Series A in Mexico is run by foreign funds. Only one big name is local. Cheques got bigger in 2025, not more common. Here are 12 backing Mexico City startups in 2026.
Series A is where Mexico's big money lands, and foreign funds lead almost all of it. The capital flies in from São Paulo, Miami, New York, and London rather than from inside the country.
Only Dalus Capital is truly local at this stage, and the rest arrive from abroad. That mix shapes how founders here have to run a raise.
Cheques grew in 2025, but the number of deals did not, so funds backed fewer and bigger rounds. The bar for getting one of those cheques rose with them.
You need a clean data room to compete for this kind of money. Ellty keeps every file behind one link so investors anywhere can review your numbers.
| Type | Check size | Sector focus | Website | |
|---|---|---|---|---|
| Kaszek | Multi-stage VC | US$5M-$25M+ | Fintech, e-commerce, SaaS | kaszek.com |
| QED Investors | Fintech Series A VC | US$5M-$30M | Fintech only | qedinvestors.com |
| General Atlantic | Growth equity | US$50M+ | Fintech, consumer, tech | generalatlantic.com |
| Bicycle Capital | Growth-stage VC | US$30M-$50M | Fintech, software, consumer | bicyclecapital.com |
| Dalus Capital | Series A VC | US$3M-$10M | Fintech, SaaS, climate | daluscapital.com |
| Valor Capital Group | Multi-stage VC | US$5M-$15M | Fintech, consumer, marketplaces | valorcapitalgroup.com |
| Riverwood Capital | Growth equity | US$25M-$100M | Software, tech services | riverwoodcapital.com |
| Lightrock | Growth-stage VC | US$10M-$40M | Fintech, healthtech, climate | lightrock.com |
| SoftBank LatAm Fund | Growth megafund | US$20M-$100M+ | Fintech, commerce, AI | softbank.com |
| Base10 Partners | Multi-stage VC | US$10M-$20M | Fintech, logistics, AI | base10.vc |
| Prosus Ventures | Growth VC | US$10M-$33M+ | Fintech, edtech, proptech | prosus.com |
| Endeavor Catalyst | Co-investment fund | US$1M-$3M | Sector-agnostic | endeavor.org |
Keep your Series A data room ready before the call
Series A funds run deep diligence on your numbers. Ellty logs every view so you know who is serious.
Start free 14-day trialWhat a Series A investor backs
A Series A fund backs real growth, not just promise, and they want traction they can verify. They study your metrics in deep detail before they decide.
Once the numbers check out, they price a larger round and take a meaningful stake. That is when due diligence gets serious, so keep a tidy due diligence file ready.
Ellty gives each fund one tracked link to your data room. You see exactly who studies your numbers and how long they spend.
Series A capital grew 9.3 percent to US$773 million across 72 deals in 2025, while average tickets rose 32 percent to US$10.7 million.
12 Mexico City Series A investors
1. Kaszek
Kaszek is Latin America's largest venture fund.
Recent Activity: Led CXC's US$32.6M 2025 Series A
Sector Focus: Fintech, e-commerce, SaaS, healthtech
Stage Focus: Seed to growth
Check Size: US$5M-$25M+ at Series A
Location: São Paulo / Miami
Website: kaszek.com
2. QED Investors
QED is a fintech-only Series A specialist.
Recent Activity: Led Zubale's US$25M Series A in 2024
LinkedIn: QED Investors LinkedIn
Sector Focus: Fintech only
Stage Focus: Series A, seed, Series B
Check Size: US$5M-$30M
Location: Virginia, USA
Website: qedinvestors.com
3. General Atlantic
General Atlantic writes large growth cheques.
Recent Activity: Led Klar's US$190M 2025 Series C
LinkedIn: General Atlantic LinkedIn
Sector Focus: Fintech, consumer, tech, media
Stage Focus: Growth stage
Check Size: US$50M+
Location: New York, USA
Website: generalatlantic.com
4. Bicycle Capital
Bicycle backs LatAm growth-stage startups.
Recent Activity: Led Plata's US$405M 2026 Series C
LinkedIn: Bicycle Capital LinkedIn
Sector Focus: Fintech, software, consumer
Stage Focus: Growth stage
Check Size: US$30M-$50M
Location: Miami, USA
Website: bicyclecapital.com
5. Dalus Capital
Dalus is the main Mexico-based Series A fund.
Recent Activity: Led Pulpos' US$5M round in 2025
Sector Focus: Fintech, SaaS, climate, consumer
Stage Focus: Seed to Series B
Check Size: US$3M-$10M
Location: Monterrey, Mexico
Website: daluscapital.com
6. Valor Capital Group
Valor invests across the US-LatAm corridor.
