Fen Ventures Research
Investment Thesis
Fen Ventures is a Santiago, Chile-headquartered early-stage venture fund that has backed Spanish-speaking Latin American tech founders since 2012. Co-founded by Cristóbal Silva and Ricardo Levy, the firm's pilot investment was Levita Magnetics, made before it had a formal fund structure. In 2017 it partnered with LarrainVial, which entered as an LP and strategic partner through Activa, LarrainVial's alternative-assets arm, and that relationship continues today. The firm describes itself as one of the region's most diversified funds by sector, ranging from deep tech and biotech to fintech and platform businesses, and screens over 1,000 companies a year. With its fourth fund, Fen is explicitly leaning into AI-driven startups, arguing that the pace of AI disruption is forcing earlier entry than its historical post-traction approach.
Stage Focus
Fen invests at early stages: pre-seed, seed, and Series A, per the firm's own FAQ. Historically the fund favored companies with a launched product and demonstrated traction, but Fund IV's strategy shifts toward entering earlier given how quickly AI-native startups are scaling.
Check Size
Fund IV targets initial tickets of US$200,000 to US$500,000, with follow-on reserve capacity of up to US$1.5 million per company. The fund aims to build a portfolio of 20-30 companies.
Lead Tendency
Not clearly stated on the site. Fen participates in syndicated rounds (e.g., Signa's US$1M seed) and also does follow-ons into existing portfolio companies (e.g., a US$4M round in Lebane), consistent with a fund that can anchor smaller rounds but does not explicitly market itself as a lead investor.
Recent Activity
Fen Ventures is actively deploying out of its third fund (US$25M, 100% private capital, its first fund with a regional rather than Chile-only mandate) while structuring a fourth fund targeting US$30-50M, with a first close expected in 2026 and a final close projected for H1 2027. In Q1 2026 the firm closed two new investments: a seed check into Signa, an AI-agent platform for intellectual-property and counterfeit detection that raised a US$1M round, and a US$4M follow-on round into Lebane, an Argentine startup digitizing workflows for real-estate developers that is expanding into Mexico. In the prior year the firm also participated in rounds for Mutuus (Mexico), Selenios (Argentina), Loto LatAm (Colombia), Mintii Labs (Chile), and Versu AI (Chile). Management expects to close roughly five new investments in the coming months, with a stated focus on founders from Mexico, Argentina, Colombia, and Chile.
Portfolio Highlights
As of its Fund IV announcement, Fen Ventures had invested in 52 startups, including AgendaPro, Capitalizarme, Destácame, Fintual, Galgo, Shinkansen, and Magnar, alongside dozens of other companies visible on its portfolio page spanning fintech, biotech, logistics, proptech, healthcare, and climate tech. No acquisitions or IPO exits are disclosed on the site.
Team
- Cristóbal Silva, Managing Partner - co-founder; lawyer (Pontifical Catholic University of Chile), LLM and management certificate from Northwestern (Pritzker/Kellogg)
- Ricardo Levy, Partner - co-founder; industrial engineer (Pontifical Catholic University of Chile), Sloan Fellow MSc in Management, Stanford
- Eduardo Beffermann, Venture Partner - industrial engineer/astronomer (Pontifical Catholic University of Chile), MBA Kellogg; also Head of Private Equity & VC at Activa Alternative Assets
- Leonidas Larraín, Venture Partner - business/economics (Universidad de los Andes), MBA IESE; also CFO/Admin at Activa Alternative Assets
- Olivia Valdés, Bio Venture Partner - biologist with bioprocess specialization; food science/tech coordinator at UC Davis Chile
- Javier Pedrals, Principal - business/economics (Universidad Adolfo Ibáñez), MBA IESE, former BCG consultant
- José Ignacio Marín, Legal - lawyer (Universidad Adolfo Ibáñez), formerly at DLA Piper Chile (Corporate/VC)
- Tomás Ugarte, Analyst - industrial engineer (Pontifical Catholic University of Chile)
- Isidora Verdugo, Analyst - business/economics (Pontifical Catholic University of Chile)
- Sofia Neumann, Communications - journalist (Pontifical Catholic University of Chile)
Decision Process
A multi-partner structure (managing partner, partner, venture partners, principal) suggests a partnership-style decision process rather than a solo GP model. Activa/LarrainVial partners (José Antonio Jiménez, Eduardo Beffermann, and a third TBD) sit alongside Fen on Fund IV.
Founder Preferences
Fen requires at least one Latin American founder on the team (companies can be headquartered outside the region, including current portfolio companies based in the US and UK) but explicitly excludes Brazil, since its focus is the Spanish-speaking LatAm ecosystem. Founders pitch via an open form; there is no stated warm-intro requirement.
Geographic Focus
Spanish-speaking Latin America, with historical concentration in Chile (down from ~30% to under 20% of deal flow in recent years) and a growing share from Argentina, Colombia, and Mexico. The firm keeps offices in Santiago, Chile and Miami, Florida, and has active portfolio companies with HQs in the US and UK.
Funding History
Fund II (2018): US$21M, Corfo-backed, now in its wind-down phase. Fund III: US$25M, first fund fully funded by private capital and the first with an explicit regional (not Chile-only) strategy; still closing its investment period. Fund IV (in structuring, 2026): targeting US$30-50M with an AI-forward, earlier-entry strategy; LPs include insurance companies, foundation endowments, funds-of-funds, family offices, and individuals, with no Corfo leverage or anchor family group.