The longstanding venture capital (VC) practice at full-service firm Carey is consistently mandated by local and international VC funds to advise on significant company purchases and sales. The sizeable group also assists start-ups during initial stages, as well as internationalisation processes. Heading up the ‘very solid’ team is Francisco Guzmán, the current President of the Chilean Venture Capital Association (ACVC), who plays a vital role in promoting Chile as an attractive destination for investors. Guzmán’s recent track record includes advising large corporate ventures, such as CMPC Ventures and Agunsa, as well as VC investors Genesis Ventures and Manutara Ventures, on their investments in tech start-ups. He also assists start-ups with their internationalisation plans. Within the firm’s enviable associate pool, the broad practices of Carlos Alcalde and Andrés Latorre cover VC deals; Sebastián Melero’s experience includes advising a fintech, which grants micro-loans to individuals and SMEs, on a financing round; and Carolina Miller focuses on commercial and corporate matters, M&A, and VC transactions.
Venture capital in Chile
‘The team is very solid, has great knowledge of the industry, and can advise appropriately during negotiations, achieving better conditions.‘
‘Speedy and highly appreciated response times.‘
‘Francisco Guzmán is a great guide on how to carry out and negotiate a deal.‘
Softbank Latin American Fund
Tengram Capital Partners
- Advised Manutara Ventures on a series-B financing round to Xepelin Holdings and totalling $111m.
- Advised Softbank Latin American Fund on the local aspects of the series-B equity financing round of Laika, a Colombian start-up developer of an e-commerce platform for pet products.
- Advised Zapping, a Chilean start-up that provides subscription-based live TV services through the internet, on the acquisition of Brazilian company Guigo Television.
DLA Piper Chile fields a go-to VC group for entrepreneurs, companies and investors, in relation to financing rounds, corporate ventures, exits, employee stock ownership plans, bridge financings, and business internationalisation processes. ‘Very committed to clients‘, the group stands out for its technology sector expertise, while the Santiago office further benefits from the firm’s global platform of over 90 offices worldwide. The 10-strong practice is headed up by ‘outstanding lawyer‘ Matías Zegers, a widely-respected VC and entrepreneurship specialist, whose clients range from start-ups and early and later-stage, growth-capital and mid-market businesses, to global companies. The department also features Jorge Timmermann, who (following his 2021 promotion to partner) was appointed as emerging growth and VC regional co-leader for LatAm in 2023. Timmermann regularly advises VC firms and entrepreneurs on investment funds and start-up vehicles, as well as applications for state-driven funding opportunities. Key associate support is provided by Pilar Ay, who is experienced in financing rounds and complex financing instruments; and José Ignacio Marín, a June-2022 hire from Artigas & Cía.
‘It has been a great peace of mind for us to be able to work with the DLA Piper team. Raising capital for a Startup is complex and they have accompanied us throughout the process with certainty, agility and always putting our interests as the main driver. They also accompany us with advice based on their previous experience and we have not met another team that has so much knowledge of the Venture Capital market dynamics, its players and the most successful strategies to close deals and manage negotiations properly. Also for our investors, it has given them security to know that our lawyers are DLA Piper.‘
‘Their expertise in the industry is noticeable, they are the most expert in Chile and that makes a great difference, from Matías Zegers to his team. They have a great knowledge of the market players and the best legal strategies to design a path of successive rounds of capital raising and for exponential growth. The human quality of the team is also very important to us, we feel very accompanied and cared for by them.‘
‘It is a highly trained and collaborative team. Always updated and with excellent disposition.‘
‘Matías Zegers and Pilar Ay. They are lawyers who, in addition to being great professionals, are people in whom we trust and whose advice we value.‘
‘They know the industry and its needs very well and are very available for the needs of their clients. Matías Zegers is the most experienced lawyer in Chile in Venture Capital; associate Jose Ignacio Marin, is a lawyer with a lot of experience in the industry, especially in relation to the administration and investment funds and in regulatory and compliance issues.‘
‘The uniqueness of it all is the people behind it – people like Matias and his team, very sensitive and caring!‘
‘It is an office that is very committed to the client, always seeking to satisfy their needs regardless of whether the requirement is exactly what was initially raised. They are responsible professionals, experts in their subjects and with a good disposition.‘
‘Matías Zegers is an outstanding lawyer, both in his knowledge and in dealing with his clients. José Ignacio Marín is also, his availability is truly incredible and his resolution capacity is also incredible.‘
The Live Green Co
Caja Los Andes
Wheel the world
- Acted for local VC firm, Administradora Fen Capital, on its investment in Chilean technology companies.
