Pygma

Pygma Research Overview Pygma is a pre-seed accelerator and emerging venture capital firm focused exclusively on fintech and B2B SaaS startups founded by Latin American and LatinX entrepreneurs. Headquartered in New York City (with operations in Bogotá, Colombia), Pygma was established in 2021 through a merger of Buildup Camp (a startup academy based in the Netherlands) and Acanof (a data-driven accelerator from Latin America), complemented by the acquisition of the micro-fund Scala. The firm has evolved from a pure accelerator into a hybrid accelerator-VC model, now deploying direct capital into its top portfolio companies. Investment Thesis Pygma's thesis is that Latin American and LatinX founders are systemically underserved by the global venture ecosystem despite building compelling, high-impact companies in one of the world's fastest-growing startup markets. The firm believes that fintech will be the transformational category for the region, given the large unbanked and underbanked populations, fragmented financial infrastructure, and rapidly increasing smartphone penetration. Pygma specifically targets founders building in: B2B Payments & Infrastructure — cross-border payments, payment processing, BNPL rails Vertical Fintech Solutions — sector-specific financial products for SMEs, gig workers, and informal economy participants Fraud Prevention & Compliance — RegTech for financial institutions operating in LatAm regulatory environments AI in Fintech — AI-driven underwriting, lending automation, financial coaching Open Banking & Open Money — API-driven financial infrastructure and interoperability Blockchain & Stablecoins — Web3 payment solutions and digital asset infrastructure for the region B2B SaaS — vertical software for small and medium businesses across Latin America The firm explicitly avoids consumer hardware, non-tech businesses, and companies without a clear Latin American or LatinX founding team. Stage Focus Pygma invests at pre-seed and seed stage, targeting startups that are at the idea-to-early-traction phase. Their accelerator program (currently in cohort PY8) runs 10 weeks and accepts companies with: Pre-revenue to early revenue ($0–$100K ARR) Founding teams with at least one technical co-founder or CTO Preferably founders with backgrounds in the financial sector Post-program, Pygma invests in approximately 23% of accelerated companies, focusing on those demonstrating the strongest growth and product-market fit signals during the program. Check Size As an accelerator, Pygma takes a 1% equity stake from participating companies in exchange for program access, mentorship, and community. The firm does not charge a cash participation fee at the accelerator stage. For direct VC investments post-program, Pygma deploys capital at the pre-seed and seed levels. Based on available data, recent investments have ranged from small checks ($100K–$600K) up to participation in larger seed rounds (e.g., Refurbi's $6.5M+ seed). Total AUM is not publicly disclosed. Recent Activity Pygma has been actively deploying capital with 23 recorded investments across five cohorts: January 2025: PayMon (Pre-Seed, $600K) — children expense management with financial services, Ecuador; co-invested with BuenTrip Ventures, Magma Partners, Madelaine Clavijo, Marc Sacal March 2024: Blinka — no-code AI lending automation March 2023: Cirkula — restaurant discount marketplace October 2022: Refurbi (Seed, $6.5M+) — tech device refurbishing and circular economy, Colombia The firm has accelerated 90–129 startups across 10+ countries, with portfolio founders collectively raising over $40 million in post-program capital. Portfolio Highlights Pygma's portfolio is heavily concentrated in fintech with a secondary cluster in B2B SaaS: Fintech (majority of portfolio): Aston (financial coach for bank users), Pommi (AI for rejected loan applicants), Napsix (car financing orchestration in LatAm), Colibri (AI treasury management), Beetransfer (USDC payment processor), Bankame (BNPL for informal economy), ElMio (salary-backed credit), Muney (Web3 merchant payments), Loopay (transaction platform with business integration), PayMon (children expense management), Glik (peer-to-peer nanocredit), Presto (credit innovation in Bolivia), Kuri Finance (formality for informal loans) B2B SaaS: Prolibu (commercial proposal automation), Spybee (construction site intelligence), SmartPyme (super app for Latin SMBs), Semantiks (conversational AI agents), Paqtana (supply chain planning), Sabroso (employee food consumption management), Pardux (e-commerce operations for SMBs) Other Verticals: Refurbi (device refurbishing/circular economy), BeeQuick (B2B hotel provisioning), Ungga (AI real estate via WhatsApp), Troop (fractionalized real estate), Escalab (tech skills marketplace), Chaski (online language school) Several companies in the portfolio have received external funding from top LatAm investors including Magma Partners, BuenTrip Ventures, and others. Team Andrés Cano, Co-Founder & General Partner — Previously founded Acanof, a data-driven accelerator. Background in entrepreneurship and startup ecosystem development in Latin America. LinkedIn: linkedin.com/in/acanof/ Daniel Ospina, Co-Founder & General Partner — Founding partner of Scala (micro-fund acquired by Pygma). Also runs an AngelList syndicate (venture.angellist.com/daniel-ospina/syndicate) for co-investment in portfolio companies. Yenni Peña, Principal — Founding member; oversees investment analysis and fellows program. Contact: [email protected] Emilia González, Legal Director — Founding member; handles legal due diligence and investment documentation. Mishelle Ramírez, Investment Analyst — Supports deal sourcing, evaluation, and portfolio management. Venture Partners: Diego Szteinhendler (VP at Mastercard), Neil Shah (Business Development at Carta), Edwin Zacipa (Founder of LatAm Fintech Hub), Madeleine Clavijo (Founder of Valuaty), Mauricio Suarez (Founder of SAASMURAI) Geographic Focus Pygma invests exclusively in Latin America and LatinX-founded companies. Their portfolio spans Colombia (largest concentration), Ecuador, Mexico, Argentina, Chile, Peru, Brazil, and LatinX founders in the US. The firm operates from NYC and Bogotá, giving it a bi-coastal presence bridging Silicon Valley-adjacent US capital markets with the Latin American ecosystem. Decision Process Pygma operates with a partnership model — co-founders Andrés Cano and Daniel Ospina make investment decisions jointly. The accelerator program itself serves as an extended due diligence process; investment decisions are made at the end or after each cohort based on demonstrated growth. Founder Preferences Pygma strongly prefers: Latin American or LatinX founding teams At least one technical co-founder or CTO Founders with financial sector background or deep domain expertise in their target market Startups at pre-seed with early traction (not just an idea) Companies addressing real financial inclusion or efficiency gaps in LatAm Value Add Beyond capital, Pygma offers fintech infrastructure partnerships through their "Plug & Play" network, access to mentor networks including executives from Mastercard, Carta, and LatAm Fintech Hub, and offline presence at New York Tech Week, Mexico Tech Week, and Colombia Tech Week for deal-flow and fundraising exposure.