TO LIVE WITHOUT RISK, IS TO RISK NOT LIVING

SINCE OUR INCEPTION 17 YEARS AGO,

VARIV is a strategic investment firm that stands at the forefront of company building and venture capital in LATAM.

Our commitment extends to tracking and defining emerging global trends, creating unparalleled value for investors, companies, and end-users.

 

7 Builds / Co Builds
33 Investments
6 Unicorns
(Since early
stage)

BANKAYA

(Co-Build)

CO FOUNDERS:
Ramon Chedraui, Diego Vargas and Mauricio Cordero

CEO:
Mauricio Cordero

Bankaya is the only neobank in Mexico truly focused on the unbanked and underserved populations through its unique offline customer acquisition strategy. Bankaya offers a superapp with a savings account, payments of services, remittances and credit.

FOUNDED IN:
2019

COMETA VC

(Build)

Co Founders:

Diego Vargas, Ernesto Vargas and Rafael de Haro

COMETA VC is a venture capital firm that invests in early-stage technology companies targeting Spanish-speaking markets.

FOUNDED IN:
2012

CRANIA

CO FOUNDERS:
Ernesto Vargas, Santiago Sanchez Navarro and Pablo Gonzalez

CEO:
Alvaro Hernandez

Crania is a transformative outdoor hub on the Baja California coast, redefining the boundaries of sustainable living, creative expression, and community engagement. Rooted in an abandoned crane reclamation project, Crania hosts unique events spanning art, music, gastronomy, and sustainability innovation. This dynamic space offers diverse experience possibilities, at the intersection of cultural impact and environmental consciousness.

FOUNDED IN:
2021

NOMIPAY

(Co-Build)

CO FOUNDERS:
Rafael Puente and Ernesto Vargas

CEO:
Rafael Puente

Nomipay specializes in the management and control of third-party payroll deduction processes for millions of personal loans.The company streamlines and simplifies the loan collection processes for workers, employers, and service providers via payroll deductions.

FOUNDED IN:
2015

OSMOS (now RANKIMI)

(Build)

CO FOUNDERS:
Rodrigo Smeke, Ale Manzo and Diego Vargas

CEO:
Enrique Besa

Rankmi is a full-service HR SaaS solution for medium and large companies in LatAm. Rankmi recently acquired Osmos a Mexican HR Tech company specialized in payroll.

FOUNDED IN:
2017

STTEGA

(Co-Build)

CO FOUNDERS:
Javier Marquez, Santiago Iturbe and Diego Vargas

CEO:
Javier Marquez

Sttega specializes in providing customized financial solutions, tailoring products and services through a detailed analysis of each client’s specific needs. Their practical and adaptive approach ensures effective and accessible financial solutions for every business.

FOUNDED IN:
2022

VOLANA

(Build)

CO FOUNDERS:
Diego Vargas and Gerardo Pasquel

CEO:
Gerardo Pasquel

Volana offers loans to micro businesses in Mexico.

FOUNDED IN:
2019

ZYLUS

(Co-Build)

CO FOUNDERS:
Diego Vargas and MVS Group

CEO:
German Olivera

Zylus is a mobile virtual network operator (MVNO) and enabler (MVNE) that provides its commercial partners (also MVNOs) with a ready-to-use solution that offers mobile, financial, and other value-added services. The solution allows partners to quickly launch and scale their own mobile services.

FOUNDED IN:
2016

500 LATAM

[Early stage]

MANAGING PARTNER:
Santiago Zavala

500 Startups is a global venture capital firm with a network of startup programs headquartered in Silicon Valley with over $454M in committed capital across 4 main funds and 15 thematic funds.

Since 2012, 500 LatAm invests in Spanish-speaking Latin American companies through the investment program Somos Lucha.

INVESTED IN:
2013

AGUA MÁGICA

[Early stage]

FOUNDER:
Rafael Shin

Agua Mágica is an ultra-premium sipping mezcal crafted from high mountain Espadín and Tobalá agaves from San Juan del Río, Oaxaca. This mythical location is blessed with ideal natural elements for crafting the finest mezcal.

INVESTED IN:
2019

ANCANA

[Early stage]

FOUNDER:
Andres Barrios

Ancana is a marketplace where people can buy a fully managed vacation home through fractional ownership.