- Advised The Live Green Co on the structuring, negotiation and execution of the acquisition of four Chilean food industry companies.
- Advised Karvi, a web platform that facilitates the purchase of certified used cars, on its series-B round for $50m.
The seven-member VC practice at full-service firm Barros & Errázuriz acts for both national and international start-ups and investors throughout all stages of companies’ development, including growth and financing stages, as well as exit phases. The ‘very good’ department advises clients from several industry sectors, ranging from AI, technology and fintech, to food and beverages, retail, media and entertainment, among others. The group also regularly interacts with a range of incubators, accelerators and investors, including StartUp-Chile, a high-profile business accelerator in Latin America. Jointly leading the team are M&A expert Sergio Eguiguren, who further heads the firm’s innovation and entrepreneurship practice; and recently-promoted partner and technology M&A specialist Lucas Marinovic. Foremost among a second line of advisers is counsel Magdalena Munita (an early 2022 hire from Philippi Prietocarrizosa Ferrero DU & Uría), who brings tax experience to corporate VC work; Juan Sebastián Alonso is currently studying in New York.
Lucas Marinovic; Sergio Eguiguren
‘The team is very good, and has an excellent disposition towards answering questions and making calls to clarify relevant points.‘
‘Meticulous delivery of reports and legal documents, which is much better than other firms, particularly in terms of attention and personalisation of the service delivered.‘
‘The experience with B&E has been characterised by good delivery, with fast, precise responses, in addition to having better rates than other firms.‘
‘In general, the team is very good and quickly responds – reasonable fees too.‘
‘Lucas Marinovic has been very important in relation to the analysis of clauses and documents.‘
- Advised AD Retail, as an investor in a corporate venture capital transaction, which consisted of an investment in technology company Vita Solutions.
- Advised Osoji on its IPO on the Santiago Stock Exchange.
- Assisted Add Skin with its merger with Tu Shop, a company that develops e-commerce technology and solutions.
Acting across the entire spectrum of VC work, CMS Carey & Allende’s seven-member team acts for several major VC industry players, including entrepreneurs, start-ups, VC funds, angel investors, government entities, accelerators and incubators. The practice assists during every stage of clients’ growth, as well as exits; and its expertise encompasses seed capital and financing rounds, the design and implementation of vesting plans, regulatory analyses, data protection policies, corporate governance and tax planning. Furthermore, the Santiago office is -alongside other CMS Latin America jurisdictions- part of the firm’s global legal accelerator programme (equIP), which nurtures tech start-ups’ development. The VC department is led by Diego Rodríguez, whose recent experience includes advising start-ups from the fintech, biotech and cleantech sectors, along with VC funds and family offices. The team also includes VC transactions expert Fernando De Cárcer; while at associate level, senior Sebastian Barros, and associates Pedro Allende and Adolfo Romero, all maintain active VC practices.
‘There is a clear contact point, but the entire CMS Carey y Allende team is available to the client for any issue, which greatly facilitates the way of working.‘
‘Very effective transition process even when there were changes in the team.‘
‘Excellent command of English and Spanish, and efficient management of tasks.‘
- Advised Migrante on the negotiation and successful closing of its Series-A financing.
