Investor Profile: Volpe Capital - Thesis, Cheque Size & How to Apply

Volpe Capital is a Sao Paulo-based venture capital firm that backs high-growth technology companies across Latin America. Founded by partners who previously led large regional technology deals, the firm positions itself as a patient, disciplined investor for founders who have already proved their business model and are ready to scale across the region.

Investment thesis

The firm's thesis is straightforward: Latin America still has deep pools of unserved demand in financial services, education, health care and business software, and local champions can win those markets before global players adapt to regional regulation, payments and distribution. Volpe Capital looks for companies with solid performance, proven business models and established unit economics, then partners with founders to help where they need it most. It is willing to move at a considered pace rather than chase overheated rounds.

Sectors and stages

Volpe Capital invests at the early-growth stage, typically around Series A and Series B. Its stated sector focus covers software, including software as a service, cloud, data and artificial intelligence; fintech, including payments, financial infrastructure, open finance, crypto, banking as a service and insurtech; education, including bootcamps, coding schools, tutoring platforms and education services; health, including wellness, chronic disease treatment and medical efficiency; and consumer businesses, including direct-to-consumer brands, marketplaces and food technology. Its preferred geography is Latin America, with Brazil as its home base.

Fund size

The firm's first fund reached an $80 million first close in 2021, anchored by SoftBank, BTG Pactual and affiliates of Banco Inter, with a target of $100 million and a hard cap of $150 million. Its second flagship fund reached a $50 million first close, targeting $100 million, again anchored by BTG Pactual with support from Desenvolve SP, the development agency of Sao Paulo state, and with a stated emphasis on AI-focused early-growth startups. Cheque sizes for individual deals were not publicly disclosed in the sources read for this profile.

Notable portfolio

Portfolio names reported across the firm's own site and press coverage include Caju, a Brazilian flexible benefits provider for human resources teams; UOL Edtech, the digital education arm of Grupo UOL; VTEX, the e-commerce platform; Zippi; and UOL Tech. The firm exited CRMBonus, a Brazilian marketing automation platform, when BOND led its Series B round in 2024.

Partners and support

The founding partners are Andre Maciel, Gregory Reider and Milena Oliveira, with Gabriel Marcassa also named as a partner in recent coverage. Maciel previously served as the founding managing investment partner at SoftBank Latin America and spent years in investment banking and private equity at JP Morgan, while Reider previously invested at Warburg Pincus. The firm does not run a public accelerator programme, and no public startup credits or perks programme was found; its support model is direct partner involvement with portfolio founders.

How to apply for funding

No open public application portal for Volpe Capital was found. Founders typically approach the firm directly through its official website, volpecapital.com, or through a warm introduction from a co-investor, portfolio founder or regional adviser. A pitch should lead with proven revenue, unit economics and a credible plan for expansion across Latin America, since those are the markers the firm says it screens for first.