Tag Archives: Venture capital

My Conversation with Expansión magazine on Venture Capital and Impact

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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.

Interview with Diego Serebrisky in Expansión magazine, August 2026 issue - "Más que tech, impacto".
Source: Expansión Magazine (August 2026 issue). Text by Rosalía Lara | Photo by Anylú Hinojosa-Peña.

Why we just backed five incredible teams building the future of Latam AI

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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

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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?

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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

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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

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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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Why We Doubled Down on the Darwin AI Team

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Darwin AI logo.

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.

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Latin America venture capital shows resilience in 2025 but challenges remain

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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

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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.

Dalus Named One of the 100 Winners of the Carbon Positive Awards 2025

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I’m very happy to share that my firm, Dalus Capital, has been named one of the 100 winners of the Carbon Positive Awards 2025 by Green Cross United Kingdom (G+UK). We were recognized in the category of venture capital for digital innovation in climate solutions.

Badge for the Carbon Positive Awards 2025, presented by Green Cross United Kingdom.

This was a nice surprise—we didn’t even know we were being considered! You can see the full list of winners here, which ranges from leading global tech companies like Apple, Google, and Microsoft to government entities such as the City of Copenhagen.

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