J Balvin backs Colombia's Veronorte as fund targets $55M and Mexico push
What's the deal? Colombian venture firm VeronorteDealroom has a profile for this one. Try Dealroom → has raised $19 million so far for its fifth fund, targeting up to $55 million, with backers including the family office of Latin music star J Balvin. The fund gives Latin American investors access to top US venture funds.
What's the endgame? Veronorte invests in leading US venture funds rather than chasing deals directly, opening portfolios that hold some of the world's biggest startups to local wealth. Past funds had exposure to SpaceX, OpenAI, AnthropicDealroom has a profile for this one. Try Dealroom →, Databricks, and Anduril IndustriesDealroom has a profile for this one. Try Dealroom →.
How did it get here? Founded in Colombia in 2011, the firm first partnered with Grupo SuraDealroom has a profile for this one. Try Dealroom →, Grupo Argos, and Grupo NutresaDealroom has a profile for this one. Try Dealroom → to back startups eyeing Latin America. It has since committed more than $100 million across 25 managers — among them Menlo Ventures, Institutional Venture Partners, and DFJ Growth — for exposure to roughly 600 companies.
Why now? "Companies are staying private because there's capital available in the private market," general partner Felipe Valencia said in an interview. "The only way to access these new companies is through venture capital."
What about Mexico? Valencia moved to Mexico City last year as the firm expands into the country's growing wealth-management market. Veronorte also plans to raise up to $10 million for a co-investment fund that will invest directly alongside its venture managers.
Other past backers include Grupo Cibest, parent of Bancolombia, and Universidad Eafit. Managing partner Camilo Botero said in a statement that the strategy eases access to US funds that are usually out of reach due to high minimums and the specialised nature of the asset class.
The signal: Latin American venture fundraising remains far below its pandemic peak. Only eight funds closed in the region through June 30, against 21 in all of 2025 and a record 65 in 2022. Capital raised reached about $200 million in the first half of 2026, down from $400 million last year and a $4.9 billion peak in 2022.
Read more: El Financiero
Image credit: BlatantWorld.com
