Uruguay's angel scene is small but maturing. A few years back, it had barely 25 angels. Now Urucap links many more. Exited founders write cheques too. Here are 10 angels backing Montevideo startups in 2026.
Uruguay still has few organized angels, and the base remains small. It is growing steadily, though, as more people move from operating roles into backing startups.
Urucap now links most of them in one place, and that matters more than it sounds. Working through a network beats going solo, since warm intros and shared deal flow travel faster than cold outreach.
Exited founders invest here too, with the dLocal crowd giving back to the next wave. As you raise, you will pitch both networks and individual angels, often in the same week.
Ellty keeps your data in one link, so you can hand each angel the same deck. You see who opens it and follow up while the interest is still fresh.
| Type | Check size | Sector focus | Website | |
|---|---|---|---|---|
| Urucap | Private capital network (UY) | US$10K-$10M+ (members) | Tech, generalist | urucap.org |
| Piso 40 | Angel network (UY) | Angel tickets | Scalable tech startups | piso40.org.uy |
| Sergio Fogel | Super-angel (dLocal co-founder) | Angel tickets | Fintech, SaaS, marketplaces | dlocal.com |
| Matias Colotuzzo | Individual angel (Vexels) | US$10K-$50K | Software, SaaS, design | Matias Colotuzzo on LinkedIn |
| Andres Bzurovski | Individual angel (AstroPay) | Angel tickets | Fintech, online business | astropay.com |
| Guido Grinbaum | Individual angel (POK) | Angel tickets | Edtech, web3, internet | pok.tech |
| AngelClub UY | Angel group (UY) | Angel tickets | Software, ecommerce, gaming | AngelClub UY on Gust |
| Latitud Ventures | Pre-seed micro-fund (Brazil) | ~US$250K | Fintech, SaaS, generalist | latitud.com |
| Newtopia VC | Pre-seed fund (Argentina) | US$100K-$500K | Generalist tech | newtopia.vc |
| Honey Island Capital | Early-stage fintech fund (Brazil) | US$200K-$1M | Fintech | honeyisland.capital |
Pitch every angel from one link
Angels move fast and back the team. Ellty shows who opened your deck so you follow up first.
Start free 14-day trialWhat an angel investor backs
Angels bet on you and the team first, and early traction makes that bet far easier. They tend to write small, fast cheques and move before the larger VCs are ready to commit.
A clear story is what wins the room, so spell out why now and why you. Angels back people they believe in, and a sharp narrative does most of the convincing.
Ellty gives each angel one link to your deck, and the rest takes care of itself. You see exactly who opens it, which tells you where the real interest sits.
Angel investing in Uruguay has gone from isolated cases to a much more mature industry.
10 Montevideo angel investors
1. Urucap
Uruguay's main private capital network.
Recent Activity: Members invested US$12M in 2024
Sector Focus: Tech, generalist
Stage Focus: Pre-seed to growth
Check Size: US$10K-$10M+ (members)
Location: Montevideo, Uruguay
Website: urucap.org
2. Piso 40
A long-running Montevideo angel network.
Recent Activity: Runs a long-standing angel pitch forum
Sector Focus: Scalable tech startups
Stage Focus: Pre-seed, seed
Check Size: Angel tickets
Location: Montevideo, Uruguay
Website: piso40.org.uy
3. Sergio Fogel
dLocal's co-founder backs early startups.
Recent Activity: Backed 15+ tech startups
Sector Focus: Fintech, SaaS, marketplaces
Stage Focus: Pre-seed, seed
Check Size: Angel tickets
Location: Montevideo, Uruguay
Website: dlocal.com
4. Matias Colotuzzo
Vexels' founder backs very early teams.
Recent Activity: Backs very early UY founders
LinkedIn: Matias Colotuzzo LinkedIn
Sector Focus: Software, SaaS, design
Stage Focus: Pre-seed
Check Size: US$10K-$50K
Location: Montevideo, Uruguay
Website: Matias Colotuzzo on LinkedIn
5. Andres Bzurovski
AstroPay's co-founder writes angel cheques.
Recent Activity: Serial founder turned angel
Sector Focus: Fintech, online business
Stage Focus: Pre-seed, seed
Check Size: Angel tickets
Location: Montevideo, Uruguay
Website: astropay.com
Give each angel one trackable link
Ellty logs when an angel opens your deck. Chase the keen ones first, not days too late.
