Mundi Ventures raises $100M to back LatAm startups and plug them into Europe
What's the deal? Madrid-based Mundi Ventures has announced the first close of Latam Fund I at $100 million (€86 million), its first dedicated Latin American vehicle.
The fund will back early-growth startups in fintech, insurtech, healthtech, and climatetech across Latin America and the Caribbean, writing $5 million checks at Series A and B.
Anchor investors include IDB InvestDealroom has a profile for this one. Try Dealroom →, Spanish state development bank CofidesDealroom has a profile for this one. Try Dealroom →, and two undisclosed regional insurers — one Caribbean, one South American. The fund has reached 40% of its target and aims for a full close by year end.
Why now? Mundi Ventures has invested in the region since 2023 through its global funds, backing names such as Chilean insurance unicorn Betterfly, Brazilian health startup Sami, Olé LifeDealroom has a profile for this one. Try Dealroom →, and RaincoatDealroom has a profile for this one. Try Dealroom →.
It now sees the timing as right for a dedicated vehicle. Digital financial and health services are growing fast in Latin America, but insurance and protection tech penetration remains structurally low — creating what the firm describes as an attractive risk-return opportunity with more reasonable valuations than in recent years.
General partner Rafaela AndradeDealroom has a profile for this one. Try Dealroom →, a Brazilian former chief financial officer of QuintoAndar who joined Mundi in 2023, says the first check from the new fund is expected within about two months, with Brazil targeted for 40–50% of capital allocated.
What could go wrong? The fund has only reached 40% of its $100 million target, and the two regional insurer anchors have not been named. Latin America's Series B market is slow — something Andrade herself acknowledges, noting the need for more rigorous analysis and due diligence before committing.
Exits also remain scarce: the firm notes the region's ecosystem is "quite nascent in terms of exits" compared to Europe, which is precisely why it built a dedicated fund rather than continuing to invest through global vehicles.
The signal: Mundi Ventures is betting on a structural gap — not just in capital, but in market access. Founded a decade ago in Madrid and now managing €1.5 billion across six funds, the firm plans to use its European LP network, which includes MapfreDealroom has a profile for this one. Try Dealroom → and GeneraliDealroom has a profile for this one. Try Dealroom → among other large insurers, to introduce Latin American portfolio companies to potential corporate clients in Europe — and vice versa.
The move reflects a broader trend: European VC firms with Latin ties are positioning themselves as two-way bridges between the regions, at a moment when LatAm venture capital is rebounding. Total investment in the region reached $4.1 billion in 2025, up 14% year on year, though deal count fell to its lowest since 2017 — signalling a market that rewards quality over volume.
J.V.