INVESTED IN:
2019

APLI.K

[Growth stage]

CO FOUNDERS:
Domingo Cañizo and José Miguel Hernández

CEO:
Domingo Cañizo

Aplik is a leading signage company in Mexico with state-of-the-art technology that includes large-scale printing, loose lettering, light box manufacturing, and a 3,000-square-meter factory dedicated to producing high-impact ideas for our clients.

INVESTED IN:
2012

CARE/OF

[Early stage] *EXIT

CO FOUNDERS:
Akash Shah and Craig Elbert

Care/of is a healthcare technology company dedicated to simplifying consumer health with a full suite of personalized digital and physical products.

INVESTED IN:
2017

CONSUBANCO

[Growth stage]

Consubanco is a niche, fully-licensed bank in Mexico currently focused on payroll-deduction lending (PDL) in the public sector, and is seeking to broaden its reach by leveraging their capabilities with technology to serve other market segments and launch new products.

INVESTED IN:
2022

CREZE

[Buyout]

Acquired by VARIV and Cubo in 2019.

CHAIRMAN:
Diego Vargas

CEO:
Juan Ahedo

Creze  is a digital lending platform that provides secured and unsecured loans to SMEs in Mexico. Its proprietary credit scoring model allows to assess the authenticity of any SME, its willingness to pay and cash flow.

INVESTED IN:
2019

DAY STORE

[Early stage]

CO FOUNDERS:
Guillermo Fernandez

Daystore is a dark store company that serves as a distribution center that caters exclusively to online shopping.

INVESTED IN:
2021

FACEIT

[Early stage] *EXIT

FOUNDER:
Niccolo Maisto

FACEIT is the gaming platform for professional competitions within online multiplayer video games.

INVESTED IN:
2012

GLOVO

[Early stage] *EXIT

CO FOUNDERS:
Oscar Pierre, Miguel Vicente, Sacha Michaud and Gerard Olivé

Glovo is a mobile urban marketplace with same hour delivery. Glovo is the first national app that purchases, collects and delivers any product in less than an hour. It has presence in Spain, Italy and France.

INVESTED IN:
2015

GPF CAPITAL III

[Growth stage]

MANAGING PARTNERS:
Martín Rodríguez-Fraile, Lorenzo Matínes de Albornoz, Ignacio Olascoaga and Guillermo Castellanos

GPF Capital is a private equity firm based in Madrid, Spain.

INVESTED IN:
2022

HEROGUEST

[Early stage]

CO FOUNDERS:
Gabriel García and Rodrigo Vargas

Hero Guest is a digital training app for hospitality service staff.

INVESTED IN:
2022

INSTAFIT

[Early stage]

CO FOUNDERS:
Oso Trava and Natalia Amaya

InstaFit is an online personal training platform that offers personalized, interactive and easy-to-follow exercise and nutrition programs complemented with one-to-one virtual coaching sessions and support groups.

INVESTED IN:
2013

iOOGO

[Early stage]

CO FOUNDERS:
Josh Alballero and Kristy Alballero

ioogo is a tax and accounting software and services company that specializes in software development, mobile software, and web solutions.

INVESTED IN:
2022

iVOY

[Early stage] *EXIT

CO FOUNDERS:
Beto Cabrera and Álvaro de Juan

iVoy is a last mile delivery company in Mexico City.

INVESTED IN:
2015

JOKR

[Early stage]

CO FOUNDERS:
Ralf Wenzel and Omar Capur

JOKR is a grocery and delivery platform that provides hyper-local product delivery services.

INVESTED IN:
2021

JUXTAPOSE

[Early stage]

CO FOUNDERS:
Jed Cairo and Patrick Chun

Juxtapose is a Venture Builder that systematically invests in the next generation of category-defining consumer ventures. It partners with experienced entrepreneurs to build category-defining technology companies. The firm focuses on multi-decade opportunities in complex industries that leverage its expertise in human-centered design, commercial strategy, executive talent assessment, and technology.

INVESTED IN:
2016

OCHO

[Early stage]

FOUNDER:
James Gutierrez

Ocho is a provider of insurance services intended to provide affordable, fair, and credit-building auto insurance. The company offers auto Insurance with zero down payments and provides lower insurance premiums, a lower security deposit for rent, and no more deposits for utilities, and enabling users to secure their assets at a low and fair price.

