H20 Capital

H20 Capital Research Document

Investment Thesis

H20 Capital (also known as HTwenty Capital Innovation) is a specialized early-stage venture capital fund focused exclusively on backing disruptive entrepreneurs across the Latin American and US Hispanic markets. The firm operates with a hands-on partnership approach from day one, providing capital and operational support to help entrepreneurs disrupt and create new markets.

The core thesis is rooted in identifying underserved markets in Latin America where immigrant founders and operators from unicorn companies (Rappi, Kavak, iFood) bring operational expertise and market knowledge. H20 Capital believes that the best investment opportunities exist at the intersection of LatAm-specific problems and technical solutions, with a particular emphasis on cross-border commerce, fintech, SaaS, and marketplace solutions that serve emerging markets.

Geographic Focus

H20 Capital employs a deliberate cross-border investment strategy:

• Primary Focus: Latin America (80% of investments) with offices in Miami, Mexico, and Colombia
• Secondary Focus: Spanish-speaking ventures in the United States (20% of investments)
• Key Markets: Colombia (9 portfolio companies), Mexico (8), USA (13), Brazil (4), Argentina (3), Rest of World (3)

The firm's multi-hub operational model reflects their commitment to being hands-on partners with founders across the region, providing market access and operational guidance from offices that span Miami, Mexico City, and Bogotá.

Stage Focus and Check Size

H20 Capital specializes in early-stage investments, particularly:

• Pre-Seed: $100K-$250K for teams with ideas and initial traction
• Seed: $250K-$1M for companies with product-market fit signals
• Series A: Selective participation in follow-on investments for portfolio companies

The fund's sweet spot is the $100K-$1M range, with the ability to participate in larger Series A rounds for proven portfolio companies.

Recent Activity and Fund Status

H20 Capital Fund II (2024) is estimated at $65M and is actively deploying capital. Recent notable investments include:

• Félix Pago - Raised $15.5M Series A for WhatsApp-based remittance platform (November 2025)
• Tapi - Raised $22M with Kaszek and a16z backing for Argentina fintech (2025)
• Welbe - Raised $7M Series A for Mexico healthcare/wellness expansion (2025)
• Percepto Robotics - AI-powered robotics for logistics and warehousing
• Influur - Creator economy fintech platform (raised $5M)
• Tul - B2B marketplace for building supplies, expanded to Brazil with $1.8B Series B (2024)
• Fudo - Restaurant SaaS/POS system (LatAm's Toast equivalent)

The fund is actively deploying with recent activities through 2025, indicating a healthy pipeline and ongoing market engagement.

Portfolio Composition and Highlights

H20 Capital has built a diversified portfolio of 36+ companies across multiple verticals:

Sector Breakdown:

• Software-as-a-Service (SaaS): 11 companies
• Financial Services (Fintech): 7 companies
• B2B Marketplaces: 6 companies
• E-commerce / Creator Economy: 5 companies
• Artificial Intelligence (AI): 5 companies
• Other (E-Logistics, Food-tech, PropTech, Health, Travel): 6 companies

Notable Portfolio Companies:

1. Félix Pago - WhatsApp-based cross-border payments, $15.5M Series A
2. ONTOP - Global hiring and international payroll platform, $20M raised
3. Tapi - Argentina fintech payment solutions
4. Tul - B2B marketplace for building supplies, $1.8B Series B raised
5. Influur - Creator economy fintech marketplace
6. Percepto Robotics - AI robotics for automation
7. Fudo - Restaurant management SaaS for LatAm
8. Supra - International payments platform backed by Citigroup
9. Welbe - Health and wellness services in Mexico
10. Justo - Grocery supply chain optimization (General Atlantic Series B lead, $152M)

Team Structure

H20 Capital maintains a lean but experienced team:

Core Team Members

Daniel Lloreda - Co-Founder & Managing Partner: Immigrant founder from Colombia with 9+ years in PE/VC. Structured and managed 25+ technology investments exceeding $100M USD. BS in Finance & Entrepreneurship from Babson College (Magna Cum Laude).

Mauricio Porras - Co-Founder & Managing Partner: Immigrant founder from Mexico with 11+ years in PE/VC. Founded PGC Investments (single-family office in PE, VC, real estate). MBA from Babson College.

Renzo Sesana - Principal: 11+ years in financial sector, 8+ years in VC. Former Managing Partner of Ventura Family Office (early Rappi investor). BBA from Universidad de los Andes, MBA from INALDE Business School.

Jimena Cortés - Platform Lead: Founding team member and COO/CFO at Movet (vet tech). Led business development and M&A in PE and banking (LatAm and Africa).

Liliana Banguero - Backoffice Lead: Certified Public Accountant with 13+ years in accounting, taxation, financial analysis, and auditing.

Montserrat Calderon - Investment Associate: 4+ years in international venture capital. Investment Analyst at Dalus Capital. BBA from Instituto Tecnológico Autónomo de México.

Advisory Network

H20 Capital has assembled an elite network of 20+ advisors including operators from Rappi, Kavak, iFood, Bitso, and other major LatAm tech companies, providing portfolio companies with practical market access and operational guidance.

Decision Process and Investment Approach

Investment Committee Structure: Partnership model with Daniel Lloreda and Mauricio Porras as co-founders leading investment decisions.

Decision Timeline: Estimated 4-8 weeks for seed and pre-seed decisions.

Value Add Beyond Capital: Hands-on partnership from day one, operational support through direct team involvement, market access through LatAm office network, access to extensive advisor network with unicorn operator expertise.

Lead Tendency

Based on portfolio analysis, H20 Capital demonstrates a "leads or co-leads" investment tendency, frequently leading pre-seed and seed rounds and participating in Series A follow-ons.

Investment Thesis Summary

H20 Capital backs "disruptive entrepreneurs creating tomorrow's largest, most valuable, and longest-lasting companies" by investing at the intersection of LatAm market needs and technical solutions, leveraging deep operational expertise from unicorn exits, providing hands-on support from day one, building a diversified portfolio across fintech, SaaS, marketplaces, and AI, and acting as the trusted bridge between LatAm innovation and global capital.