Jaguar Ventures Rebrands & Launches New Fund

Wollef Launches $100 Million Fund, Formerly Jaguar Ventures

Jaguar Ventures, a Mexico-based fund focused on early-stage startup investments, has rebranded as Wollef. The firm is currently deploying its third fund, aiming to secure $100 million in capital before the end of the first quarter of 2022.

Origins and Founding

The company’s beginnings trace back to 2013. Eric Pérez-Grovas, previously instrumental in launching Mercado Libre’s operations in Mexico, partnered with Cristóbal Perdomo, a seasoned entrepreneur with a history of founding companies like Groupalia, which was later acquired by Peixe Urbano.

Investment Portfolio and Growth

To date, Wollef has made investments in 31 different companies. This portfolio includes prominent unicorns such as Kavak, Konfío, Loft, and Nubank.

The firm’s initial fund, established in 2014, successfully raised $9.3 million. This was followed by a second fund that secured $22 million in capital. Currently, 10 of their portfolio companies are based in Mexico, while the remaining 19 are international businesses recognizing Mexico’s strategic importance as a key market, as stated by Pérez-Grovas to TechCrunch.

The Rebranding from Jaguar to Wollef

The original name, “jaguar,” was chosen for its distinctiveness and relevance to the Americas, the firm’s primary investment region. It also symbolized the aggressive investment approach they favored.

However, the proliferation of other organizations adopting “jaguar” in their branding led to confusion. Pérez-Grovas explained this prompted a change.

“A new, unique name was needed,” he said. “Cristóbal suggested we had initially selected the incorrect animal.”

Perdomo advocated for the wolf, highlighting its pack mentality and the potential for both male and female leadership within the group. Wollef, he argued, better reflects their collaborative approach to working alongside entrepreneurs.

Latin American Startup Ecosystem Expansion

Pérez-Grovas and Perdomo observe a significant surge in the Latin American startup landscape. Data from the Latin American Venture Capital Association indicates that venture capital investment reached $6 billion in the first half of 2021, a substantial increase from the $4.8 billion invested in 2020.

Increased Investor Interest

This growth has facilitated Wollef’s fundraising efforts for its latest fund. In 2013, securing meetings with potential limited partners was challenging, with only approximately 10 out of 100 family offices and businesses in Mexico agreeing to meet.

By 2019, this number improved to around 50% for the second fund, though only 10% of LPs ultimately participated. Currently, the firm is experiencing inbound inquiries, particularly from U.S.-based organizations seeking exposure to the Latin American market.

Investment Strategy

The new fund will maintain a sector-agnostic approach, similar to previous funds. However, a significant portion of Wollef’s portfolio currently consists of companies in the fintech, marketplace, and e-commerce sectors.

The firm intends to invest in an additional 20 to 25 companies. Pérez-Grovas and Perdomo are anticipating the ability to make larger initial investments than in previous rounds, targeting checks between $500,000 and $1 million.

Confidentiality and Investment Philosophy

A distinguishing characteristic of Wollef is its commitment to maintaining the confidentiality of information regarding its portfolio companies. Pérez-Grovas emphasized that some firms in the region prioritize information gathering over financial returns.

“Some firms view investments as a means of collecting data,” he stated. “Our focus is on generating financial returns for our startups. This is also a key characteristic of U.S. investors.”