INVESTED IN:
2021

OMNIPRINTER

[Growth stage]

Omniprinter is a technology integrator focused on providing IT solutions, that designs and implements innovative and digital transformation solutions through high-quality products, services and support.

INVESTED IN:
2014

PAYJOY

[Early stage]

FOUNDER:
Doug Ricket

PayJoy is a consumer financing company that allows consumers to buy a smartphone on credit and pay it off in installments.

INVESTED IN:
2017

SPAKIO

[Early stage]

CO FOUNDERS:
Luis Orestano, Marcos Suárez and Santiago González

Spakio is a one-stop shop for customers to manage their physical things as if they were digital.

INVESTED IN:
2023

WALLAPOP

[Early stage] *EXIT

CO FOUNDERS:
Miguel Vicente, Agustín Gómez and Gerard Olivé

Wallapop is a buying and selling application of second-hand items that uses geolocation as a differential element.

INVESTED IN:
2014

BEWE

CO FOUNDERS:
Diego Ballesteros and Adriana Avella

Bewe is a management and marketing software for health and beauty centers in Spanish speaking markets.

INVESTED IN:
2015 (VARIV II)

BITSO

CO FOUNDERS::
Daniel Vogel, Ben Peters and Pablo González

Bitso is a cryptocurrency exchange platform that allows users to buy and sell bitcoin and other cryptocurrencies.

INVESTED IN:
2016 (VARIV II)

BNEXT

CO FOUNDERS:
Guillermo Vicandi and Juan Antonio Rullan

Bnext is a leading consumer digital bank in Spain.

INVESTED IN:
2019 (VARIV II)

CABIFY

CO FOUNDERS:
Juan de Antonio and Samuel Lown

Cabify is a leading integrated mobility company in Spanish speaking markets.

INVESTED IN:
2015 (VARIV II)

CONEKTA

CO FOUNDERS:
Hector Cárdenas, Crista Randall and Leo Fischer

Conekta is a payment gateway in Mexico.

INVESTED IN:
2015 (VARIV II)

GAIA

CO FOUNDERS:
Philipe Cahuzac, Hassan Yassine and Raffaello Starace

GAIA is a furniture eCommerce platform for the sale of home products and design accessories.

INVESTED IN:
2015 (VARIV II)

INSTAFIT

CO FOUNDERS:
Oso Trava and Natalia Amaya

InstaFit is an online personal training platform that offers personalized, interactive and easy-to-follow exercise and nutrition programs complemented with one-to-one virtual coaching sessions and support groups.

INVESTED IN:
2013 (VARIV I)

iVOY

CO FOUNDERS:
Beto Cabrera and Álvaro de Juan

iVoy is a last mile delivery company in Mexico City.

INVESTED IN:
2015 (VARIV II)

KUESKI

CO FOUNDERS:
Adalberto Flores and Leonardo de la Cerda

Kueski is the one of the largest buy now, pay later (BNPL) and online consumer lending companies in Mexico.

INVESTED IN:
2016 (VARIV II)

MPOWER

CO FOUNDERS:
Manu Smadja and Mike Davis

MPower is an online lender offering student loans to international students studying in the US or Canada.

INVESTED IN:
2017 (VARIV II)

SKYDROPX

CO FOUNDERS:
Tavo Zambrano and Armando Sobles

Skydrop is a logistics management software for SMEs in Latin America.

INVESTED IN:
2018 (VARIV II)

WALLAPOP

CO FOUNDERS:
Miguel Vicente, Agustín Gómez and Gerard Olivé

Wallapop is a buying and selling application of second-hand items that uses geolocation as a differential element.

INVESTED IN:
2014 (VARIV I)

WELCOMETECH

CO FOUNDERS:
Amir Hemmat and Raul Lomeli

WelcomeTech is a platform that empowers immigrant success, providing information and services across finance, healthcare, education, law and technology.

INVESTED IN:
2018 (VARIV II)

YOTEPRESTO

FOUNDER:
Luis Rubén Chávez

Yotepresto is a marketplace lending platform connecting individual and institutional investors to near-prime borrowers.

