Xochi Ventures

Liliana Reyes and Fernando Lelo de Larrea co-founded Xochi Ventures and lead its investment decisions. Both principals brought prior operating and venture experience within the Latin American market before launching the firm. Specific investment committee structure and whether additional partners have check-writing authority are not publicly disclosed.

Xochi focuses on pre-seed and seed-stage companies in Mexico. The firm aims to be the first institutional check into a startup, with initial investments typically falling between $250,000 and $1 million. It maintains reserves for selective follow-on participation in later rounds for its strongest portfolio companies, though follow-on strategy is opportunistic rather than formulaic.

Xochi sources primarily through founder networks concentrated in Mexico City, Guadalajara, and Monterrey. As a locally headquartered fund with native Spanish-speaking partners embedded in the ecosystem, the firm accesses deal flow that often escapes international investors conducting periodic sourcing trips. Referrals from existing portfolio founders and local accelerator programs also contribute to pipeline.

The firm concentrates on fintech and enterprise software, two of Mexico's most active venture sectors. Fintech investments address gaps in financial infrastructure and consumer access in a market with significant underbanked populations. Enterprise software positions target the digitization of Mexican small and medium businesses, a secular trend accelerated by pandemic-era adoption patterns.

Publicly available information does not confirm formal exclusion criteria. Given its stage focus, the firm does not invest in buyout, real estate, infrastructure, or later-stage growth equity. Hard-tech verticals like biotech and deep science, which require capital intensity and timelines misaligned with seed-stage venture, fall outside its observable mandate.

Xochi operates as a direct investor writing equity checks into individual startups. There is no public evidence the firm makes fund-of-fund commitments or invests as a limited partner in other venture funds. Its model is company-level deal-by-deal venture investing without an LP allocation program.

No philanthropic foundation, donor-advised fund, or impact-investing vehicle has been publicly associated with Xochi Ventures. The firm's structure appears purely commercial, focused on financial returns from early-stage equity positions without a parallel social-impact allocation arm.