Nazca VC Research
Investment Thesis
Nazca is one of Latin America's leading multi-stage venture capital firms, founded in Mexico City in 2014 by Héctor Sepúlveda. The firm positions itself as "the innovation capital firm for Latin America's top founders," backing bold, tech-enabled entrepreneurs who are transforming traditional industries across Spanish-speaking Latin America. Nazca operates with a deeply founder-centric philosophy — their six core values include Founder Centricity, Integrity, Boldness, Stewardship, Impact, and Teamwork — underscoring a long-term partnership approach to building companies rather than passive capital provision.
Nazca has built a 12-year track record through multiple fund vehicles spanning early-stage venture capital through its core funds and growth-stage continuation capital through its Continuity Fund. In March 2025, Nazca merged with Bridge Latam to create a combined entity with over $320 million in AUM, aiming to become the largest venture capital firm by AUM in Spanish-speaking Latin America. The combined portfolio includes over 90 companies with an aggregate enterprise value exceeding $17.3 billion and generates 30%+ IRR across both legacy entities.
Stage Focus
Nazca focuses primarily on Seed and Series A investments, with additional capital reserved for follow-on investments at later stages. Their core funds target early-stage startups, while Continuity Fund I provides growth-stage capital to high-performing existing portfolio companies. With Fund IV now being raised post-merger, the firm continues its commitment to early-stage investing across Spanish-speaking Latin America. Fund III, their most recent closed fund, reached $150M and was backed by institutional LPs including IFC ($15M) and IDB Invest ($5M).
Check Size
Based on market data, Nazca's average seed round participation is around $4.8M in round size and Series A at approximately $11.5M. Implied check sizes range from approximately $500K–$3M at Seed and $1M–$5M at Series A, depending on lead versus co-invest role. At growth stage via the Continuity Fund, larger follow-on checks are deployed into proven winners from earlier funds.
Lead Tendency
Nazca both leads and co-invests depending on the stage and company. They frequently lead or co-lead seed rounds in Mexican companies and co-invest alongside larger global funds at Series A. Portfolio companies have attracted co-investment from Sequoia, a16z, SoftBank, Y Combinator, Google, Microsoft, Amazon, Monashees, and Atlantico.
Recent Activity
Following the March 2025 merger with Bridge Latam, Nazca is actively deploying from its combined portfolio and raising Fund IV. Recent notable investments include Vambe (Series A, December 2025 — AI-powered conversational commerce platform in Chile, $14M round led by Monashees), and EFEX (March 2026, financial software). The Ze Coxinha exit occurred in October 2024. The merged entity has publicly stated its goal of becoming the leading VC by AUM in Spanish-speaking Latin America.
Portfolio Highlights
Nazca's portfolio of 90+ companies spans fintech, enterprise SaaS, ecommerce, AI/ML, cleantech, proptech, and logistics. Notable companies include:
- Kavak — Mexico's leading used-car marketplace, one of Latin America's most valuable startups
- Albo — Mexican digital bank (neobank)
- Xepelin — B2B fintech for working capital in Chile
- Justo — Online grocery delivery in Mexico
- Vambe — AI-powered conversational commerce platform (Chile)
- Crehana — Corporate online education platform (Peru)
- Darwin AI — AI/ML tools for SMBs (Argentina)
- Minu — Employee financial wellness (Mexico)
- ZeBrands (Luuna) — Consumer brand platform (Mexico)
- Ben & Frank — Eyewear ecommerce (Mexico)
Notable exits include TrueHome (acquired by Loft). The portfolio has $17.3B in aggregate enterprise value.
Team
Nazca is led by a six-partner team plus a principal:
- Héctor Sepúlveda — Founder & Partner; co-founder and managing partner overseeing the merged entity
- Adolfo Blasco — Partner
- Erin Winslow — Partner (international background)
- Jaime Zunzunegui — Partner (joined via Bridge Latam merger)
- Luis Enríquez — Partner
- Patricio Aznar — Partner
- Laura Ruiz — Principal
The firm also maintains a network of 13 Venture Partners including operators from Bitso, Yalo, Draiver, and other successful Latin American companies (Alejandro Maza, Daniel Vogel, Ricardo Weder, Federico Ranero, Sergio Fogel, and others).
The broader team includes specialists in platform & ESG (Lucía Barbieri), legal (Luisa Arnal), finance (Oscar Sánchez), and data & AI (Oliab Herrera).
Decision Process
Nazca operates with a partnership model, with investment decisions made collaboratively by the partner team. The firm uses data-driven analysis with proprietary technology and predictive algorithms to support deal sourcing and evaluation, reflecting their investment in internal data infrastructure.
Founder Preferences
Nazca is explicitly founder-centric, backing "bold, tech-enabled entrepreneurs" in fintech, enterprise applications, mobility, health, and education. They prioritize founders with strong local market knowledge and a vision to scale across Latin America. The firm provides comprehensive operational support including expert networks, peer-learning, talent recruitment support, and strategic partnerships. They emphasize long-term relationships throughout the entrepreneurial journey.
Geographic Focus
Primary focus is Spanish-speaking Latin America, with the highest deal concentration in Mexico, followed by Chile, Colombia, Peru, and Argentina. The firm is headquartered in Mexico City with a regional mandate. Some investments extend to US-based companies with significant Latin America operations (e.g., Handle, Momentus, Miroculus, Shasqi). Brazil is selectively covered despite being Portuguese-speaking, as evidenced by Loft and Dinerama investments.