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- VC Mx: Maya Capital
VC Mx: Maya Capital
Lara Lemann, General Partner & Samuel Veloso, Investor at Maya Capital. Maya Capital is an early-stage fund that supports bold leaders who are catalyzing change in Latin America.
Mack Meyer
April 01, 2025
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Maya Capital is an early-stage venture capital firm focused on supporting high-potential startups across Latin America.
Maya Capital provides not only capital but also strategic guidance, helping founders scale their businesses and expand across markets.
We saw a massive gap in the early-stage funding landscape, there was an urgent need for investors who truly understood the challenges and opportunities unique to Latin America.Rather than waiting for international funds to step in, we knew there was a real opportunity to build something local, with deep regional knowledge and a commitment to long-term impact.
The Origins of Maya Capital
Maya Capital was founded in 2018 by Lara Lemann and Monica Saggioro after years of discussions about the challenges and opportunities in Latin America's early-stage venture ecosystem.
“The idea originally came out of multiple conversations that we had between 2016 and 2018,” Lara explained to VC Mexico. At the time, she was investing as an angel in Brazil, while Monica was launching a company during her MBA.
One key realization was that many early-stage startups in Brazil lacked a clear pathway for securing their next round of funding due to the scarcity of local investors. Simultaneously, Monica recognized that to raise seed capital, she would have to remain in the U.S. despite building a Brazilian company.
“As we started comparing these realities, we realized that this was actually a really big opportunity, as all problems are,” Lara noted. They decided to tackle this gap as their own entrepreneurial journey, leading to the launch of Maya Capital.
Since its inception, the fund has raised over $150 million across two funds and has deployed capital into over 50 companies across 12 sectors and six countries.
General Partners
Monica and Lara
History & Investment Stage
Fundraising and Breaking Barriers
As first-time fund managers and one of the first female-led VCs in the region, Maya Capital’s founders approached fundraising with enthusiasm. Focused on building the firm, they saw fundraising as an opportunity to engage with investors and refine their vision.
We were excited about the opportunity, driven to build the best VC firm in Latin America, and too passionate to overthink the barriers, just like most entrepreneurs don’t.
Investment Thesis and Regional Approach
Maya Capital has maintained a broad investment focus, covering both Spanish-speaking Latin America and Brazil. “We quickly realized that the funding gap in Brazil extended across the entire region.”
The firm observed that Latin America’s most successful startups often expand beyond their home markets.
If you look at the biggest winners, Nubank is not just in Brazil, Rappi is in multiple countries, when companies succeed here, they scale regionally.
From the start, Maya prioritized identifying high-potential startups early and supporting their regional expansion. “Our second investment was already in Spanish-speaking Latin America,” reflecting the firm’s broad market perspective.
With a long-term investment horizon, Maya backs founders who deeply understand their industries and can execute at scale.
We don’t just invest in companies that fit a certain mold, we look for those solving fundamental problems with unique approaches and strong execution.
Success in venture investing requires more than just capital; it demands a deep understanding of market complexities and evolving dynamics.
“Investing in Latin America means thinking long-term and being prepared for cycles.” The firm’s thesis is rooted in the belief that structural changes in the region will unlock enormous opportunities for entrepreneurs willing to tackle them head-on.
Focused Sectors
Maya Capital’s investment approach is sector-agnostic, yet certain industries have consistently presented significant opportunities.
Fintech, logistics, healthcare, and enterprise software have been particularly compelling due to their potential for high-impact innovation.
“Many industries in Latin America still operate with significant inefficiencies—whether it's financial services, supply chain management, or healthcare access. Entrepreneurs who can build scalable solutions in these areas will see extraordinary growth.” - Samuel Veloso
Investing Without Local Presence
Operating across multiple markets, Maya Capital prioritizes strong market insights. “Our process has always been a lot more diligent than maybe a traditional seed fund.” While some founders see this as rigorous, Maya considers it an advantage.
To meet this challenge, Maya built an extensive network of investors and market experts.
“Since the beginning, we constructed an LP base that was also pan-regional, including family offices from Colombia, Argentina, Venezuela, and Mexico.” - Lara Lemann
This network provides critical market insights and connections, strengthening Maya’s ability to assess investment opportunities.
Samuel Veloso, an investor at Maya Capital, highlighted the firm’s approach.
“Because we go this extra mile, we can build a better value creation plan. We come from this fresh perspective, and in the end, we use those insights to connect with the right people in the ecosystem.”
Maya remains deeply committed to sourcing deals beyond Brazil.
“If we get to meet a founder that’s not in Brazil, we make every effort to open our schedules, to meet the people, to get to know them, and to learn about the problems they are solving.”
Identifying Emerging Opportunities
Emerging opportunities in Latin America often arise from inefficiencies and structural gaps where existing frameworks fail to meet market needs.
The funding challenges faced by early-stage startups, for example, underscored a critical gap that led to the creation of new financial solutions designed to drive meaningful change.
Rather than chasing trends or capital flows, the most promising investments emerge from recognizing industry-wide transformations, shifting consumer behaviors, and evolving regulatory landscapes.
“The biggest opportunities tend to be found where inefficiencies persist, and solutions remain untapped.” - Samuel Veloso
Sustained success in venture investing comes from anticipating structural shifts before they fully take shape. A long-term perspective is essential—one that goes beyond short-term fluctuations to uncover lasting opportunities. While Latin America is often viewed as a volatile, high-risk market, those who understand its adaptability see a different reality.
People focus on the risks, but just as important is the region’s ability to generate global companies. The key is recognizing structural shifts early and staying committed for the long run.
The region’s strongest founders embrace uncertainty, operating with boldness and conviction. Entrepreneurs who successfully navigate these complexities don’t just build companies; they redefine industries.
“We invest in founders who aren’t just responding to change but actively shaping the future of their industries.” - Samuel Veloso
Looking Ahead
Maya Capital continues to shape Latin America’s venture landscape by identifying and backing high-potential startups from the earliest stages. Through rigorous investment processes, an extensive regional network, and a deep commitment to founders, the firm plays a crucial role in the ecosystem.
Maya’s investment philosophy centers on supporting founders who see challenges not as obstacles but as opportunities to build transformative businesses.
“The best founders don’t wait for the right conditions to emerge. They create them by challenging outdated systems, leveraging technology, and scaling solutions that fundamentally improve how industries operate.” - Samuel Veloso
This forward-thinking mindset is at the heart of Maya’s approach, ensuring that the startups it backs are well-positioned to lead the next wave of innovation in Latin America.
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