INVESTED IN:
2018 (VARIV II)

DIEGO VARGAS Co-Founder and Managing Partner
NETO VARGAS Co-Founder and Managing Partner
LEA DÍAZ Head of Venture Capital
JORGE CARVALLO Managing Director
MIMOUN CADOSCH Associate
ANDRÉS OLLIVIER Analyst

DIEGO VARGAS

Co-Founder and Managing Partner

Diego is active across all investment verticals of the firm and oversees the entire process of venture building and investing for multiple industries. He creates new businesses from scratch, partnering with entrepreneurs, investors, and stakeholders to identify opportunities, raise capital and scale businesses. He also serves on the boards of some of the firm’s portfolio companies.

He has co-founded and built companies such as Bankaya, Osmos, ZYLUS (FreedomPop), Sttega, BAX, and Cometa VC. As a passionate entrepreneur he is particularly interested in solving problems by bringing together talent with technology and strategic capital.

Diego has a BBA in Finance from the Tecnológico de Monterrey in Mexico and an MBA from IE Business School in Spain.

NETO VARGAS

Co-Founder and Managing Partner

Ernesto is active across all investment verticals of the firm and oversees the entire process of venture building for multiple industries. He creates new businesses from scratch, partnering with entrepreneurs, investors, and stakeholders to identify opportunities, raise capital and scale businesses. He also serves on the boards of some of the firm’s portfolio companies.

He has helped build and grow companies such as Nomipay, iVoy, and Cometa VC. As a passionate environmentalist, he has started and co-founded various projects focused on sustainability and is currently raising a fund to combat climate change.

Ernesto has a BA from the Universidad Iberoamericana, Ciudad de México and an MBA from NYU Stern School of Business.

LEA DÍAZ

Head of Venture Capital

Lea oversees the firm’s venture capital investments. With more than twelve years of experience investing in venture and growth stage companies, she leads and implements the vision, structure, and investments for the vertical.

Previously, she led the investments team for ABInBev in New York, managing all fintech initiatives within the group. Prior to ABInBev, Lea worked as an investment professional at LIV Capital, a private equity firm based in Mexico City. She began her career in the investment banking division at Credit Suisse.

Lea has a BA in Industrial Engineering from Universidad Iberoamericana in Mexico and an MBA from IE Business School in Spain.

JORGE CARVALLO

Managing Director

Jorge oversees the effective utilization of the firm’s resources. He is responsible for establishing robust structures across all investment verticals to implement and achieve our long-term business strategy. He also continuously seeks insights to drive innovation and growth for the firm.

Jorge has a track record of success in driving growth and profitability across multiple industries, with a focus on finance, operations, and innovation. Jorge has held various leadership roles at Amazon.com, including Head of Finance, CFO for Amazon Mexico and General Manager of multiple business units, where he led multi-billion dollar businesses and achieved significant turnarounds in profitability. 

Jorge holds an MBA from Carnegie Mellon University and a Bachelor of Science in Industrial Engineering from ITESM in Mexico.

MIMOUN CADOSCH

Associate

Mimoun manages the day-to-day operations of the firm in addition to supporting and coordinating the investments process for venture capital, venture building and other business development initiatives.

Before joining VARIV, Mimoun worked in the Corporate Finance team at PwC, where he was involved in mid-sized M&A transactions across a range of industries. Prior to that, he gained experience in the finance industry at PiP Latam, the largest price vendor in Latin America, where he developed fair value opinions. Mimoun began his career in the M&A team at CitiBank Colombia, working on sell-side transactions.

Mimoun holds a BBA from CESA Business School in Bogota, Colombia.

ANDRÉS OLLIVIER

Analyst

Andres supports the firm’s investment strategies and decisions by conducting research and providing analysis. He is involved in the investment process for the venture capital vertical and supports various business development initiatives in the firm.

Previously, he worked at Lottus Education, a top-performing search fund in Mexico, in the M&A team, leading successful acquisition and integration processes for a variety of companies. Prior to Lottus Education, Andrés served as a strategic planning analyst at Alphacredit, where he demonstrated expertise in debt and capital raising projects, as well as financial planning and analysis.

Andrés has a BS in Financial Direction from the Instituto Tecnológico Autónomo de México (ITAM)

CONTACT US