, large scale up
- Gupy (HR Tech): SoftBank, strong growth trajectory
- Merama (E-commerce): Advent, SoftBank, significant funding
Recent Investments (2025):
- XFX: International payments platform (Series Seed/A)
- Tivita: Healthcare RCM solution
- Tempo: WhatsApp AI assistant
- Polaxys: AI platform for corporate analysts
- Avra: SME credit scoring
Investment Process and Post-Investment Support
MAYA's approach goes well beyond capital:
-
Lead Your First Venture Round: MAYA invests in founders' first institutional rounds, providing conviction-building support and leveraging their network.
-
Hands-On Hard Work: Post-investment, the team works closely with founders on:
- Hiring and talent acquisition
- Go-to-market strategy
- Series A/B fundraising preparation
- Operational scaling
- Regional expansion strategy
-
Network Leverage: Access to their network of:
- 400+ hiring partnership companies
- 200+ commercial partnership opportunities
- Community of other MAYA founders ("MAYANs")
- Global investor network for subsequent rounds
-
Long-term Partnership: The fund structures itself as a true partner, viewing founder success as directly tied to their own fund success.
Co-Investment Relationships
MAYA regularly co-invests with top-tier VCs including:
- SoftBank Latin America Fund
- Kaszek Ventures
- Y Combinator
- Sequoia Capital
- a16z (Andressen Horowitz)
- Tiger Global
- Monashees
- GFC (Grupo de Fundadores y Capitalistas)
- Canary Ventures
- Atlantico Ventures
- QED Investors (fintech focus)
- Founders Fund
This demonstrates strong relationships and syndication capability.
Market Position and Impact
MAYA Capital is recognized as:
- The first truly pan-Latin America venture capital firm
- A leader in supporting female founders in Latin America
- A top early-stage investor in Brazil and LatAm tech ecosystem
- Focused on long-term regional transformation and impact
- Known for both operational value-add and genuine partnership with founders
The firm is part of the broader movement to democratize venture capital in Latin America and support the region's untapped entrepreneurial potential.
Key Differentiators
- Pan-LatAm Strategy: First fund to truly operate across the entire region, not just Brazil
- Female Founder Focus: Explicit commitment to gender diversity (33%+ female founders in portfolio)
- Operational Value-Add: Team focused on hands-on support post-investment
- First Institutional Round Specialist: Comfortable backing first-time founders in their first institutional round
- Community Building: Active in building founder communities ("MAYANs") for peer learning
- Quick Decisions: Known for moving faster than peer VCs while maintaining rigor
- Founder-Friendly: Reputation for founder-friendly terms and genuine partnership mentality