Antoni Lelo De Larrea Venture Partners, the first institutional seed venture capital in Mexico, has held a first close of $73 million for its latest investment vehicle.
ALLVP’s first close for its latest fund more than doubles the size of the firm’s capital under management.
The Mexican venture firm’s managing partners, Federico Antoni and Fernando Lelo de Larrea, launched their first fund in 2012 following their 10-year collaboration as students, professors, entrepreneurs and partners.
The firm has positioned itself as a known early-stage investor in Mexican business start-ups in health care and fintech industries. It invests mainly in Mexico but is seeking to support foreign companies with a regional exposure to Latin America.
The firm is a member of the Latin-American Venture Capital Association (LAVCA), the Mexican Private Equity Association (AMEXCAP) and Endeavor Investor Network. It was one of the early investors in Cornershop. On Sept. 13, the early-stage technology investor announced an agreement to sell Cornershop to Walmart International for $225 million.