Dadneo

Dadneo Capital Research

Investment Thesis

Dadneo Capital is a Santiago, Chile-based venture capital fund manager ("Administradora Dadneo II S.A.") that has been operating in the LatAm venture ecosystem for over 12 years. The firm's stated philosophy is to be "venture capital up close" — investing with rigor while standing beside founders as an operating partner through the scale-up journey. Dadneo backs technology-based startups scaling from LatAm to the world, and has more recently added a dedicated longevity/AgeTech thesis as its second fund vehicle. The firm positions itself around structured investment process, rigorous due diligence, clear governance, and a local network that gives it access to quality opportunities at early and scale-up stages.

Sector Focus

Dadneo runs two parallel investment theses across its two active vehicles:

FIP Vulcano (its flagship, currently active fund, launched 2018 at roughly US$16-18M):

• B2B software / SaaS
• Fintech
• Marketplaces
• Deep tech

FIP Dadneo AgeTech I (currently fundraising, first dedicated AgeTech fund in LatAm):

• Longevity
• Health
• Senior financial services
• Wellbeing

Across the existing portfolio, the realized sector mix skews toward fintech (Betterplan, Pago46), B2B ecommerce/marketplaces (Wheel the World, Emonk, Roombeast, Moovin), and vertical SaaS (Snap Compliance, Slik, Qmatch, Customer Scoops, Muraby, Turingo, Terapi), with a smaller consumer/edtech position (Pleiq, an AR/AI learning product for children).

Stage Focus

Both current funds target scale-up stage companies rather than early seed. FIP Vulcano is explicitly positioned at "Scale-up / Series A," and FIP Dadneo AgeTech I targets "International scale-up." This is consistent with Dadneo's broader value proposition of standing beside founders who are already scaling regionally or internationally, rather than backing pre-product or pre-revenue teams.

Check Size

Both funds share an identical stated ticket size: US$300K – US$1.5M per investment. Given the scale-up/Series A stage focus, this ticket size suggests Dadneo typically participates as part of a syndicate alongside larger lead investors rather than writing the largest check in a round.

Lead Tendency

No public source confirms whether Dadneo leads or follows rounds. The relatively modest ticket size (US$300K-$1.5M) at a Series A/scale-up stage, combined with references such as an August 2026 Diario Financiero piece describing "the Vulcano Fund increased its stake" in Betterplan (implying a follow-on rather than a new lead check), points toward a participant/follow role, but this is not confirmed with certainty. Lead tendency is recorded as unknown pending further verification.

Recent Activity

FIP Vulcano (Fund III, ~US$16-18M, launched February 2018) is Dadneo's active, deploying vehicle; FIP Dadneo AgeTech I is in fundraising. Recent portfolio activity captured in the press:

• August 2026: The Vulcano Fund increased its stake in Betterplan, a Chilean wealth-advisory fintech managing close to US$150M for 2,000 clients, as the company raised a US$1.1M round to fund its expansion into Argentina.
• July 2026: Caja Los Andes' corporate venture arm made a second investment in Wheel the World, a Dadneo portfolio company.
• March 2026: Wheel the World raised US$3.5M and outlined its expansion plans.
• January 2026: Snap Compliance, a Costa Rica-based GRC/AML compliance startup in the Dadneo portfolio, raised US$2M to accelerate LatAm growth.

Portfolio Highlights

Per the firm's own reporting, Dadneo has invested more than US$30M in the region across 15+ portfolio companies over 12+ years. Notable companies include:

• Wheel the World — accessible travel platform for people with disabilities; has raised multiple rounds including from Caja Los Andes' CVC arm.
• Betterplan — independent financial advisory/investing platform managing ~US$150M for 2,000 clients; recently partnered to offer BlackRock's global portfolios in Chile.
• Pago46 — cash-based payment network for card-free online purchases, described in the press as the "Uber of cash."
• Snap Compliance — AML/GRC compliance software out of Costa Rica.
• Slik — employee experience and HR analytics platform, expanded into Spain.
• Emonk — B2B manufacturing/importing marketplace for LatAm, raised toward a US$5M round to expand into India, Pakistan and Bangladesh.
• Other portfolio companies: Roombeast (B2B hospitality marketplace), Moovin (last-mile logistics), Pleiq (AR/AI learning for children), Qmatch (ecommerce price/assortment intelligence), Customer Scoops (customer experience management), Muraby (field-workforce digitization SaaS), Turingo (digital community platform), Terapi (AI-matched online mental health care), and Simplo.

Team

• Allan Jarry, Managing Partner — 30+ years in intellectual property and business strategy (trademark/patent portfolio management, tech transfer, licensing); company director, angel investor and entrepreneur across multiple sectors. BSc and MBA from Pontificia Universidad Católica de Chile; Master of Intellectual Property, Franklin Pierce Law Center (University of New Hampshire).
• Cristián McIntosh, Managing Partner — 20+ years in financial and real estate sectors; has led management of investment funds holding more than US$400M in assets, structured over US$250M in financing, and led venture fundraises with local and international investors. BSc Industrial Engineering (PUC Chile), MBA from Vlerick Business School (Belgium), commercial real estate investment training at MIT.
• Pablo Mazzei, Managing Partner — executive track record in general management and board roles across Chile and the region; led expansion into 10 countries, growing regional sales from US$10M to US$150M with teams of 1,500+ across media, digital business and consumer goods. BSc PUC Chile, MBA IESE Business School (Spain).
• Sebastián Ibáñez, Investment Manager — 12+ years in venture capital leading fundraising, investment selection and hands-on portfolio support; MBA lecturer in finance and entrepreneurship; company director. BSc Industrial Engineering (Universidad de Chile), MSc Innovation Management & Entrepreneurship (Alliance Manchester Business School, Chevening Scholar), VC Executive Program at UC Berkeley Haas.

Decision Process

With three Managing Partners plus a dedicated Investment Manager, Dadneo operates as a partnership structure rather than a solo-GP or large investment-committee model.

Founder Preferences

Dadneo's public materials emphasize founders who are already scaling — "founding teams in scale-up stage" — rather than first-time or pre-product founders. The firm markets itself on standing "beside founders as one more partner," suggesting a preference for hands-on collaboration with technical/operational teams that already have market traction in LatAm and are pushing toward international expansion.

Geographic Focus

Dadneo is based in Las Condes, Santiago, Chile, and invests across Chile and broader LatAm through FIP Vulcano, with FIP Dadneo AgeTech I extending geographic scope to LatAm and the Caribbean. Portfolio companies span Chile, Costa Rica, and other LatAm markets, with some (Emonk, Slik) expanding into South Asia and Europe respectively.

Track Record / Scale

By the firm's own figures: more than US$30M invested in the region, 15+ portfolio companies, and 12+ years operating (dating to a predecessor fund before Vulcano's 2018 launch). Dadneo cites strategic partnerships with CORFO (Chile's economic development agency), BID Lab (IDB's innovation lab), and Primetime Partners, which it says strengthen its thesis and network — particularly relevant to the new AgeTech fund given Primetime Partners' longevity focus.