Featured in: What Investors Are Thinking About Capital and Climate Transition in Latin America

I was recently interviewed alongside 19 other investors in this piece by Ruben Altman and Paula Alvarado. We each shared our perspective on the climate transition and capital challenges in Latin America.

You can read the full article here: Narrativas, capital y transición climática: 20 inversores opinan sobre lo que viene

Always good to see the diversity of thought across the ecosystem, but with a not-surprising convergence on certain topics.

Conversación sobre el ecosistema emprendedor en México – entrevista en Milenio TV

Les comparto la entrevista que me hicieron Regina Reyes Heroles e Ilana Sod en Milenio Emprende, el programa de emprendimiento de Milenio TV. Fue una conversación muy amena sobre el ecosistema de startups en México, sus retos y oportunidades.

Sharing a recent interview I did for Milenio TV about the Mexican startup ecosystem. The conversation is in Spanish, but you can activate the English audio track on YouTube.

How the Post-Pandemic VC Market Is Taking Shape

I came across two interesting charts that capture from different angles how the venture capital market has cooled down after the unsustainable peak of 2021. That peak was driven by the pandemic’s digital euphoria and the flood of liquidity injected by central banks around the world.

For context, a Series Seed round is typically the first institutional funding a startup receives—usually from venture capital funds—to build a product and find early traction. A Series A round comes next, aiming to scale the business once there’s some proof of concept.

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Investing in Puna Bio – Biotech Driving the Future of Agriculture

logo of agtech startup Puna Bio

At Dalus Capital, we are committed to investing in transformative solutions that address Latin America’s most pressing challenges. That’s why I’m excited to announce our recent investment in Puna Bio, an innovative biotechnology company from Argentina that leverages extremophile microorganisms to enhance crop yields and restore degraded soils.

The future of agriculture is at a critical juncture. By 2050, food production must increase by 60% to meet the demands of a growing global population, yet 90% of the world’s soil could be degraded. Traditional fertilizers and chemical inputs contribute to soil depletion, water pollution, and high carbon emissions. In fact, synthetic fertilizer production, derived from fossil fuels, is one of the largest sources of agricultural carbon emissions.

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Dalus Recognized for Top Venture Capital Deal in Mexico, 2025

Clivi founder Ricardo Moguel with Dalus Capital partners receiving the AMEXCAP 2025 Alebrije Award for Best VC Deal.

🏆 I’m thrilled to announce that my fund, Dalus Capital, has been honored with the AMEXCAP 2025 Alebrije Award in the Venture Capital category! AMEXCAP is Mexico’s Private Equity and Venture Capital Association, bringing together the country’s top investment funds to promote industry growth and best practices. This esteemed recognition, voted on by our peers in the Mexican venture capital industry, celebrates our investment in Clivi, a groundbreaking startup revolutionizing diabetes and obesity care in Mexico through artificial intelligence.

Clivi, co-founded by CEO Ricardo Moguel, is Mexico’s first fully digital clinic dedicated to diabetes management. Their innovative platform offers comprehensive, personalized care by connecting patients with endocrinologists, nutritionists, and psychologists, aiming to simplify healthcare management and make quality treatment accessible to millions living with chronic conditions.

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Venture Capital in Latin America Shows Signs of Recovery Heading into 2025

The Latin American venture capital market demonstrated resilience in 2024, stabilizing after the dramatic peak of 2021 and subsequent correction. According to LAVCA’s latest industry report, venture capital investment in the region reached $4.5 billion dollars across 751 deals, marking a moderate 8% year-over-year increase and signaling that the market adjustment phase may be behind us.

Investment Levels Holding Steady

Deal activity remained robust, particularly at the seed and early stages. The total number of deals was significantly higher than in 2019-2020 at similar investment levels, indicating that investors are deploying capital more cautiously and in smaller amounts. While early-stage funding remained a crucial driver, late-stage investment also made a comeback, surging to $1.6 billion—a 55% year-over-year increase—thanks to renewed international investor interest.

Combined bar charts showing venture capital investment trends in Latin America from 2019 to 2024. The first chart illustrates total capital deployed and deal count over time, while the second chart breaks down investment by country, highlighting Brazil and Mexico as the top recipients.

Source: LAVCA. Data as of 31 December 2024
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Empowering the Future of Health Tech across Latin America

Health Innovation Summit flyer, March 19 in Monterrey, organized with Funsalud, Dalus Capital and TecSalud.

Join us for the Health Innovation Summit 2025, hosted by Dalus Capital, FUNSALUD, and TecSalud! We’ll dive into the latest trends and opportunities shaping the future of health innovation across Latin America. If you share our passion for next-level healthcare, you won’t want to miss this event! 🚀💡

Health tech is one of our focus verticals at Dalus Capital, and we’re proud to support startups like Clivi, a digital clinic specializing in diabetes and obesity, and Eden, a cutting-edge digital solution for radiology.

Come network with top industry players, share ideas, and discover new ways to drive meaningful change in healthcare.


• Date: Wednesday, March 19th, 2025
• Location: Monterrey, NL, Mexico
• Time: 12:30 PM – 10:00 PM

Secure your spot now by registering at https://lu.ma/z6qwebbt. We can’t wait to see you there! 🙌🩺

The LIBRA Token Rug Pull: How President Milei’s Endorsement Fueled a Multi-Million Dollar Scam

Two days ago, a massive scandal shook the Argentine crypto scene. A group of individuals close to President Javier Milei launched a new cryptotoken named “LIBRA,” capitalizing on the President’s signature slogan: “Viva la Libertad” (“Long live freedom” in English). Barely three minutes after its creation, Milei himself promoted LIBRA on his social media accounts, accompanied by a vague message that the token would help finance small businesses and ventures in Argentina.

Javier Milei's post on X promoting the $LIBRA token and its contract address.
Milei’s tweet!
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Navigating Tariff Turbulence for Startups

Team of young professionals reviewing documents and maps around a table.

In his first weeks in office, President Trump announced new tariffs of 25% on all Mexican imports—along with similar measures for Canadian goods. This threat was quickly put on hold for 30 days, contingent on Mexico’s implementation of specific programs aimed at reducing illegal immigration and drug trafficking across the Mexico–U.S. border. If these tariffs are ultimately imposed, there’s a strong possibility that Mexico will respond with its own duties on U.S. imports. This back-and-forth has created significant uncertainty for businesses on both sides of the border, potentially affecting the rest of 2025. While the impact on traditional import/export operations is evident, it may seem less pressing for tech startups.

However, tariffs don’t just affect direct trade—they can also trigger significant currency fluctuations. For instance, new tariffs could drive a depreciation of the Mexican peso, which would raise costs for any startup importing materials or services priced in dollars—even if those imports aren’t coming directly from the United States. Startup founders should begin taking defensive measures now to avoid unexpected fallout.

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Latam Climate Startup Radar: Mapping 400+ Innovators

We are excited to announce the release of the latest Latam Climate Startup Radar, a comprehensive mapping of over 400 startups across Latin America. This edition, unveiled at the recent second edition of the Latam Climate Innovation Summit organized by my fund Dalus Capital, reflects a 55% increase in startup representation, underscoring the region’s rapid growth in climate-focused innovation.

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