- Advised General Catalyst on a series A financing granted to Examedi, a Chilean at-home vaccination and lab test provider.
- Advised Karün (as borrower) on a venture debt financing with Chilean fund BTG Venture Debt.
The six-strong corporate and VC department at Flores Acevedo acts for start-ups (that predominantly receive seed funding from public subsidies), entrepreneurs, inventors, companies and R&D centres. The group is particularly active in relation to technology and services sector clients, who are frequently part of Chile’s main business incubators and accelerators, such as Start-up Chile, Imagine Lab Chile, G100, Aceleralatam, IncubaUdeC and Digevo Ventures (among others); and the practice routinely accompanies founders from early stages, through to initial angel investments and follow-on investments by domestic or foreign VCs. The ‘very experienced and committed’ corporate, VC and IP practice in Santiago is headed up by founding partner Pablo Acevedo (‘directly involved in the needs of start-ups’), whose track record consistently encompasses major VC deals; and within the firm’s associate ranks, Joaquín Varela and Ignacio Guerraty are regularly present during significant VC-related transactions.
‘The team is very experienced and committed.‘
‘Proposes creative alternatives for solving problems.‘
‘The level of response of the firm to urgent situations is great, with rapid responses to contingencies that arise.‘
Pegas con Sentido
Andes Pacific Technology Access
- Advised Mudango on its receipt of three investments.
- Advised Ikigai on its receipt of a seed investment round.
- Advised Fractal on its receipt of an investment.
Full-service law firm Guerrero Olivos houses a six-member practice that is involved at all stages of venture capital, from the formation of start-ups and structuring VC funds to initial financing rounds and follow-on investments. The ‘very innovative team’ also assists with exits, M&A, IPOs, stock plans, and internationalisation plans; and its large client portfolio comprises domestic and foreign VC investors, entrepreneurs and start-ups, as well as accelerators and incubators. The group is also able to leverage the firm’s corporate and tax restructuring specialists, in addition to its cooperation alliance with Chile Global Ventures, an accelerator that is part of a community of over 75 institutions globally. The VC group is headed by Pedro Lyon, whose track record includes national and international M&A deals for VC and corporate VC investors. The practice further features disputes partner Benjamín Ferrada, who also assists with VC structuring and acquiring start-ups; and senior associate Francisca Martínez, a specialist in M&A and VC transactions.
‘A very innovative team compared to many other firms – inclusive in gender and age, while being open-minded and global, which allows them to understand the idiosyncrasies and realities of many countries.‘
‘Competitive and works every day to be the best, while always remaining up to date with global issues.‘
‘Available and great professionals.‘
‘The VC team is solid, always responds on time, and above all has a lot of experience of working together.‘
‘Its experience in this area is noticeable – clients see a cohesive team that is not improvising and knows what it is talking about.‘
‘Above all know-how and experience – these lawyers really understand VC.‘
‘Pedro Lyon and senior associate Francisca Martínez are absolute leaders in Chile.‘
Food for the Future (F4F)
- Advised Amipass, a distribution of food benefits start-up, on its international restructuring.
- Advised global technological innovation hub, Wayra, on several cross-border investments.
- Advised Rokketlabs, a software development and custom application generation start-up, on the negotiation and implementation of an alliance with Matrix Consulting.
ACU Abogados’ VC group houses experts in advising investment funds, family offices, corporate and angel investors, entrepreneurs and business incubators; and clients notably benefit from the practice’s constant interactions with governmental entities, such as as CORFO (Corporación de Fomento de la Producción) and CMF (Comisión para el Mercado Financiero). ‘Always attentive to clients’ requests’, its scope of work ranges from assisting with the creation of investment funds and incorporation of legal entities, to capital raising, financing and international investment rounds, structuring stock option plans and target company-related due diligence. The corporate, M&A and VC practices are headed by former Aninat Schwencke & Cia partner, Pablo Undurraga, who is flanked by experienced associates Clemente De Andraca and Francisca Urrutia.
