NAZCA VC FIT

Fit / Alignment analysis with Nazca:

Mexico City-based venture capital firm founded in 2014. Specialized in early-stage investments in technology-enabled companies across Mexico and Latin America, with a strong emphasis on Spanish-speaking markets.

Nazca Profile

Profile Overview

In March 2025, Nazca merged with Bridge Latam, creating a combined platform with over $300–320 million in AUM. This was the first major VC merger of its kind in LatAm. The new entity continues under the Nazca brand for fundraising and is currently raising Nazca Fund IV in 2025–2026, aiming to become one of the largest early-stage players in the region.

Explicitly industry-agnostic:

During March 2025 merger announcement: “Its thesis will be to invest in early-stage, industry-agnostic tech companies with great entrepreneurs.” (Direct quote from Luis Enriquez, partner/co-founder of Bridge).

Key Attributes

Geographic focus: Mexico (core market and HQ) + broader Latin America, with some cross-border exposure.

Team & Approach: Founder-centric; core values include integrity, boldness, stewardship, impact, and teamwork. Building “lasting and sustainable friendships” with founders rather than transactional relationships.

Portfolio Size: ~69 active/ historical companies (per site and PitchBook), with notable winners including Kavak, Albo, Crehana, Ben & Frank, Minu, Yuno, and others across fintech, proptech, commerce, edtech, and more.

Investment Thesis

Core thesis (official statements): Back bold entrepreneurs building transformative, technology-enabled businesses with global ambition, providing multi-stage venture capital from early on, plus extensive operational and network support. Nazca defines itself as an industry-agnostic fund.

Mission: "Empower the best leaders in Mexico and Latin America, fully based on merit. To balance the status-quo between capital and talent. We believe that by doing so, we are setting our region on a path towards social and economic success."

Stage & Tickets: Early-stage focus (Seed to Series A), with follow-on capacity in later rounds via multi-stage vehicles. Value-add is heavy on talent, commercial intros, and peer networks — not just capital.

Based on publicly available information, Nazca portfolio companies are filtered and structured into different categories.

To structure portfolio companies into actionable data structures, three distinct categories are implemented:

i. Based in Mexico: 25 companies
a. High Interest: 10
b. Others: 15
ii. Presence in Mexico: 19 companies
a. High Interest: 8
b. Others: 11
iii. Outside of Mexico: 13 companies

Notes:
(1) Kavak removed, outsized capital raise & employees skews analysis,
(2) Justo removed, active but wipeout event,
(3) Meru removed, company closed,
(4) Axcent, Liebre, OrkestaPay, Pagaloop removed (no capital raise data),
(5) Others not included, companies closed.

i.a. Based in Mexico - High Interest: companies in the Fintech, Healthcare, Proptech, and Services sectors whose services match with my experience, capabilities and/or interests.

Notes:
(6) Bubble size = total capital raised in USD M (equity + debt).

i.b. Based in Mexico - Others: other companies in the Fintech, Commerce, Services, Energy, Cybersecurity and IP sectors.

ii.a. Presence in Mexico - High Interest: companies in the Fintech and Services sectors.

ii.b. Presence in Mexico - Others: companies in the Fintech, Services, Commerce, Agritech, Video-vigilance, and Sustainability sectors.

Companies in groups "i.a. Based in Mexico" and "ii.a. Presence in Mexico" are further analyzed to build a heat map with the objective of understanding the key enablers and deterrents that these companies may face in the next 10 years.

Helping these companies minimize impact of deterrents (red) and maximize enablers (green) is key to achieving the kind of accelerated growth required to meet expected returns for investors.

The companies' heat map is built on top of the main issues and opportunities that I've encountered before; either during my tenure as a corporate executive or while building and operating six (6) different companies under the same roof. By matching these factors against my own experience and capabilities, I identify potential synergies with the companies here listed.

The next heat map provides a general idea of the skills honed over the years across different industries and ventures.

