The firm, which also has an office in San Francisco, invests at the pre-seed and seed stages in Latin American founders building tech-driven solutions in climate change, education, healthcare and financial services in underserved communities.
Andrea Kestenbaum, partner and CEO, told TechCrunch that this new fund represents a tripling of its assets under management in less than two years, which amounts to an aggregated market value of $1 billion.
Fábio Kestenbaum, partner and chairman, said in an interview that backing the new fund is a group of limited partners, including large institutional investors and family offices, as well as Fabio Barbosa, CEO of Natura & Co.
By last October, the firm had raised $20 million of the second fund and co-led, alongside Collaborative Fund, in the pre-seed round of Ruuf, a Chilean marketplace connecting homeowners, solar panel installers and lenders.
More recently, it invested in Apprenty, which provides shipping high-quality apprenticeship programs that combine work, training and community in Brazil.
Overall, with the new fund, Positive Ventures intends to invest in between 20 and 25 companies at the pre-seed and seed levels, Fábio Kestenbaum said. Average check size for a pre-seed company will be around $250,000, and for seed rounds, $600,000. The firm is also exploring minority stake opportunities where it will take between 5% and 10%.
“We want to team up as early as possible to develop a nice acumen, business-wise and impact-wise, and be super founder-centered,” he added. “We’re gonna double down on climate investing, AI and all the nature-based solutions popping up especially since Latin America is the world’s hotspot for nature-based solutions and carbon, so we really want to be first movers here.”