Latin America · Fund I
Boring software. Agentic returns.
A vertical SaaS roll-up and agentic services platform for Latin America. We acquire mission-critical software and re-architect the workflow with agents.
Thesis
It will be built on top of boring software — vertical SaaS that already owns the workflow, the data, and the enterprise relationship — with agents running the operating layer underneath.
We acquire mission-critical vertical SaaS in Latin America, re-architect the workflow with voice, vision and reasoning agents, and compound the asset across geographies and adjacent verticals. We invest with permanent capital, on a horizon long enough for the re-architecture to compound, and operate with people who have built, scaled and acquired in the region.
Why now
A generation of Latin American vertical SaaS is entering succession. The cost of running an AI workflow has collapsed. And the labor that used to wrap around the software is, for the first time, fully automatable. We're at the intersection of an asset class becoming available, and a technology becoming deployable.
LatAm SaaS opportunity
$40B+Annual enterprise software spend in Latin America, growing double digits — yet still under-consolidated and operator-thin.
AI inference cost decline
100×Cheaper to run a production AI workflow today than in 2020. The unit economics of agents are no longer the bottleneck.
Legacy operations
65%Of mid-market companies in the region still operate on outdated software, manual back-offices and disconnected systems.
Entry multiples
5–7×ARR multiples for sub-scale vertical SaaS in LatAm — vs. 10–15× in the US — even with sticky enterprise revenue.
Operating model
Three phases. Each one reinforces the next. The asset gets cheaper to run, faster to scale, and harder to displace.
Permanent capital · Operator-led · Built to compound
Playbook
Acquire
Mission-critical vertical SaaS with proprietary operational data and enterprise customers.
Agentize
Re-architect the workflow with voice, vision and reasoning agents over the existing data layer.
Expand
Capture adjacent BPO labor spend at agentic margins, with outcome-priced services.
Consolidate
Bolt-on adjacent assets in the same vertical, on top of the management infrastructure already built.
Replicate
Cross to new verticals once the engineering rails and operating playbook are proven.
What we look for
Top 1–3 in a defined enterprise niche
Companies that already own a category — not horizontal tools competing on features. Position lets us acquire at sub-scale multiples and build from a defended base.
Software embedded in daily operations
Not analytics, not nice-to-have. Systems where the customer's business stops if the software stops. Multi-year contracts, low churn, organic price escalators.
Proprietary data accumulating with usage
Workflow data the customer generates inside the software — invoices, claims, routes, calls, transactions. The fuel for agents that no horizontal AI can replicate.
Manual labor adjacent that agents can absorb
Workflows where 60–80% of the work is still humans typing, calling, routing, reviewing. The space where re-architecting with agents creates the largest margin step-up.
Team
Domingo Cruzat
Senior Partner
Commercial & expansion · leadership · ecommerce & retail.
HW · Falabella · Merama
Manuel José León
Senior Partner
M&A · strategic finance & FP&A · corporate strategy.
Antofagasta Minerals · Falabella · Merama
Agustín Feuerhake
Senior Partner · Strategic Advisor
Tech · AI · fund building.
Fintual · BUDA · Platanus
Gil Aguila
Partner
Integration · playbooks · AI · Mexico.
Kavak · Merama · Konko AI
Contact