‘ACU Abogados is a firm with vast experience in investment funds and M&A, despite being young.‘
‘Assists with both entrepreneur and investor-side issues, which allows it to advise clients in a very good way.‘
‘In terms of availability, the lawyers (at both partner and associate level) are always attentive to clients’ requests.’
Venturance – Fondo Alerce VC
San Ignacio Dos (Family Office Binmelis Yaconi)
El Cóndor Combustibles
San Ignacio Dos (Family Office Binmelis Yaconi)
Kobra Holdings (Wift)
- Acted for Kobra Holdings (Wift) since its incorporation, including providing legal advice during capital rounds.
- Advised Santander VC on its investment in fintech companies Destácame and Fingo.
- Advised Soy Focus on its joint venture with Caja de Compensación Los Andes.
Apparcel Uriarte Abogados
Apparcel Uriarte Abogados’ VC team is sought out by local start-ups looking to expand beyond Chile, as well as international start-ups that wish to solidify their domestic standing. The ‘very reliable’ seven-strong group assists companies and entrepreneurs with corporate restructuring-related financings and the negotiation of financing rounds and exits. The department is also experienced in advising VC funds on due diligence and investment document negotiations. The practice is jointly headed by Matias Apparcel, a former entrepreneur at Start-up Chile (a public accelerator for start-ups); and Consuelo Mackenna, who is experienced in fintech, banking, financial, corporate and securities regulations.
Matias Apparcel; Consuelo Mackenna
‘Very reliable and helps clients internationally, providing facilities in different languages.’
‘Great availability and flexibility.’
Trend Group America
- Advised Recorrido on its $22m sale to Busbud, a Canada-based bus travel booking business.
- Advises cross-border payment platform, dLocal, on an ongoing basis.
- Advising cashback platform Iwanacash on the transformation of its business model from b2c to b2b.
The seven-member practice at full-service firm Cariola Díez Pérez-Cotapos acts for entrepreneurs and emerging private companies during all growth stages. The team’s expertise encompasses corporate governance, long-term service contracts, and shareholder agreements; and it further leverages the firm’s expertise in related areas, such as new technology development, IP, data privacy and corporate law. The principal figures are IP, technology, privacy, start-up and VC expert, Rodrigo Lavados, who assists VC market players with expanding in Chile; and Andrea Saffie, whose industry specialisms include casinos, oil, agro-industrial, hotels, forestry, investment funds, and family offices. At senior associate level, Gabriel Pensa’s experience includes working as in-house counsel for a regional retail group, while Ernesto Eckholt is a recent departee.
Andrea Saffie; Rodrigo Lavados
Krealo (Credicorp branch)
- Advised Foresight Group on a due diligence process involving Copptech’s assets in Chile.
- Advised Üin, (a financing app) on tax structuring and corporate issues.
- Advised Datamart on raising capital to continue its growth throughout the region.
Albagli Zaliasnik's six-strong VC practice covers financing, public offerings of shares, investment funds, and corporate compliance and governance matters. The firm also has a representative office in Miami that assists clients when establishing their presence in the US (through a network of local partners), particularly in relation to real-estate sector investors, start-ups and VC funds. The team is led by Rodrigo Albagli, who also co-heads the firm’s corporate group alongside experienced partner Álvaro Rosenblut. The associate to note, Alvaro Glisser assists companies of various sizes on corporate deals.
Rodrigo Albagli; Álvaro Rosenblut; Álvaro Glisser
‘Very good experience and excellent corporate practice – great responsiveness.‘
‘They are informed and updated on the latest trends in venture capital and the startup ecosystem.‘
‘Rodrigo Albagli: experience and knowledge. Álvaro Glisse: Management and knowledge.‘
Indumotora – Awto
- Advised HCS Capital on a series-A financing round involving Betterplan.
- Advised ‘app’ Almacén Gurú on a financing round.
