Terracotta Ventures

Managing Partner Arthur Perrotta and Principal Martha Leonardos lead investment decisions. Perrotta's background spans real estate development and startup operations, while Leonardos brings strategy consulting and venture capital experience. The firm's lean partnership structure enables rapid decision-making for early-stage deals, a structure typical of specialist emerging-manager funds in Latin America.

Terracotta Ventures invests across Latin America. While based in São Paulo, the firm has deployed capital into startups operating in Brazil, Chile, and Mexico. The firm views the region's construction and real-estate sectors as sharing common fragmentation and manual-process pain points, creating cross-border scalability for its portfolio companies.

Terracotta Ventures sources investment opportunities through partners' direct relationships with real-estate developers, construction companies, and property operators. These industry players often serve dual roles — as deal-flow sources and as anchor customers for portfolio companies — reducing the cold-outreach friction typical of generalist venture sourcing in Latin American ConTech.

Terracotta Ventures targets seed and pre-Series A stages. The firm typically leads rounds with initial checks designed to carry portfolio companies from prototype to revenue-generating commercial milestones. It reserves capital for follow-on investments in companies that achieve product-market fit and scaling velocity.

Terracotta Ventures avoids real-estate asset-level investing — the firm does not acquire, develop, or operate physical property. The firm focuses exclusively on technology companies serving the built-environment value chain. FinTech, health-tech, and general SaaS opportunities outside construction and property verticals fall outside the investment mandate.

Terracotta Ventures operates as a traditional venture capital fund manager raising capital from external limited partners. In February 2024, the firm closed its second fund at R$100 million (per Reuters, February 2024). The structure follows standard LP-GP fund economics rather than a single-family capital allocation model.

Terracotta Ventures invests exclusively through direct equity deals into early-stage operating companies. The firm does not allocate capital to other venture funds, real-estate private equity funds, or fund-of-funds structures. Its mandate is wholly focused on direct startup investing within ConTech and PropTech.