Zenda Capital

Zenda targets seed to Series A rounds, writing initial checks of $500,000 to $1.5 million and reserving capital to follow on in subsequent rounds. The firm concentrates its portfolio to 2–4 new commitments per year, which it states allows deeper operational engagement with each founding team.

Zenda describes itself as the second-largest LP in its fund, a structure the firm highlights as a risk-alignment mechanism. The General Partner's capital is material alongside external LPs, which the team argues reduces agency conflicts between investor and founder.

Zenda invests in modern enterprise software with a particular concentration in cross-border logistics, supply-chain technology, and fintech. The portfolio also includes companies in hospitality software, legal tech, and healthcare, but the densest cluster of commitments is in transportation and trade infrastructure.

Esteban Reyes serves as General Partner and leads investment decisions, drawing on 21 years as a startup operator and 10 years as a venture investor. Reyes co-founded and exited four B2B companies totaling $1.1 billion in aggregate value before launching Zenda.

The firm invests across both the United States and Latin America, with portfolio companies headquartered in Miami, Chicago, Mexico City, Vancouver and São Paulo. A dedicated research investor, Raphael Santolin, is tasked with sourcing and supporting early-stage companies specifically in Latin America.

Zenda's disclosed platform consists entirely of direct, early-stage equity investments in operating companies. There is no evidence of fund-of-funds commitments, secondaries, or GP stakes.

Zenda actively takes board seats when leading or co-leading rounds. The firm's website features endorsements from founders at Cargado and Tendrel who note that they invited Zenda and General Partner Esteban Reyes onto their boards early in the company lifecycle.