- Assisted Rendalo Maq, a digital broker for construction equipment, with a capital raising.
Aninat Abogados’ seven-strong team assists entrepreneurs during all growth stages and is particularly focused on advising fintech start-ups. The ‘highly competent’ group’s experience covers corporate structuring for financing rounds and exits, corporate governance, and internationalisation processes. It also advises on stock option plans, taxation, labour law, regulatory matters, data protection and IP protection. The practice is jointly led by María Eugenia Sabbagh, who is increasingly involved in entrepreneurship-related matters; Martin Mois, an expert in innovation, IP, IT, data protection, consumer protection and corporate law; and senior counsel and fintech leader Cristián Reyes.
María Eugenia Sabbagh; Martin Mois; Cristián Reyes
‘The team is fully prepared to face the challenges and queries thrown at it.‘
‘Very well prepared and the lawyers always have an appropriate response.’
‘A highly competent team that differs from other firms due to its high-level knowledge of legal issues involving the fintech and crypto worlds.‘
Strong by Form
Chile Ventures Administradora de Fondos de Inversión Privado
Asociación de Empresas de Innovación Financiera de Chile
Asociación Gremial Instituciones de Tecnologías en Seguros Chile (InsurteChile)
Tyba (Credicorp Negocios Digitales)
Altera (Andes Inversiones)
Qubit (Let’s Bit)
- Advising tech start-up Strong by Form on the initial development of Woodflow, which generates ultra-light high-performance timber-based bio-composites.
- Advised Private Fund Next (Chile Ventures) on an investment in Redelcom.
- Assists Tenpo with reviewing the legal and contractual aspects of its products.
Established in early 2021, Cuatrecasas' Santiago office fields a team with significant experience in advising both investors and startups. The five-strong group is led by M&A, corporate governance, investment fund, private equity and VC specialist, Josefina Yávar, a former partner at Guerrero Olivos. In the VC space, Yávar is mandated by VC investors, start-ups, corporate funds and incubators to structure funds and investment vehicles (including corporate venture funds). She also advises investors and entrepreneurs on investments and financings. Key support is provided by corporate and commercial law associate Fernanda Anguita.
- Advising Kayyak Venture on its investment in a seed financing round raised by Pulsar.
- Advising Reversso on commercial matters on an ongoing basis.
- Advising Copptech, a Chilean developer of anti-microbial ingredient materials, on commercial matters.
Established by Philippi Prietocarrizosa Ferrero DU & Uría's former start-ups practice head, Andrés Egaña, boutique legal practice Egaña Abogados acts for venture capitalists and innovative companies throughout their life-cycles, including during capital-raising and internationalisation phases. Egaña specialises in M&A, VC, fintech and corporate matters; his activity encompassing VC and private equity investment fund launches, as well as advice to start-ups on restructurings, domestic and international acquisitions, and corporate finance and mid-market private equity deals. Egaña is supported by senior associate Catalina Ugarte Millan, who assists VC investment funds and companies with financings - particularly those through the Corporación de Fomento (CORFO).
Andrés Egaña; Catalina Ugarte
‘They are fast, available and what they don’t know, they declare and look for experts. They have been incorporating the use of technology for management purposes.‘
HD Legal's ‘very proactive' VC group is experienced in advising investors, entrepreneurs and project managers on financing structures. In the VC space, the team assists clients from the finance, food-tech, retail, software and mining sectors (among others). The practice is co-led by Sebastián Delpiano, an active participant within the Chilean Fintech Association’s legal committee, who advises funds that undertake VC investments; and international capital markets expert Matías Langevin. At associate level, senior Andrea Alarcón Fiorentino specialises in investor regulations; and Ignacio Ruiz-Tagle, a former adviser to the Comité Acreditación Mercado de Valores (CAMV), advises on investment and feeder funds.
