Venture capital in Chile


Focused on venture capital (VC) as a specific practice group since 2012, Carey now fields an 18-strong specialist department (including three partners) that is experienced in advising both domestic and international venture capital funds on the purchase and sale of companies, as well as supporting start-ups from their initial stages through to the internationalisation process. The group also assists venture capital funds with their formation, as well as with the search for effective structures that meet the needs of investors and organisations providing financial resources, such as the Chilean Agency for Economic Development (CORFO), CAF (development bank) and Inter-American Development Bank. The principal names are director and recently appointed President of the Chilean Venture Capital Association Francisco GuzmánGuillermo Carey, who advises high-impact Chilean technology companies on technology transfers and internationalisation processes; and M&A, private equity and corporate governance expert Cristián Eyzaguirre. Former senior associate Javiera Sepúlveda left the firm in February 2021.

Practice head(s):

Francisco Guzmán; Guillermo Carey; Cristián Eyzaguirre


Great knowledge of the start-up and venture capital environment, both in Chile and abroad.

Very good contacts and quick and accurate responses, and they find answers very quickly.

Very fast and efficient reaction to the situations posed by the Covid-19 pandemic. The practice worked very well via Zoom – no change was noticed.

The venture capital team is made up of very high-level professionals; the partners in charge combine deep legal knowledge with great business vision.

The team understands the meaning of venture capital – other firms tend to regard private equity as being the same as venture capital, failing to consider that the objectives of these practices are different.

The team has specific knowledge of the venture capital industry, not only at a national level, but also internationally, which is highly relevant.’

The work is carried out in a professional manner and the relationship with the client is very well managed.

Francisco Guzmán stands out for his deep knowledge of the issues, and contacts inside and outside of Chile.

Key clients

Future Positive

CMPC Ventures

Manutara Ventures


Impact Ideas VC

Open Education

Chilean Venture Capital Association

Americas Car Group

Genesis Ventures

Screen Capital

Work highlights

  • Advised Americas Car Group on the merger of Frontier Car Group (which operates a car sales platform in Chile) with OLX Group, the transaction propelling the new company into the select group of unicorns.
  • Assisted Screen Capital (SC), a venture capital company focused on the film and entertainment industries, with the incorporation of Aurus as strategic partner of the firm, and with the incorporation and launching of SC’s first investment fund.
  • Advised Genesis Partners, a venture capital investment fund manager, on the incorporation of a new VC fund, which included a financing granted by CORFO’s programme for VC investment funds that focus on early-stage companies.

DLA Piper Chile

‘Showing great expertise and flexibility when negotiating with corporate investors and mutual funds‘, international legal practice DLA Piper Chile has firmly built upon the specialised VC practice of its predecessor (the former Bahamondez, Alvarez & Zegers), which established the group back in 2008. Representative work includes advising entrepreneurs on corporate restructuring for financing rounds, and negotiating investment documents and exits, along with due diligence work. ‘Experienced and wise‘ Chilean VC and entrepreneurship attorney Matías Zegers consistently advises on first-of-their-kind transactions in Chile, and former senior associate Jorge Timmermann was elevated to the partnership in January 2021. Timmermann advises multiple VC firms and entrepreneurs on setting up investment funds, start-up vehicles, and applying for state-driven funding opportunities. At associate level, Pilar Ay and Eduardo Araya‘s practice includes VC work.

Practice head(s):

Matías Zegers


Shows great expertise and flexibility when negotiating with corporate investors and mutual funds.’

By far the most experienced and knowledgeable firm in venture capital.

The team has the experience of being inserted in the first world, knowing the best investment legal structures, the type of corporate structures that make the future sale of the startup optimal from a tax point of view, and how the pro-entrepreneur and pro-investor clauses really work.

They present multiple ways on how to reach agreements and guide clients when the negotiated agreement may be a problem for the future.

They are the team of venture capital lawyers with the most experience in Chile, with a lot of experience in the industry, quality work and great response speeds.

The DLA Piper team is one of the firms that is involved in all the major venture capital transactions in the Chilean-Latin American-Silicon Valley ecosystem.

Rated for the experience and wisdom of Matías Zegers, as well as his ability to negotiate.

We appreciate associate Pilar Ay’s extraordinary professional qualities and speed of work.

