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- VC Mx: Hernan Fernandez, Managing Partner at Angel Ventures
VC Mx: Hernan Fernandez, Managing Partner at Angel Ventures
Angel Ventures is a leading venture capital firm focused on supporting high-growth startups across Latin America, providing capital and strategic guidance to entrepreneurs aiming for regional and global expansion.
Mack Meyer
April 10, 2025
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Angel Ventures is one of the pioneering venture capital firms in Latin America, with roots tracing back to a time when the region’s startup ecosystem was barely recognizable. The firm supports startups from seed to Series B across Latin America, with a particular focus on Mexico, Colombia, Peru, and Chile.
But according to cofounder Hernán Fernández, Angel Ventures was never just about capital. It was about creating something from nothing.
When we started Angel Ventures, there was no such thing as ‘venture capital’ in Mexico. Nobody was talking about building a startup. There was no Y Combinator in Latin America. No Endeavor office. No TechCrunch coverage. Nothing. We saw a vacuum. And instead of waiting for someone to fill it, we decided we’d build something.
Origins of Angel Ventures
Angel Ventures didn’t begin with institutional capital or a polished fund strategy — it started scrappily, as a grassroots angel network made up of friends, family, and early believers. As Hernán Fernández put it, “We didn’t start as a fund. We started as a group of people asking: how can we back great entrepreneurs even if we don’t have huge checks?”
The real spark came when Hernán was at MIT, exposed to the entrepreneurial ecosystems in the U.S., where he noticed everything had structure — VC clubs, pitch competitions, incubators — and realized how far behind Latin America was. “I was at MIT and I saw how organized things were,” he recalled. “And then I’d look at Mexico and think: why can’t we have that too?”
Rather than waiting for change, he returned to Mexico with a clear mission: to build the infrastructure that didn’t yet exist.
We basically said: let’s stop complaining about what’s missing, and let’s build it ourselves. That’s how Angel Ventures started — not with money, but with a mindset.
As momentum picked up, the angel network matured into a formal fund. The transition wasn’t just about scaling up, but also about gaining the trust of institutions.
We moved from doing syndicated angel deals to raising a fund, and we were fortunate to have support from institutions like the IDB. That gave us credibility, but it also came with responsibility — we had to show the region that this could work.
Partners
History & Investment Stage
Investment Thesis
Angel Ventures' thesis is built around a simple but powerful idea: the largest companies in Latin America will be the ones that fix its deepest inefficiencies.
“We’ve always believed that the biggest companies in LatAm will be the ones solving the biggest pain points,” Hernán told VC Mexico, pointing to sectors like education, logistics, healthcare, and financial access as ripe for transformation.
Scalability across borders is a must — not just within Latin America, but also into markets like the U.S. Latino population and Global South.
We love businesses that can win in Mexico and then expand to Colombia, Peru, or across the Global South. The founder has to know the terrain, but also has the ambition to go beyond it.
Yet the firm has never been interested in simply copying what works in Silicon Valley. Angel Ventures believes venture capital must be localized — adapted to different consumer behaviors, legal frameworks, and market realities.
We don’t believe in copy-paste VC. What works in the Valley doesn’t always work here. LatAm has different challenges, different consumers, and different timing. So our thesis is local-first, region-aware, and founder-aligned.
With multiple funds under management and over 70 portfolio companies, the firm has proven its model.
Future Plans and Growth: Scaling Across Borders
Looking ahead, Angel Ventures is focused on scaling its portfolio across the Latin American region, continuing to back ambitious entrepreneurs who are solving real problems.The firm’s pan-Latin American strategy is key to its future growth plans.
“There’s so much more room to grow, and so many entrepreneurs waiting to be believed in,” says Hernan. By focusing on sectors with long-term tailwinds and building on the infrastructure they helped create, Angel Ventures is positioned to be at the forefront of Latin America’s ongoing tech revolution.
In terms of specific goals, Angel Ventures is continually refining its approach to identify the most promising companies, ensuring that each investment not only aligns with the firm's strategy but also contributes to shaping the future of the region.
We’re building an ecosystem that’s not just about the next startup, but about the long-term transformation of the region.
Fundraising & LP Relations
Over the years, Hernán has seen LP expectations evolve as the Latin American ecosystem matures. Initially, when Angel Ventures started raising capital, expectations from limited partners (LPs) were primarily focused on seeing returns in the longer term.
As the region has matured, Hernán has noticed that LPs now have a more refined understanding of the market's potential.
When we started, there was no idea of a venture capital ecosystem in LatAm. Now, LPs are more aware of the region’s dynamics.
To attract and retain LPs, Angel Ventures has focused on building credibility over time. Hernán emphasized the importance of relationships with both local and global LPs.
“We were fortunate to have support from institutions like the IDB (Inter-American Development Bank).”
This institutional backing gave Angel Ventures the credibility it needed to attract global LPs, even in the face of limited exits in the region. “It came with responsibility — we had to show the region that this could work,” Hernán added, highlighting how the firm has worked diligently to demonstrate the value of investing in Latin America.
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