Further analysis continues for companies identified with High Interest tag which implies experience, capability and interest match.

Objectives

Navigate the transition period following the closure of my previous endeavors by collaborating with Nazca, either at the portfolio operations level or directly at one of its portfolio companies.

Develop tools/resources required to invest the capital I will recover by end of year while bearing less financial risk than during previous ventures.

Portfolio Operations

Add value at portfolio operations level by leading initiatives including:

i. Monitor/report performance, identify patterns across key portfolio companies;
ii. Provide support and develop solutions to common constraints;
iii. Support accelerated growth and value creation levers;
iv. Deploy AI solutions capable of automating collaboration and information exchange between companies and fund;
v. Enhance process buildup and best-practices cross-fertilization.

Deal Sourcing
and Due Diligence

Support investment due diligence tasks including:
i. Commercial/Market;
ii. Financial;
iii. Legal;
iv. Technical/Product.

Adapt and implement evaluation frameworks:
i. The VC Method;
ii. Scorecard Valuation Method;
iii. Decision Analysis(*).

(*) Qualitative sorting -> Market mapping -> Risk assessment -> Uncertainty quantification -> Risk/return calculation.

Company ScaleUp

Work full time for a portfolio company entering or navigating an aggressive scale up phase which implies the need to design/implement tools and processes required to attain and sustain growth targets:

i. Strategy: design repeatable and scalable business model;
ii. Operations: move into automated, documented, repeatable systems;
iii. Structure: transition to specialized roles with adequate governance;
iv: Capital efficiency: allocate budget to strategic needs and control it;
v. Expansion: new geographies or adjacent products.

Evidence Based Examples

The following slides portray some real life examples of experience and skills that I can transfer to or apply at portfolio companies of Nazca VC.

*Press the arrows to move back and forth.

Legal & Finance in Mexico

Implemented a Public Private Partnership in Mexico — EUR 200M investment & EUR 2.5Bn vaccines supply contract — in coordination with top law and lobbying firms, structuring a deal approved as a "self-financed PPP", bypassing Congress' approval and limiting competitors' response capabilities. Ensured long-term continuity by creating SPV holding all assets (employees, know-how, tech, plant, equipment) to be transferred to the government by Contract's end, a vehicle that remains dependent on supplies, advisory and tech updates.

Vision for my next steps is based on a fulfilling mission TODAY and valuable skills for TOMORROW.

Vision for Next Steps

My intention is to lead a fulfilling mission within Nazca focusing on portfolio operations or at a portfolio company, adding value in the present and acquiring skills and knowledge for the future.

I see two (2) distinct but related paths:

One - Consolidate myself as a valuable asset to the firm or one of its portfolio companies. Remain as part of the team for as long as mutual interests remain aligned. Implement a passive investment strategy for my recovered capital, including VC.

Two - After a solid time period at the firm or one of its portfolio companies, pivot back into building a new company, leverage knowledge and skills acquired during this transition period.

In either scenario, I'll dedicate personal time to validate the following investment thesis:

Full-Stack AI Legal and Real Estate Play

I believe that there is significant opportunity for disruption and attractive financial returns in the judiciary real estate sales sector:

i. Process is complex and highly manual (friction), often requiring in-person procedures;
ii. Information asymmetries are significant, valuable data is scattered across different entities, almost none of them digitally native;
iii. Many small unsophisticated bidders, none technology advanced, none Institution size;
iv. Traditional financing not available as bidders buy litigation rights not actual property;
v. Risk level can be low with the right tools and information.

I intend to test my thesis with support from my lawyer, confirm if there is indeed a large pool of low-risk opportunities that can be purchased at significant discounts (30%-50%) and liquidated under 12 months, generating attractive financial returns (~40%) usually linked to high-risk investments. A business model that requires automation (OCR, big data, analysis) combined with high levels of legal, real estate, and financial capabilities.