Key clients





Fen Ventures


Khosla Ventures

Odd Industries

Olivo Capital




Comunidad Feliz

A3 Electric Mobility

Air N Car

Almacén Gurú



Platanus Ventures


SueldoYa (Quansa)



Get Justo






Lets Go







Work highlights

  • Advised Odd Industries, an artificial intelligence company, on its sale to Maderas Arauco.
  • Advised Comunidad Feliz on the internationalisation of its holding company and a Series A financing with Clout.
  • Advised Administradora Fen Ventures II, which invested through its private equity fund FIP Fen Ventures II in nine Chilean technology companies.

Barros & Errázuriz

Enjoying strong relationships with a range of incubators, accelerators and investors from Chile and beyond, full-service legal practice Barros & Errázuriz brings its renowned expertise in corporate, M&A and financing matters to the VC table, together with its high-level knowledge of the VC ecosystem. The group advises national and international start-ups and investors throughout all stages of a company’s development, including planning, growth, finance and exit phases. A partner since 2018, M&A and corporate and commercial specialist Sergio Eguiguren leads the VC practice as well as the firm’s innovation and entrepreneurship practice, with senior associate Lucas Marinovic also active on the VC front; Marinovic advises emerging companies on their growth paths (including both financing and M&A matters). Associate Juan Sebastián Alonso provides additional support. Since publication, Marinovic has been raised to the partnership - effective as of March 2022.

Practice head(s):

Sergio Eguiguren


Good understanding of the needs of startups and the situations they face when raising financing.

Great for attention to detail, rapport with the client, and suggesting courses of action that measure the risks, the expected value and the potential return.

Very professional and diligent.

Key clients

Compañía de Seguros de Vida Consorcio Nacional de Seguros

Inversiones y Asesorías As de Guía


Polux HR

Work highlights

  • Assisted Compañía de Seguros de Vida Consorcio Nacional de Seguros with (reportedly) the first corporate venture capital investment of a Chilean traditional financial institution in a fintech company (PagoFácil).
  • Advised Compañía de Seguros de Vida Consorcio Nacional de Seguros on the implementation of a $20m corporate venture capital programme to invest in fintech and insurtech companies.
  • Advised Compañía de Seguros de Vida Consorcio Nacional de Seguros on a corporate venture capital investment of a Chilean traditional financial institution in an insurtech company (PolicyMe).

CMS Carey & Allende

CMS Carey & Allende has advised in relation to the start-up industry (and its regulation) since 2013; in October 2019, the firm, along with CMS‘ other LatAm offices, launched a first-of-its-kind global legal accelerator programme (equIP), which is designed to nurture the development of tech start-ups across the region (and beyond). Focused on the VC space (particularly in relation to the technology and fintech sectors), Diego Rodríguez is part of the legal committee of the Association of Fintech Companies of Chile, which represents important start-ups in the fintech industry; Fernando De Cárcer has a longstanding track record in VC transactions. The practice of associate Ricardo Celedón (who re-joined in June 2020 after completing his LLM at Berkeley University) includes advising breakthrough start-ups on their development.

Practice head(s):

Diego Rodríguez


The firm has extensive experience in this area, which was demonstrated by the work carried out.

The strengths are that each of the points considered in the memorandum were discussed in detail, considering each of the possible risk factors to which our company could be exposed.

Without a doubt the advice is professional and of high quality.

The quality of the work is very good, analysing in detail the risks present.

Stands out as a firm that goes to great lengths to truly get to know its clients and understand in detail the multiple elements and intricacies that comprise the client.

Diego Rodríguez stands out for his availability to answer questions that arise.

Diego Rodríguez is an excellent lawyer, a skilled negotiator and with powerful knowledge of the financial industry and business.

Fernando De Cárcer’s ability to understand our business objectives, achieve symbiosis with our executive team and draw from a wide-ranging body of M&A experience have been key to our successfully completing transactions every time.

Key clients

Karün Europe





Inversiones Northland

Pago Fácil

Asociación Fintech de Chile (FinteChile)



Work highlights

  • Advised Pago Fácil, a startup in the fintech sector, on both legal and strategic issues.
  • Advised Broota, an equity-based crowdfunding company, on the regulatory aspects of its business (including representation before the authorities).
  • Advised Inversiones Northland on the substitution of angel investors’ convertible notes (issued by Chilean App Justo) for SAFE agreements, issued by a Cayman Islands holdco (in preparation for Justo’s entry into Y Combinators’ acceleration programme).

