Invariantes Fund

High-Level Overview

Invariantes Fund is a Guatemala-based venture capital firm with a mission to bridge the gap between vision and reality by backing early-stage innovation across the United States and Latin America. The firm operates through a hybrid investment model, combining direct investments in startups with commitments to emerging venture capital managers, enabling broad diversification while capturing high-growth opportunities. This dual approach allows Invariantes to mitigate early-stage risk while amplifying exposure to top-tier founders and next-generation fund managers.

The firm focuses on technology-driven sectors including Fintech, Health Tech, Ed Tech, Climate Tech, Ag Tech, Robotics, Legal Tech, E-Commerce, Marketplaces, Supply Chain & Logistics, and the Future of Work. By supporting both startups and emerging managers, Invariantes plays a catalytic role in strengthening the venture ecosystem in Latin America, where access to institutional capital and experienced fund sponsors remains limited. Its strategy not only backs bold ideas but also helps build the underlying infrastructure of the region’s innovation economy.

---

Origin Story

Founded in 2015 and headquartered in Guatemala City, Invariantes Fund was established as a vehicle to channel institutional and family capital into high-potential, early-stage ventures across Latin America and the U.S. The firm is led by Fernando Pontaza, Co-Founder and Managing General Partner, alongside Juan de Dios Aguilar, Co-Founder and General Partner, and other key partners including Jaime Matus and Ana Regina Larios. Over more than a decade, the team has cultivated a deep, trusted network across the region’s entrepreneurial and investment communities.

Invariantes began by focusing on direct startup investments but evolved into a hybrid model that also backs emerging fund managers—particularly those with strong local networks and thematic expertise. A major milestone came with the launch of a $30 million fund aimed at investing in both startups and other VC funds across Latin America and the U.S., signaling its ambition to become a cornerstone LP and strategic partner in the region’s venture ecosystem. This evolution reflects both the firm’s growing scale and its recognition that building a resilient tech ecosystem requires investing not just in companies, but in the capital allocators who back them.

---

Core Differentiators

Hybrid Investment Model
- Combines direct startup investments with fund-of-funds-style commitments to emerging managers.
- Enables hyper-diversification across geographies, sectors, and vintages, reducing portfolio volatility while preserving upside from top performers.
- Allows Invariantes to capture alpha at both the company level and the fund level.

Strategic Focus on Emerging Managers
- Targets first-time and early-stage fund managers with proven track records, strong networks, and thematic focus.
- Acts as a launchpad for new funds, providing credibility and access to co-investment opportunities.
- Strengthens the pipeline of institutional-quality venture capital in Latin America.

Deep Regional Network & Sourcing Edge
- Leverages a close-knit, decade-long network of founders, operators, and investors across Latin America and the U.S.
- Sources high-quality deals and managers through trusted relationships rather than cold outreach, improving deal flow quality.
- Offers value-add beyond capital, including strategic guidance, ecosystem connections, and operational support.

Thematic Breadth with Tech Focus
- Invests across a wide range of innovation-driven sectors: Fintech, Health Tech, Ed Tech, Climate & Clean Energy, Robotics, Legal Tech, E-Commerce, and more.
- Maintains flexibility to back both B2B and B2C models, enabling exposure to multiple growth vectors in emerging markets.
- Aligns with long-term structural shifts such as digital transformation, financial inclusion, and sustainability.

---

Role in the Broader Tech Landscape

Invariantes Fund sits at the intersection of two powerful trends: the maturation of Latin America’s tech ecosystem and the global rise of hybrid, multi-strategy venture vehicles. As Latin American startups continue to attract international attention—driven by rising internet penetration, mobile-first consumers, and a new generation of tech-savvy founders—the region still faces a shortage of experienced early-stage capital providers. Invariantes addresses this gap by not only funding startups but also by backing the next wave of local fund managers who can sustainably recycle capital within the region.

The firm’s timing is particularly strategic. After a period of macroeconomic uncertainty and funding contraction in LatAm tech, investors like Invariantes that maintain a positive, long-term outlook are helping to stabilize and rebuild confidence in the ecosystem. By supporting both companies and funds, Invariantes contributes to a more resilient, self-sustaining venture landscape—one where local managers can raise larger funds, founders can access follow-on capital, and exits can reinvest back into the region.

Moreover, its U.S. exposure allows it to identify cross-border opportunities, transfer best practices, and position Latin American startups for global scalability. In doing so, Invariantes is not just a capital provider but an ecosystem builder, helping to professionalize and institutionalize venture investing in a region where such structures are still evolving.

---

Quick Take & Future Outlook

Invariantes Fund is well-positioned to become a defining institutional player in Latin America’s venture capital story. As its $30 million fund deploys and its portfolio of startups and emerging managers matures, the firm is likely to deepen its influence as both a direct investor and a preferred LP for new funds. The hybrid model—still relatively rare in the region—could serve as a blueprint for other regional investors seeking to balance risk, diversification, and outsized returns.

Looking ahead, three trends will shape Invariantes’ trajectory:
1) The continued growth of specialized, thematic funds in LatAm, which will expand Invariantes’ pipeline of high-quality co-investment and fund opportunities.
2) Increasing demand for institutional-quality limited partners in emerging markets, where Invariantes’ track record and network give it a competitive edge.
3) The rise of cross-border startups and funds that operate across Latin America and the U.S., aligning perfectly with Invariantes’ geographic mandate.

If the firm continues to execute with discipline and maintain its founder- and manager-friendly ethos, it has the potential to evolve from a regional VC into a pan-American platform that shapes how capital flows into innovation across the Americas. In a world where the gap between vision and reality often hinges on access to the right capital at the right time, Invariantes is quietly building the bridge.