Dalus Capital

Dalus Capital Research Investment Thesis Dalus Capital is a Latin America-focused venture capital firm backing purposeful technology entrepreneurs who are building scalable companies around significant regional problems. The firm's own site says its goal is to support innovation that drives positive change through technology. Its public LinkedIn profile frames the mandate around scalable solutions for Latin America in three themes: inclusion, climate innovation, and business productivity. The positive impact page adds a responsible-investing lens: Dalus says it invests in companies that are good for people and the planet, supports gender-lens investing through the 2X Challenge, aligns with the Principles for Responsible Investment, and has built ecosystem initiatives such as a Latin America climate wiki, a climate startup radar, and climate and health innovation events. The pattern in recent investments supports that thesis. Dalus has backed health access companies such as Plenna and Eden, climate resilience companies such as Satellites on Fire, agtech and biosurveillance companies such as metaBIX Biotech, and business productivity or financial infrastructure companies such as Handle, Pulpos, Clip, Bankingly, Mural, DecisionNext, and eFactor. The common thread is not a narrow software category but a combination of scalable technology, Latin American relevance, and measurable social or operational impact. Stage Focus Dalus states on its about page that it invests in startups scaling across Latin America at Seed, Series A, and Series B. Third-party profiles also describe the firm as early-stage and growth-stage. The official site is the strongest source, so the core stage preference should be treated as Seed through Series B rather than pre-seed. The portfolio and recent deal flow show initial participation in seed rounds such as Satellites on Fire and Pulpos, Series A rounds such as Plenna, and later-stage or growth equity exposure through older portfolio companies. Check Size The firm states that its typical initial investment ranges from $500K to $5M per company, tailored to stage of growth and startup needs. This makes Dalus relevant for founders seeking a meaningful institutional check rather than very small angel capital. It may lead or participate depending on the round: Dalus led the Satellites on Fire $2.7M seed round and was reported as leading Pulpos's $5M round, while it participated in Handle's $6M seed round led by Andreessen Horowitz and supported Plenna's $6M Series A alongside several investors. Lead Tendency Dalus appears flexible, with evidence of both leading and following. It led or co-led recent climate and productivity rounds, but it also joins larger syndicates where a category specialist or global firm leads. Founders should not assume Dalus only leads. The better read is that Dalus can lead early rounds when it has strong conviction and regional relevance, and can also participate when a company fits its thesis but another investor owns the lead role. Recent Activity Dalus has been active through 2025 and 2026. Recent external sources report a $5M Pulpos round led by Dalus in April 2026, a $2.7M Satellites on Fire seed round led by Dalus in April 2026, a $1.3M metaBIX Biotech extension round with Dalus and EWA Capital in March 2026, and Handle's $6M seed round in March 2026, where Dalus publicly said it participated alongside a16z. The firm's own blog published investment rationale posts for Eden in November 2025 and Plenna in July 2025, reinforcing its active health-tech thesis. The activity indicates the firm is actively deploying, particularly around AI-enabled business productivity, climate resilience, women's health, radiology infrastructure, and biosecurity. Portfolio Highlights The official portfolio page lists a broad set of Latin America-oriented companies including Alkemio, Aptuno, Avathon, Bankingly, Calii, Clip, Clivi, Convert, Converus, Cultura Colectiva, Darwin AI, DecisionNext, Dollarize, Eden, eFactor, Energryn, Enerlink, Galgo, Growth Institute, Inmobly, Handle, ISA, Mecanizou, metaBIX, and Mural. The portfolio shows emphasis across fintech, healthtech, climate, B2B software, AI, business productivity, marketplaces, and consumer or digital services. CB Insights lists Technisys as a portfolio exit acquired by SoFi in February 2022. Team Dalus's official about page lists a senior team with more than 10 years investing together. Key investment figures include Diego Serebrisky and Rogelio De Los Santos as Co-Founders and Managing Partners, Karla Berman as an Investment Committee Member, Gabriel Estrada and Christian Aguirre as Partners, Laetitia Marcade as Principal, Oscar Pena as Associate, and Montserrat Olguin as Senior Analyst. The broader team also includes investor relations, communications, platform, controller, and administration roles, which suggests a firm with operational support capacity rather than a single-partner practice. Decision Process Dalus does not publish a formal decision process or timeline. Because the team page identifies managing partners, partners, an investment committee member, and a multi-person investment team, the most conservative structured value is investment committee. The firm appears to run thematic diligence: its Eden post discusses engagement with radiologists, clinic administrators, and imaging specialists before investing, which points to customer and expert validation. No reliable source confirms a standard decision timeline or a warm-intro requirement. Founder Preferences Dalus favors founders addressing large Latin American problems with technology, positive impact, and scalable business models. Its Plenna post emphasizes founders deeply connected to the problem, with strong business and strategy training, operational experience, empathy for users, and sharp execution. Its Handle post on LinkedIn says it looks for founders who do not just see problems but build infrastructure to solve them. Its Eden post highlights a team motivated by personal experience and building healthcare access through AI. In practice, founders with regional insight, operational urgency, ethical ambition, and measurable traction are likely to fit best. Geographic Focus The firm explicitly focuses on startups scaling across Latin America. Public profiles place headquarters in Monterrey, Nuevo Leon, Mexico, with Mexico City presence also cited in third-party sources. The portfolio and recent activity span Mexico, Argentina, Uruguay, Brazil expansion, and broader Latin American markets. Dalus may support companies with U.S. or global expansion ambitions when Latin America is strategically important, but the core sourcing and value-add lens is Latin America. Sources Primary firm sources reviewed: https://www.daluscapital.com/about, https://www.daluscapital.com/portfolio, https://www.daluscapital.com/positive-impact, https://www.daluscapital.com/blog, https://www.daluscapital.com/why-we-invested-in-eden, and https://www.daluscapital.com/why-we-invested-in-plenna. External sources reviewed include Dalus Capital LinkedIn, LatamList, The Next Web, Dealroom, CB Insights, PERE, VentureDeal, and InforCapital.