Why 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:

Dalus Capital portfolio companies: Satellites on Fire, Handle, metaBIX, Pulpos, and qomplement.
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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.

Flyer for the third edition of the Latam Climate Innovation Summit 2026, powered by Dalus Capital. The central graphic is a stylized tree that merges technology and nature: its left side consists of dark, digital circuit-like branches, while the right side features green leaves. The text highlights the event date as May 26th in CDMX and includes logos for strategic partners: Deloitte, Tecnológico de Monterrey, JICA, and México Circular Hub 2026.
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Startup 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.

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Mi charla con IT Masters sobre el ecosistema emprendedor en México

Siempre disfruto las buenas conversaciones sobre el estado del venture capital y el emprendimiento en nuestra región. Hace poco tuve el gusto de platicar con Mónica Mistretta, Maricela Ochoa y Francisco Iglesias, el gran equipo editorial de IT Masters Mag.

Fue una charla sobre el ecosistema de emprendimiento en México. Conversamos sobre sus particularidades, los retos actuales y las características que definen a los emprendedores mexicanos que buscan escalar y construir empresas de impacto.

Join Dalus, NVIDIA, Stripe & Google Cloud to Talk the Future of AI

Promotional graphic for the event 'The Founder Equation: AI, Investment & Growth in Action'. Features a robotic hand and logos for partners Dalus Capital, Stripe, NVIDIA, and Google Cloud.

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.💡

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Latin 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.

Latin America venture capital investment by stage from 2022 to first half of 2025 showing flat and slightly declining volumes since the global market correction.
Source: LAVCA
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What smart capital is watching in tech

I came across this recent report from Coatue, a large global crossover fund investing in both public and private tech companies, presented at their EMW 2025 conference. It’s packed with data-driven insights into how the tech sector is evolving, especially in the context of the ongoing AI wave.

Despite an uncertain economic environment—tariff tensions, inflation, shifting interest rates—and a volatile geopolitical backdrop with wars in Ukraine and the Middle East, tech stocks have performed remarkably well over the past three years.

The report shows we’re still in the early phases of the AI innovation cycle. Some players, public and private, are already gaining traction and market value. But it’s too soon to name the long-term winners. It feels reminiscent of earlier tech waves that produced giants like Apple, Microsoft, and Meta.

At Dalus Capital, my fund, we invest at the early stages of tech innovation. What we’re seeing on the ground is incredibly exciting and signals that the medium-term evolution of the sector will be transformative. With strong execution and some luck, we hope a few of our investments will become winners in this wave.

If you follow tech, startups, or the future of AI, this is a valuable read.

Full report here.

Investing in Plenna, a smarter model for women’s health

I’m very happy to announce our latest investment at Dalus Capital: we’re backing Plenna, a leading Mexican femtech (or healthtech) startup building a hybrid platform for women’s health. Founded by Lorena Ostos and Giovanna Abramo, two outstanding entrepreneurs, Plenna is on a mission to revolutionize how women in Mexico access and experience healthcare.

Lorena Ostos and Gio Abramo, co-founders of Plenna, sitting together and smiling, wearing casual white tops, in a warmly lit modern space.

Plenna just raised a $6 million Series A round to expand its footprint. The company currently operates four branches in Mexico City and plans to open 13 more clinics across the country. We’re thrilled to join this round alongside Mazapil, New Ventures, and Karla Berman—a Shark on Shark Tank México and an independent member of our Investment Committee at Dalus. As part of our investment, I’ll be joining Plenna’s board to support the team in this next stage of growth.

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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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Mexico City’s Must-Attend Weeks for Tech and Climate – October 2025

Two key weeks shaping the future of tech and climate in Mexico later this year—save the date!

A digital "Save the Date" announcement for Mexico Tech Week 2025, featuring a bold blue background with white and neon green text. The event is scheduled for October 20-26, 2025, in CDMX (Mexico City). The design includes a modern, tech-inspired aesthetic with subtle geometric patterns in the background.

🌱 Climate Week Mexico (Semana de Acción Climática MX) | Oct 8-16 | Driving climate innovation and action.

💡 Mexico Tech Week | Oct 20-26 | A new edition of this exciting week, offering a deep dive into the latest in tech and entrepreneurship. 🔗 mexicotechweek.mx

Mark your calendars—big conversations and bold ideas ahead!