Recent Activity: Led a US$21.8M 2025 round in Brazil
LinkedIn: Valor Capital Group LinkedIn
Sector Focus: Fintech, consumer, marketplaces
Stage Focus: Seed to growth
Check Size: US$5M-$15M
Location: New York / Rio
Website: valorcapitalgroup.com
Share one link with every Series A fund
Ellty shows when a fund opens your deck. Follow up at the right moment, not days later.
Start free 14-day trial7. Riverwood Capital
Riverwood is a growth fund for LatAm tech.
Recent Activity: Closed a US$1.8B LatAm tech fund
LinkedIn: Riverwood Capital LinkedIn
Sector Focus: Software, tech-enabled services
Stage Focus: Growth stage
Check Size: US$25M-$100M
Location: Menlo Park, USA
Website: riverwoodcapital.com
8. Lightrock
Lightrock just opened a Mexico City office.
Recent Activity: Opened a Mexico City office in 2026
Sector Focus: Fintech, healthtech, climate, edtech
Stage Focus: Growth stage
Check Size: US$10M-$40M
Location: London, UK
Website: lightrock.com
9. SoftBank LatAm Fund
SoftBank's LatAm fund backs large rounds.
Recent Activity: An early backer of Kavak and Ualá
Sector Focus: Fintech, commerce, AI, software
Stage Focus: Series B, growth
Check Size: US$20M-$100M+
Location: Miami, USA
Website: softbank.com
10. Base10 Partners
Base10 backs real-economy tech in LatAm.
Recent Activity: Led Conta Simples' US$41.5M Brazil round
Sector Focus: Fintech, logistics, automation, AI
Stage Focus: Seed to Series B
Check Size: US$10M-$20M
Location: San Francisco, USA
Website: base10.vc
11. Prosus Ventures
Prosus backs growth-stage LatAm startups.
Recent Activity: Led Lastro's US$16M 2025 Brazil round
Sector Focus: Fintech, edtech, proptech
Stage Focus: Series A, growth
Check Size: US$10M-$33M+
Location: Amsterdam, Netherlands
Website: prosus.com
12. Endeavor Catalyst
Endeavor Catalyst co-invests in scaling rounds.
Recent Activity: Co-invested in Mexico's 99minutos
Sector Focus: Sector-agnostic
Stage Focus: Series A and later, co-invest
Check Size: US$1M-$3M
Location: New York, USA
Website: endeavor.org
Why foreign funds lead Series A
Series A cheques are large and global, and few local funds can write them. The biggest names chase Mexico's top startups from offices abroad.
A strong pitch deck is what opens those doors. Dalus remains the main local exception, so it is worth knowing where it fits.
If you are raising earlier, see our seed investors guide too. Ellty lets you share with funds anywhere and track every open in one place.
What changes from seed to Series A
Series A diligence runs far deeper than a seed round. Funds want clean, complete data they can trust.
They review contracts, metrics, and cohorts line by line, so set granular permissions per fund. That keeps sensitive files visible only to the people who need them.
Investors also expect regular updates once they are in. Use investor update software for that, and let Ellty store it all in one room you control.
How to run a tight Series A process
Run the raise like a real process, not a string of one-off chats. Talk to funds in parallel so you keep leverage and momentum.
Keep a single source of truth for your data and share it with document analytics on. Boards form at this stage too, so plan with board management tools early.
Ellty shows who reads your deck and when. You time every follow-up right instead of guessing.
How to pitch a Series A investor
Show strong, steady growth.
- 1.Show strong, steady growth.Back every claim with clean, verifiable data. Funds at this stage trust trends over a single good month.
- 2.Prove your market is large.Show there is room to scale fast and far. Tie the size to real demand, not just a top-down estimate.
- 3.Name your raise and your plan.State the amount you want and what it buys. Tie every dollar to clear, measurable targets.
- 4.Send one Ellty link to your data.Give each fund a single trackable link to your room. Watch who digs deep so you know who to chase.
How Ellty helps you land a Series A investor in Mexico City
You have your Mexico City Series A list ready. Set up a data room before the first call.
- 1.Upload your deck, metrics, and contracts.Set access per fund.
- 2.Share one trackable link per fund.Each fund gets a unique link.
- 3.Watch opens and reply on time.Use analytics to time each nudge.
Mexico City Series A investor questions
- Foreign funds like Kaszek and QED. Dalus is the main local one.
- Often US$5M to $30M per round. Tickets keep rising.
- Mostly no, they fly in from abroad. Only Dalus is truly local.
- Yes, dollars rose about 9%. But deal count stayed flat.
- Proven growth and clean metrics. A large, clear market.
- Before your first Series A call. Track who opens your numbers.
