FIR Capital

Investment decisions are led by Founding Partner Marcus Regueira and Managing Partner Guilherme Emrich, who co-founded the firm in 1999. Both partners are involved in sourcing, diligence, and portfolio management across the firm's venture strategies. The compact senior team structure means investment committee decisions move quickly by institutional venture standards. No external investment committee members are disclosed.

FIR Capital sources deals through its dual asset management and M&A advisory model, which provides visibility into companies seeking growth capital or strategic exits. The firm's two-decade presence in Brazil's technology ecosystem and its location in the Belo Horizonte-São Paulo corridor give it access to early-stage companies before they reach broader institutional attention. Portfolio company founders and the firm's advisory clients also generate referrals.

FIR Capital invests directly in companies across seed, early-stage, and late-stage venture rounds. The firm does not publicly disclose a fund-of-funds strategy or commitments to external venture capital managers. Its investment activity appears concentrated on direct equity positions in operating companies, consistent with its hands-on approach to portfolio construction.

FIR Capital invests from seed through late-stage venture, spanning a company's full lifecycle from initial product development to pre-IPO growth rounds. The firm has backed startups at formation stage and later-stage rounds for companies like Gympass and Solinftec as they scaled internationally. This stage flexibility allows the firm to maintain positions in top-performing portfolio companies as they mature.

FIR Capital pursues a sector-agnostic strategy focused on technology-enabled businesses, with active positions in enterprise software, AI, fintech, digital health, agritech, energy transition, and mobility. The firm does not publicly list excluded sectors, though its portfolio composition suggests a preference for asset-light, scalable technology business models over capital-intensive industrials or traditional infrastructure. Real estate and pure-play consumer retail are absent from disclosed investments.

FIR Capital operates an integrated M&A advisory practice alongside its venture capital arm, a hybrid structure that is uncommon among Brazilian peers. The advisory business provides deal flow intelligence and relationships that inform venture investment decisions, while venture portfolio companies become potential M&A advisory clients as they approach exit. This dual structure generates fee income from advisory mandates that supplements venture capital returns.

FIR Capital is headquartered in Nova Lima, Brazil, in the Belo Horizonte metropolitan area, a growing technology hub. The firm concentrates investments in Brazil and Latin America, though portfolio companies like Solinftec and Gympass have expanded into North America and other international markets. FIR supports portfolio company internationalization but does not operate dedicated offices outside Brazil.