ALIVE Ventures Research
Investment Thesis
ALIVE Ventures is an impact venture fund manager investing in high-growth companies that use technology and other innovations to tackle economic inequality and improve the lives of low-income communities in Latin America. The firm says it invests at the intersection of profit and impact, targeting scalable companies with impact embedded in the business model. It describes itself as a manager that places impact at center stage, applies a gender lens at every step of the investment process, and has built a climate-smart approach that helps communities prepare for, respond to, and recover from climate change. It also aims for attractive risk-adjusted returns for its investors.
Investment Themes
ALIVE invests across four themes:
- Education and pathways to quality jobs (edtech, workforce development, HR tech)
- Sustainable income generation for SMEs, entrepreneurs and small-scale farmers (fintech, agribusiness, agtech, tech for SMEs)
- Access to critical goods and services (renewable energy, internet connectivity, healthtech)
- Solutions for climate resilience and adaptation (circular economy, foodtech, agtech)
Stage Focus
The firm describes its strategy as early growth capital in impact-driven, profitable companies. Public examples include Series A rounds (Reuse's US$21M Series A led by At One Ventures; Slang's US$14M Series A co-led with Dila Capital; Creditú's US$6M Series A; Solfium's US$10M Series A co-led with Accion) and equity bridge or growth rounds (Finaktiva, AgriCapital, Finmaq, Teclogi). Stage is therefore Seed-to-Series A, with an emphasis on companies that already have revenue and a path to profitability. The website does not publish a check size range.
Lead Tendency
ALIVE both leads and participates. Its announcements show it leading or co-leading rounds in AgriCapital, Finmaq, Creditú, Goodsam, Teclogi, Finaktiva, Slang and Solfium, and participating as a follower in Reuse's Series A led by At One Ventures.
Funds and Recent Activity
ALIVE has run two funds over about eight years. In February 2026 it announced the final close of its second fund (ALEG II) at US$55M, with new commitments from Proparco, FMO (for the Dutch government's Building Prospects fund) and Impact Fund Denmark. The firm reports over US$80M in assets under management and calls itself the largest impact and venture fund manager in the Andean region. ALEG II had deployed over 50% of its capital across 11 investments at the time of the announcement. At the same time Maria Pia Morante, ALIVE's first hire, was promoted from Investment Director to Partner. The fund is therefore actively deploying. Recent portfolio news includes Reuse closing a US$21M Series A with ALIVE participating, and the acquisition of portfolio company Pulpos by Mexican fintech Clip.
Portfolio Highlights
The home page lists 19 portfolio companies across Peru, Colombia, Chile and Mexico: Crehana, SunCompany, uPlanner, Finaktiva, Symplifica, Slang, Beereaders, Hybrico, Prestamype, Teclogi, Magneto, GoodSAM, AgriCapital, Finmaq, Creditú, Solfium, PulpOS (acquired by Clip), Aviva and Reuse. Crehana had a partial exit in 2021, recognized by ColCapital as the most successful startup transaction of that year. Pulpos is the most recent exit.
Team
- Virgilio Barco, Co-founder and Managing Partner
- Santiago Alvarez, Co-founder and Managing Partner
- Maria Pia Morante, Partner
- Lina Moya, Principal
- Cristina Martinez-Acitores, Head Access to Financing
- Daniela Tello Rioja, Finance and Admin. Manager
- Alan Pierce, Impact and Knowledge Manager
- Laura Muñoz, Investment Associate
- Esteban Hemelberg and Esteban Barriga, Investment Analysts
Decision Process
The firm is run by two co-founding managing partners plus a partner, which points to a partnership decision process. The public site gives no timeline. ALIVE offers heavy post-investment support (marketing and sales, governance and talent, impact/gender/ESG, operations and IT, strategic finance), has a consulting partnership with BCG in Peru and Colombia, and a strategic relationship with Acumen.
Founder Preferences
ALIVE backs founders building profitable, scalable companies whose customers are low-income populations: on average almost half of portfolio customers earn under US$11 a day and nearly 30% under US$5 a day. It values founders who accept rigorous impact measurement and a gender lens. Warm introductions are not stated as required.
Geographic Focus
Latin America, with a focus on Colombia and Peru; the portfolio also includes Chile and Mexico (six countries in total per the site).
Gaps
Check size range, exact headquarters city, and most portfolio company domains and investment dates are not published on the site and were left blank rather than guessed.