Start free 14-day trial6. Guido Grinbaum
POK's founder backs edtech and web3.
Recent Activity: Backs edtech and web3 founders
Sector Focus: Edtech, web3, internet
Stage Focus: Pre-seed, seed
Check Size: Angel tickets
Location: Montevideo, Uruguay
Website: pok.tech
7. AngelClub UY
A small tech-focused angel group.
Recent Activity: A small tech-focused angel group
Sector Focus: Software, ecommerce, gaming
Stage Focus: Pre-seed, seed
Check Size: Angel tickets
Location: Montevideo, Uruguay
Website: AngelClub UY on Gust
8. Latitud Ventures
Latitud writes first cheques in LatAm.
Recent Activity: First cheques across LatAm
Sector Focus: Fintech, SaaS, generalist
Stage Focus: Pre-seed
Check Size: ~US$250K
Location: Sao Paulo, Brazil
Website: latitud.com
9. Newtopia VC
Newtopia backs LatAm pre-seed founders.
Recent Activity: Backs LatAm pre-seed founders
LinkedIn: Newtopia VC LinkedIn
Sector Focus: Generalist tech
Stage Focus: Pre-seed, seed
Check Size: US$100K-$500K
Location: Buenos Aires, Argentina
Website: newtopia.vc
10. Honey Island Capital
Honey Island backs early LatAm fintech.
Recent Activity: Backs early LatAm fintech
Sector Focus: Fintech
Stage Focus: Idea to early revenue
Check Size: US$200K-$1M
Location: Curitiba, Brazil
Website: honeyisland.capital
Why networks matter here
Solo angels are still few on the ground, so networks do the heavy lifting by pooling cheques. Urucap leads the pack right now, and one introduction there can put you in front of many investors at once.
The smart move is to build ties before you actually raise, not the week you need the money. For a related path into the ecosystem, see our AI investors guide too.
Ellty shows you who genuinely studies your deck rather than who merely received it. You can track every open in one place and read interest from behaviour, not guesswork.
How exited founders invest
Uruguay has built some genuinely big startups, and dLocal alone made a number of people wealthy. Many of those founders now back others, partly to pass on what they learned the hard way.
Because they have lived the hard parts, they tend to spot real problems quickly. Pitch them like peers and keep your fundraising momentum visible between conversations.
Share documents through secure file sharing so nothing leaks while you talk to several at once. Ellty logs every view, so you always know which founder-angels are leaning in.
Raising angel money in Montevideo
Start by mapping the networks, angels, and funds that fit your stage, then line up warm intros into each. A short, well-ordered list beats a scattershot blast every time.
Keep angels posted with regular updates, since trust here builds over months rather than meetings. Lock your files with a password so you stay in control of who sees the data.
Ellty stores every document in one data room, ready to share the moment an angel asks. It is built for startups raising now, not for paperwork you will untangle later.
How to pitch an angel investor
Lead with you and the team.
- 1.Lead with you and the team.Open with who you are and why this team can win. Show early traction so the angel sees momentum, not just a promise.
- 2.Tell a clear, sharp story.Walk through the problem and your solution in plain language. Make it obvious why now is the moment and why you are the ones to do it.
- 3.Name your raise and runway.State exactly how much you are raising and how long it lasts. Keep the ask tight so the angel knows what a yes commits them to.
- 4.Send one Ellty link to your deck.Share a single trackable link instead of a heavy attachment. Watch who digs in so you know which angels to chase first.
How Ellty helps you land an angel investor in Montevideo
You have your Montevideo angel list ready. Set up a data room first.
- 1.Upload your deck and key metrics.Set access per angel.
- 2.Share one trackable link each.Every angel gets a unique link.
- 3.Watch opens and reply on time.Use analytics to time each nudge.
Montevideo angel investor questions
- Networks and exited founders. A few funds too.
- No, it is small but growing. Urucap links most angels.
- Often US$10K to US$50K. Some reach US$200K.
- Uruguay's private capital network. It links angels and funds.
- Yes, the dLocal crowd does. They back new startups.
- Before your first angel call. Track who opens your deck.
