Executive summary

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Cats.vc operates a deal-by-deal fund with 20% IRR on 25+ deals.

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Founded in 2020, Cats.vc has built huge network of contacts with more than 100 leading funds in Latin America/Europe and has closed more than 20 deals with Latin American and international startups (Europe, US). Partnering with leading funds from early stage to Series B gives Cats.vc the opportunity to be part of a network to source, share and co-invest with funds managing >$3B AUM.

Current portfolio performance

• 24 companies
• 1 exit
• $7.5M capital invested
• 20% IRR

Investment thesis

• 70% Seed and Series A, 30% follow-ons and Series B
• Fintech, Future of Work, B2B SaaS

Terms

Rolling fund

• $300k—$5М check per LP
• 3 tranches in 2 years
• 2% management fee annually (5 years)
• 20% carry fee (portfolio)

Deal-by-deal

• $50k+ check per LP
• 10% management fee upfront
• 20% carry fee (deal-by-deal)

Investment Thesis

General Investment Ideas

• Global Expansion: Backing future acquisition targets as global players enter LATAM.
• National Monopolies: Supporting companies crucial to protected national economic segments.
• Market Localization: Investing in regional adaptations of globally successful consumer services.
• Opportunistic Growth: Funding rapid-growth, liquid companies attractive to major future buyers.

Geography

• Latin America: Brazil and Mexico: ≥ 80%
• Other Locations: ≤ 20%

Stages

• Seed / Series A: ≥ 70%
• Follow-ons / Series B: ≤ 30%

Industries

• Fintech
• Future-of-work
• B2B SaaS

Type Of Investment

• SAFE, convertibles, equity, secondaries
• Other instruments up to the discretion of partners

Limited Exposure

• ≤ 10% of fund value per asset
• ≤ 30% share in asset

Investment Period

3 years

Portfolio

In 2020, Cats.vc launched a deal-by-deal fund focused on European fintech startups, achieving one exit from this portfolio. In 2022-2023, we shifted our thesis to concentrate on Seed and Series A fintech investments in Latin America.

Companies / Overwiew

In Latin America, our typical investment is: a B2C Fintech startup at Series A stage.

Companies / Business Model

Companies / Industry

Companies / Stage