Zenda Capital Research
Investment Thesis
Zenda Capital is a thesis-driven venture firm founded by Esteban Reyes, an experienced operator and serial founder with 21 years building startups and 10 years investing in them. The fund invests in founders transforming how money and goods flow across the economy, with a specific focus on tech for traditional sectors. They believe in backing founders who are modernizing underserved industries through technology, particularly vertical AI and software solutions.
The firm explicitly targets B2B technology companies that create technology reshaping both old and new sectors, focusing on practical applications of technology in industries that have historically been overlooked by venture capital.
Sector Focus
Zenda Capital has a diversified but focused portfolio spanning multiple sectors:
Primary Focus Areas:
- Logistics & Supply Chain: Companies automating shipment data capture, payment reconciliation, and cross-border logistics (Dockware, Revenue Vessel, Solvento, Cargado)
- Fintech & Payments: Financial technology solutions for specific industries, particularly healthcare and logistics (Caveo for doctors in Brazil, Octane billing platform)
- Legal Tech: AI-powered solutions for legal professionals (Superpanel for contingency fee law firms)
- Hospitality & Real Estate Tech: Next-generation operating systems and management tools
- Healthcare Tech: Accounting and financial solutions for healthcare professionals
- Accessibility & Developer Tools: Tools for developers and accessibility specialists (Assistiv Labs)
- Trade & Compliance: Automating global trade compliance for brands and customs brokers (Gaia Dynamics)
The portfolio demonstrates a clear pattern: modernizing traditional, underserved industries with software and vertical AI solutions.
Stage Focus
Zenda Capital focuses exclusively on early-stage investments:
- Formation to Series A - Primary stage range
- Seed rounds: $500K-$1.5M as first check
- Follow-on investments: Indefinite reserves for concentrated portfolio support
The firm invests in 2-4 deals per year, allowing them to concentrate resources and network in helping founders succeed rather than spreading themselves thin across a large portfolio.
Check Size & Investment Approach
Check Size Range:
- Initial checks: $500K - $1.5M
- Can lead, co-lead, or participate
- Follows indefinitely in winners
The firm's flexibility in their role (lead, co-lead, or participate) and check size allows them to adapt to founder needs while maintaining operational involvement.
Recent Activity & Fund Status
Based on recent investment announcements, Zenda Capital has been actively deploying throughout 2025:
Recent Investments (2025):
- September 2025: Led investment in Superpanel (AI-powered underwriting for legal)
- July 2025: Participated in Parter's $5.5M seed round (hardware parts management)
- July 2025: Led $2.5M funding round for Dockware (shipment data capture)
- December 2025: Led Caveo's $10M Series A (fintech platform for doctors in Brazil) - notable expansion beyond typical Series A involvement
The fund appears to be actively deploying and maintains a strong presence in both US and Latin American markets.
Portfolio Highlights
Notable Portfolio Companies:
- Cargado - Cross-border logistics software for US-Mexico trade
- Dockware - Autonomous shipment data capture for carriers and shippers
- Solvento - Payment reconciliation and logistics financing (Mexico City)
- Caveo - Accounting and financial solutions for doctors in Brazil
- Tally - Financial operations automation for 3PLs (Third-Party Logistics)
- Octane - Metered billing system (Acquired by Stripe) - validates quality
- Superpanel - AI-powered contingency fee law firm underwriting worker
- Gaia Dynamics - Global trade compliance automation
- Revenue Vessel - Revenue systems for freight forwarders
- Assistiv Labs - Accessibility tools for developers and QA
- Zatlas - Empowering hotel teams with next-generation Hospitality OS
- Parter - Parts management for hardware teams
The portfolio demonstrates consistent theme: B2B software modernizing traditionally overlooked sectors.
Team
Leadership:
Esteban Reyes - General Partner & Founder
- 21 years building startups, 10 years investing
- Co-founder and successfully exited four B2B companies totaling $1.1 billion
- Personal incubation of eight companies with own capital
- Family background of entrepreneurs (from coal mining family that turned entrepreneurial)
- Originally from Cartagena, Colombia; based in Miami for 27 years
- Deep operational expertise in building and scaling businesses
Sol Franco - Operations
- 7 years as M&A advisor at Deloitte
- Buy-side and sell-side M&A experience
- University of Buenos Aires graduate
Chetan Chaudhary - Venture Partner
- Chief Revenue Officer at Coralogix (current)
- Former Partner at NewView Capital
- Former CRO at Scale AI
- 9 years at Twilio leading product distribution and developer-led GTM strategies
Evan Cummack - Venture Partner
- Chief Product Officer at Aerospike (current)
- Former CEO of Fin.com
- Twilio veteran: first solutions engineer, 9 years on product teams
- Co-built Twilio's wireless business unit with Chetan Chaudhary
Jeffrey Dong - Investor & Research Lead
- Former investment team member at Golden Gate Ventures (Singapore-based, emerging markets focus)
- INSEAD and Bucknell University graduate
- Leads thesis development efforts in the US
Raphael Santolin - Investor & Research Analyst
- Former investment team at Valor Capital Group (Latin America focused VC)
- Former investment team at Cedro Capital (early-stage Brazil focused)
- University of Brasília graduate
- Leads sourcing for Latin America
Geographic Focus
Primary Markets:
- United States (Miami, New York, Chicago, San Francisco, Tulsa)
- Latin America (Brazil, Mexico, Colombia) - significant focus given team expertise
Investment Style & Values
Thesis-Driven: Develops point-of-view complemented by extensive research.
Deeply Networked: Provides operational support through extensive networks in focus areas (GTM, engineering team scaling).
Risk-Aligned: As the second-largest LP in their fund, Esteban is personally invested in outcomes.
Founder-First Approach: Esteban's experience gives credibility and willingness to challenge investor groupthink.
Selective & Concentrated: Only 2-4 deals per year allows deep involvement.
Competitive Position
Zenda occupies a distinctive position:
- More founder-friendly than mega-VCs (small fund, concentrated portfolio)
- More operational than most seed-stage VCs (multiple operating advisors, personal LP involvement)
- Unique Latin American expertise (rare in US-based VC)
- Focused thesis on underserved sectors rather than hot categories