Flores Acevedo

In 2020, Flores y Asociados Abogados renamed itself as Flores Acevedo to reflect the importance of the firm’s corporate and IP work in Santiago (the firm’s other office is in Concepción), led by founding partner Pablo Acevedo. Most of the practice’s clients are startups that have received early seed funding from public subsidies (mainly CORFO) or been part of the key business incubators and accelerators in Chile, such as Start-up Chile, Imagine Lab Chile and IncubaUdeC. The Santiago office is best known for representing start-ups, entrepreneurs, inventors, companies and R&D centres in relation to entrepreneurship, innovation and IP matters. Ignacio Guerraty and Joaquín Varela are experienced associates.

Practice head(s):

Pablo Acevedo


We didn’t just receive legal services, but also high-level mentoring and coaching.

They always anticipate what we need and what they suggest works in the long term.

Great availability, agile and timely lawyers who are great professionals, especially Pablo Acevedo.

Pablo Acevedo is our lawyer, coach and mentor, who always surpasses our expectations; his assistance is actually making our company stronger. We admire how he can draw attention to small details and at the same time demonstrate our project’s global vision.

Key clients

Imagine Holding






Pegas con Sentido SpA No 3 years


Grupo DNA

Urban Dynamics Consultores


Foris AI

Fer Creaciones


Redd System




Ciencia Pura

Lobby Control


FiiS Global

Jumpitt Labs

Work highlights

  • Advised Mudango on an investment round.
  • Advised FER Creaciones on the negotiation and buyout of its VC investor.
  • Advised Ciencia Pura on the structuring and negotiation of its investment round, mainly through local crowdfunding company Broota.

Guerrero Olivos

Advising local and foreign VC investors, start-ups, corporate funds and incubators, Guerrero Olivos has been involved in Chile’s VC ecosystem for over 20 years. The team’s recent workload has been particularly focused on international VC matters, such as designing and developing strategies for the internationalisation of ventures, as well as the corporate/M&A side to cross-border acquisitions and sales. With over 15 years’ experience in the VC field, practice head Pedro Lyon stands out for his international M&A work for VC investors, and start-ups with an international market presence. Although former partner Josefina Yávar left the firm in December 2020, at associate level Francisca Martínez (who recently returned from LLM studies in the UK) is actively devoted to VC matters, and Diego Rodríguez focuses on the structuring of investment funds and international financing rounds.

Practice head(s):

Pedro Lyon


The team has become a solid partner of ours; they help us beyond the typical service provided by a law firm and try to add additional value.

They give me expert and excellent service in a very sensitive area of ​​practice that requires a lot of experience and dedication in order to obtain favourable results.

They are creative, fast and provide efficient solutions, while demonstrating a professionalism and human quality that I have not found in any other firm – they put themselves in my shoes from the very first meeting.

They anticipate problems and design creative strategies that have excellent results – not all firms are like this.

Guerrero Olivos cares about its clients and the partner in charge of a matter is truly involved.

Key clients

Clin Fondo de Inversión Privado VC Investments


Chile Global Ventures

Start-Up Chile

Food for the Future

Chazki Holdings

X Capital

Yov Group


BAM Venture Capital





Work highlights

  • Advised Chazki Chile, a delivery startup, on the execution of a commercial agreement with Falabella, the largest retail company in Chile.
  • Advised X Capital (fintech company that offers digital financial solutions to small and medium-sized companies) on an international financing round for its international expansion business plan.
  • Assisted Wayra, Telefónica’s global technological innovation hub, with its investments in Chile and abroad.

Apparcel, Uriarte & Vassallo Abogados

Apparcel, Uriarte & Vassallo AbogadosComparative Guides promotional icon‘s seven-strong VC team assists entrepreneurs with corporate restructuring for financing, and with the negotiation of financing rounds and exits. It is also experienced in advising investment funds through specialised, start-up-related due diligence work and investment document negotiations. Former legal department director at Fen Labs (the services subsidiary of the Fen Ventures Capital Fund), corporate partner Matias Apparcel has spent his whole career among Santiago’s VC scene. Previously at Banco Itaú, Consuelo Mackenna was hired as senior associate in November 2020. Since publication, the team has been further strengthened with the hire of former Dentons' senior associate Pablo Bravo Burnier as director of the tax practice - effective as of March 2022.

Practice head(s):

Matias Apparcel; Consuelo Mackenna


What makes this practice unique is its network of contacts and  responsiveness.

This is a solid team. Not only do they have specialists for different areas, but they communicate well with each other, which is evidenced by the quality and timeliness of the work.

A dedicated team that genuinely puts clients first, always looking for creative solutions. It seeks to be more than just a legal adviser, and accompanies the client in the development and growth of its business.

Great for proactive lawyers.

Agile professionals with very good ideas and initiative.

