Very proud to share that Reuse, one of our portfolio companies at Dalus, recently raised a $21M Series A led by At One Ventures, the San Francisco climate fund.
Continue readingReuse Raises $21M to Scale Refurbished Electronics in LatAm
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Tag Archives: Latin America
My Conversation with Expansión magazine on Venture Capital and Impact
I recently sat down with Expansión, one of Mexico’s leading business magazines, to share an update on what we are building at Dalus Capital.
At Dalus Capital, my venture capital fund, we believe that funding tech should generate a positive impact for society and the planet in addition to financial returns. So, we focus on three themes that represent large opportunities in Latin America:
- Inclusion: Expanding access to finance, health, and education.
- Business Productivity: Backing digital tools, now very AI-focused, that make SMEs more competitive.
- Climate: Funding direct solutions for climate change mitigation and adaptation.
You can check out the short interview (in Spanish) in their August 2026 issue. I’ve attached the image below, and you can also read the full PDF online here.
How You Can Take Direct Action for Venezuela Today
The news coming out of Venezuela over the last few days is incredibly heavy. On June 24, a massive doublet earthquake (a 7.2 magnitude shock followed less than a minute later by a 7.5 mainshock) struck the country’s northern coast. It is the most powerful seismic event the region has felt in over a century.
Right now, official reports count over 1,400 casualties and more than 3,200 injuries. But with more than 50,000 people still missing or trapped under rubble, the number of victims is expected to increase significantly. While Caracas felt the shockwaves and some buildings crumbled down, the coastal region of La Guaira took the brunt of the devastation. Entire apartment buildings, in some cases higher than 20 stories, have collapsed, and vital infrastructure, including the country’s main gateway, Maiquetía International Airport, is severely damaged.
Hundreds of other residential buildings didn’t collapse outright, but they have been damaged to the point that they are beyond repair and no longer usable. Thousands of people have lost their homes and all their belongings in a matter of seconds. If you want to see the physical scale of the structural impact, there is an updated interactive 3D map of La Guaira tracking the affected buildings, created with AI from satellite images.
How to Support the Relief Efforts
Venezuela desperately needs international help to deal with this catastrophe. Many organizations are raising funds to help those affected across the country. One initiative stands out because it comes straight from the Venezuelan entrepreneurial ecosystem. This is a community used to mobilizing very fast and generating immediate impact, and it is inspiring to see how local founders are stepping up.
Continue readingWhy we just backed five incredible teams building the future of Latam AI
At Dalus Capital, we have spent years evaluating technology across Latin America, and what we are seeing with AI lately has us very excited. We are looking at the start of a real wave of adoption for businesses across many sectors and stages. Week after week, we analyze dozens of startups in the region using AI across completely different use cases to solve massive, structural problems and deliver tangible productivity gains for businesses.
We are convinced of the disruptive role that AI will play in Latin America. This is not just about copying a global trend, but about applying this amazing technology to skip developmental stages and historical inefficiencies in our region. That is why we are actively backing some of the best teams in the region with both capital and our experience.
I want to share our five most recent AI investments:
We’re Back: Scaling the Latam Climate Ecosystem
At Dalus Capital, we focus our investments on three specific verticals: Inclusion (fintech, healthtech, and edtech), Business Productivity (AI and SaaS), and Climate Innovation. While capital is a fundamental part of the equation for all three, we realized early on that climate innovation needed something extra—a dedicated space to build a community from the ground up. That is why we created the Latam Climate Innovation Summit in 2022. We wanted to provide a central meeting point for an ecosystem that was finally ready to take off.
Global economic outlooks for 2026 from leading investment banks
One more year, I’m sharing a list of 2026 economic outlook reports from leading investment banks around the world.
In previous years, I got this list from various sources and simply reposted it. This year, I asked an LLM (ChatGPT 5.2) to build it from scratch. The result is solid, and I’m pretty sure it was done much faster than the old way. Enjoy.
Continue readingStartup Equity & Dilution: What’s Normal in 2025?
When a startup raises capital, it is always a delicate balancing act. You have the valuation of the startup on one side and the size of the round on the other. This tension is what determines dilution.
Simply put, dilution is the percentage of ownership that goes to your new investors, and by definition, it is the percentage that everyone else’s slice of the pie shrinks.
I came across this chart from Carta, which breaks down the average equity sold (dilution) in 2025 by round stage. It paints a very clear picture of the current fundraising environment. While this data reflects the US market, it serves as a critical benchmark for us in Latin America. Even though our check sizes and valuations are often lower in absolute terms, the dilution targets—the slice of the pie you sell—should remain similar.
Continue readingJoin Dalus, NVIDIA, Stripe & Google Cloud to Talk the Future of AI
At Dalus, we are convinced that AI will create a massive disruption, unlocking huge productivity gains for businesses in the short and medium term. We have been actively investing in AI-native startups that are developing easy-to-deploy tools to solve specific business problems.
These companies are building products on top of LLMs to work more efficiently. For example, our portfolio company Darwin AI, which recently announced a new funding round, develops AI agents—think of them as digital workers—hyper-focused on sales processes. Another investment, Qomplement, automates data entry from PDFs to Excel and ERPs, cutting up to 90% of manual work. And we have other very exciting companies in our investment pipeline.💡
Continue readingWhy We Doubled Down on the Darwin AI Team
I’m thrilled to share that our portfolio company, Darwin AI, has closed a $4.5 million funding round led by Base10 Partners. 🚀 We at Dalus are excited to be participating in the round alongside other previous investors, doubling down on our belief in the team.
Darwin AI is building the future of business operations with AI agents, with a sharp focus on the Spanish and Portuguese-speaking markets in Latam (try them here). The traction is already undeniable: they’ve onboarded more than 300 clients across 20 countries and have surpassed $2 million in annual booked revenues.
Continue readingLatin America venture capital shows resilience in 2025 but challenges remain
LAVCA released its semi-annual metrics on the Latin American startup and VC ecosystem for the first half of 2025. There’s plenty to analyze, but I want to highlight three aspects.
Latam VC investment volumes remain flat
Total investment value stayed essentially flat in the first half of 2025, with a slight downward bias. In fact, volumes have been holding steady at more or less the same level since 2H22, when the global correction in VC fully hit Latin America. The positive side is that this suggests we have reached the bottom of the cycle, and further material declines seem unlikely.
