Top Women Investing in Latin American Tech

Women investors in early-stage tech are underrepresented in Latin America as they are globally. In the US, women decision makers represent about 12% of VCs, and the majority of firms have no women partners; in many other markets, reliable benchmarks for comparison are harder to come by. The lack of diverse representation among decision-makers has ramifications for entrepreneurs, as well; startups with global women co-founders captured only about 12% of VC funding in 2019, and that appears to have declined during the C19 pandemic. In Latin America, it was about the same, with 13% of disclosed VC funding going to women-led startups in 2019, according to LAVCA Data.

In an effort to raise the visibility of women decision-makers investing in early and growth stage tech in Latin America, LAVCA has published an updated annual list of the Top Women Investing in Latin American Tech, as well as our third annual list of ⭐ Emerging Women Investors in Latin American Tech.

The 103 investors represented on the Top Women list and the 97 investors represented on the Emerging Women list in 2020 represents a 16% and 11% increase, respectively, over 2019*.

In 2020, a number of notable VC firms in the region added their first woman partner, including Mariana Donangelo (KaszeK Ventures), Carolina Strobel (Redpoint eventures), Claire Diaz-Ortiz (Magma Partners), Valentina Terranova (Draper Cygnus), and Ariadne Caballero (SP Ventures). In addition, Microsoft appointed Marcella Ceva to head WE Ventures, a fund it launched in 2020 to back women entrepreneurs in Brazil. Finally, two women from the previous year’s Emerging Women Investors list were promoted to senior roles – Adelina Dasso (Accion), and Livia Brando (Wayra), and have advanced to the 2020 Top Women list.

LAVCA created the inaugural, peer-nominated list of Top Women Investing in Latin American Tech in November 2016 with 37 investors represented. The second edition, published in 2017, added eight investors. In 2018, complementing the peer nomination process, LAVCA’s research team reviewed and verified the investment teams of every known, active Latin American VC fund, producing a list of 82 senior-level investment professionals and 47 emerging investment professionals shaping the tech ecosystem in the region; in 2019, those numbers jumped to 88 and 87, respectively.

*The Top and Emerging Women lists are not exhaustive. Y-O-Y increases reflect a growth of the number of women in qualifying roles, as well as LAVCA’s increasing knowledge of and access to these investors, and improved outreach over time.

Criteria:

The Top Women list includes 103 senior-level women investment professionals who are deploying capital in early and growth stage tech deals, as well as notable women angels investing over US$50k across multiple deals in the region in the past two years. All investors were vetted for inclusion by LAVCA Research.

LAVCA has also published a third annual list of Emerging Women Investors in Latin American Tech, with 97 junior and mid-level investment professionals on VC investment teams in the region.

Engage:

LAVCA’s gender diversity content is made possible with support from IDB LAB, Member of the IDB Group.

Access information about WeXchange, a forum hosted by IDB LAB that connects high growth women entrepreneurs in LatAm with investors and mentors. #CHANGETHERATIO

Methodology:

Every year since 2016, LAVCA solicits nominations from the investment community and vets nominated investors according to each list’s criteria for inclusion. In November 2016, LAVCA published the inaugural, peer-nominated list, with 37 investors represented. The second edition, published in Nov 2017, added eight new investors. In 2018, complementing the peer nomination process, LAVCA Research reviewed and verified the investment teams of every known Latin American venture capital fund, producing a list of 82 senior-level investment professionals and 47 emerging investment professionals shaping the tech ecosystem in the region; in 2019, those numbers jumped to 88 and 87, respectively.

The Top and Emerging Women lists are not exhaustive. Y-O-Y increases reflect a growth of the number of women in qualifying roles, as well as LAVCA’s increasing knowledge of and access to these investors, and improved outreach over time.