I consider AUV to be one of the best in the country; it is at the forefront of what is happening and the lawyers impress with the knowledge they have about the Latin American ecosystem in general. I would particularly like to highlight Matias Apparcel and Consuelo Mackenna.

Matias Apparcel stands out for his excellence.

Matias Apparcel knows all the players in the market, both those who want to invest, as well as entrepreneurs because he was one of them!

Key clients



Capria Ventures

Magma Partners

Cocina Central









Fandango Latam







The Intern Group

TGA – Trend Group America





Work highlights

  • Advised IwanaPay/IwanaCash on an equity funding through the issuance of preferred shares.
  • Advised VMETRIX on the structuring and implementation of a financing round in Chile.
  • Advised Grupo Central on the structuring and implementation of a financing round.

Cariola Díez Pérez-Cotapos

A practice area of recent development for Cariola Díez Pérez-Cotapos, its team advises entrepreneurs and emerging private companies on every stage of growth, corporate governance, long-term service agreements, and the transformation of ideas into successful ventures. The team also has particular expertise in associated areas, such as the development of new technologies, IP, data privacy and corporate law. IP and IT specialist Rodrigo Lavados heads the firm’s IP, technology, privacy, start-up and VC teams, which include senior associate Ernesto Eckholt, who is experienced in the structuring, formation, organisation and operation of VC matters.

Practice head(s):

Rodrigo Lavados

Key clients



Desert Point

Krealo (Credicorp branch)

Alpha FX


Work highlights

  • Advised Datamart, a Chilean fintech, on an ongoing basis, including preparing a strict compliance by design methodology on financial and data privacy aspects.
  • Assisted qScire, which developed the technology (using quantum physics) for integrated circuits, with the protection and exploitation of its IP in Chile and abroad.
  • Advised PSINet on the IP aspects of an IA system, which predicts the likelihood of accidents in a mine.

Albagli Zaliasnik

Albagli Zaliasnik has been involved with the VC industry for approximately ten years, as several of its clients ventured into the area, whether as angel investors, investment companies, private investment funds or incubators. The VC group also focuses on early, mid- and late-stage start-up companies, particularly in Europe, the US, South America and Israel. The principal advisers are name partner Rodrigo AlbagliEduardo Anguita (promoted to associate director of the corporate/M&A, VC and compliance group in January 2021) and associate Alvaro Glisser.

Practice head(s):

Rodrigo Albagli; Eduardo Anguita

Key clients

Noise Grasp

Quantum X

Work highlights

  • Advised Quantum X, a Chilean start-up that leads the design, construction and operation of platforms based on blockchain technology, on IP contractual matters.
  • Assists NoiseGrasp (Chilean/Californian hybrid start-up) with day-to-day tax matters.

Lembeye Abogados

With vast experience in corporate and financial matters, Lembeye Abogados‘ VC team advises both founders and investment funds on PE and VC operations, strategic investments and liquidity events through M&A deals or the public offering of securities. Nicolas Espina assists entrepreneurs and start-ups throughout their entire growth stage, from the raising of seed capital to their internationalisation processes. Jorge Lembeye provides further partner-level support. Francisco Palma joined as associate from Bofill, Mir & Álvarez Jana in July 2020.

Practice head(s):

Nicolas Espina; Jorge Lembeye


The team manages to provide a high quality of service for early stage startups, good collaboration and affordable cost for companies of our size.

Managed to serve us with a good understanding of the requirements of a startup, with a good sense of urgency, and they helped us overcome cultural and linguistic barriers.

The team is of excellent quality, with attention to detail, and communication is proactive.

Superior to other well-known firms for service and rates.

The experience of the partners gives them prestige; and they are more down-to-earth than firms that perhaps sell the brand more than the product itself.

Stands out for its service, how fast the lawyers work and the level of detail with which they analyse solutions.

The level of involvement of its partner lawyers is constant and it shows in the responses.

The quality of junior lawyers is also very good and they are quickly integrated into the culture of the firm.

Key clients

Polynatural Holding

The Live Green

Somos Fans

Loyal Global Solutions

Luis Stein

GAD Inversora



Mercado Deco

Work highlights

  • Advised Polynatural Holding (a Chilean AgroTech startup that develops natural food additives that delay degradation in food) on its first round of investments.
  • Advised The Live Green Co on its first round of investments.
  • Advised Somos Fans on the constitution of a subsidiary in Chile and its startup, including the opening of bank accounts, hiring of accountants, initiation of activities and other legal actions.