Chilean venture capital firm Taram Capital has announced the launch of its second fund, Taram II, a US$45 million vehicle aimed at technology and software startups. This move comes amid a more selective financing landscape in Latin America, distinguishing itself by integrating successful tech entrepreneurs as investors and advisors. The fund will continue to focus on B2B companies with proven potential for regional and international expansion.
A Founder-Centric Investment Approach
Taram II is backed by the Chilean government agency Corfo and introduces a novel structure by bringing seasoned tech founders into its investment committee. Notable additions include Ignacio Canals of Galgo, Danton Viñales of Punto Ticket, and Daniel Guajardo of Healthatom. This model aims to provide portfolio companies with direct access to experienced operators who have successfully navigated the startup journey.
Co-founder Felipe Camposano emphasized the value of this peer-to-peer guidance, stating that it ensures entrepreneurs have support from those who understand their challenges. The objective is to translate shared experiences in fundraising, team building, and market expansion into better decision-making. This hands-on support system is a core component of the firm's value proposition beyond just capital.
Building on a Proven Strategy
The new fund builds upon the foundation of Taram I, a US$30 million fund that has already been fully deployed across 15 B2B software companies. Its portfolio includes notable names such as Webdox, Simpliroute, and Keirón, all of which target specific industry verticals. This initial fund established Taram's focus on companies with established products ready to scale across Latin America.
Taram Capital's investment philosophy prioritizes sustainable, long-term growth over artificially accelerated valuation curves and quick exits. The firm seeks companies with a clear and predictable growth trajectory, often encouraging the use of non-dilutive financing alternatives. This patient capital approach is designed to build resilient and fundamentally sound businesses for the long run.
Taram II: Doubling Down on B2B Innovation
Taram II will construct a portfolio of 15 to 20 startups, deploying initial checks ranging from US$1 million to US$3 million with reserves for follow-on rounds. The fund's thesis remains centered on B2B startups that have achieved product-market fit and generate annual revenues exceeding US$500,000. A key criterion is the company's demonstrated capacity to scale its operations regionally.
Artificial intelligence is a significant factor in the firm's evaluation process, particularly for its application within specific industry verticals. Camposano noted that SaaS companies are often well-positioned to leverage AI due to their access to proprietary data and institutional channels. The fund seeks businesses where AI provides a consistent and defensible competitive advantage rather than a superficial feature.
Navigating a More Demanding Market
The firm acknowledges that the current venture capital ecosystem is more concentrated and competitive, placing a strong emphasis on operational efficiency. According to Camposano, while high-growth companies can still secure funding, the market now demands that this growth be profitable and sustainable. The era of prioritizing growth at any cost has been replaced by a focus on sound unit economics.
While a return to the peak valuations of 2021 is unlikely, Taram Capital sees significant opportunities in the current climate. The new market dynamics empower startups to achieve more with less capital, fostering the development of more robust and resilient business models. This environment creates an opening for value-add funds that provide strategic support alongside financial investment.
The launch of Taram II marks a strategic move by Taram Capital, reinforcing its commitment to the Latin American B2B tech sector. By embedding the experience of successful founders directly into its investment process, the fund is uniquely positioned to guide the next generation of startups. This approach, combined with a focus on capital efficiency and sustainable growth, addresses the evolving demands of a maturing venture capital market.
Source: df.cl