Sebastián Delpiano; Matías Langevin
‘Lawyers who are very clear in their responses to queries.‘
‘The team conducts a great deal of preparation and background reading for each internal meeting and with third parties.‘
‘Lawyers who are very proactive and very specialised in their work.‘
‘The big difference is that the lawyers are very proactive in relation to consultations with clients, and they know how to defend clients’ interests (during meetings with third parties) in an informed manner.‘
‘Updated on foreign legislation and clearly interpret clients’ positions and expectations.‘
Valorizaciones Inmobilairias Refy
- Advised Darkstore on its first pre-seed capital round.
- Advising Wild Foods on its day-to-day corporate, labour, compliance and tax issues.
- Advising Comercializadora Sikerei on its day-to-day corporate, labour, compliance and tax issues.
With extensive experience in corporate and financial matters, Lembeye‘s three-member practice advises founders and investment funds on private equity and VC deals, including strategic investments, M&A transactions, and securities’ offerings. The group’s expertise ranges from the structuring and formation of corporations, to advising on corporate, tax, labour and regulatory matters. It additionally assists with designing stock option plans with collaborators, as well as negotiating initial investment rounds and investment agreements. The experience of founding partner Jorge Lembeye includes the structuring of funds, while Nicolas Espina advises entrepreneurs and start-ups throughout growth stages.
Loyal Global Solutions
Corporación Centro Nacional De Inteligencia Artificial (CENIA)
- Advised Luis Stein, an Argentine citizen and former founding partner of Imagine Lab, on managing the investment portfolio he maintains in a dozen Chilean start-ups.
- Advised CENIA on the negotiation and preparation of an agreement with Austral Capital.
- Assists Chilean agritech start-up Polynatural Holding with the day-to-day running of its businesses.
MBC Abogados' sizeable VC practice covers equity investments, fund formation, and growth and venture debt. The group is jointly led by name partner Ignacio Bolelli, who is experienced in the financing life-cycles of emerging and high-growth companies; and transactional, regulatory and dispute resolution expert Benjamín Salas. Within the senior associate ranks, Florencia Grez acts for emerging companies at all growth levels, including during corporate and M&A deals; and Guillermo Bobenrieth assists VC investors, start-ups and corporate funds with structuring funds and investment vehicles.
Ignacio Bolelli; Benjamín Salas
- Advised Tucar on a capital raising through a seed round.
- Advised the Jalaff Family on the drafting and negotiation of a simple agreement for future equity (SAFE) that will allow it to invest in a business.
- Advised Tucar on the drafting and negotiation of a new shareholders’ agreement.
Montt Perez-Cotapos Abogados
Established as recently as 2019, Montt Perez-Cotapos Abogados' venture capital team advises both start-ups and investment funds on a range of issues, including constitution and financing matters. The group is co-led by Sebastian Perez-Cotapos, whose extensive VC experience includes advising target start-ups, LPs and GPs; and fellow name-partner Santiago Montt, who is a former Carey lawyer who practice encompasses both transactional and contentious corporate matters.
Sebastián Pérez-Cotapos; Santiago Montt
Oxbridge Capital Partners
Cambridge Business Association
Administradora de Inversiones GSI
- Advised Genesis Ventures on an investment in TripYeah.
- Advised GSI on the incorporation of a private investment fund that invests in logistics and technology.
- Advised Cleantech Ventures on the financing and acquisition of three solar plant projects.
The seven-member venture capital and technology practice at ‘first-class’ international law firm Philippi Prietocarrizosa Ferrero DU & Uría routinely acts for start-ups, investors, foreign and domestic VC funds, and companies with corporate VC initiatives. The ‘very powerful’ team covers fundraising rounds, internationalisation structures, fintech and regulatory matters, and clients additionally benefit from the firm’s approximately 10-year strategic alliance with Endeavor, which provides mentoring assistance to entrepreneurs when launching in foreign jurisdictions. The principal advisers are Nicolás Santana (‘demonstrates great knowledge of the industry’), who advises start-ups on capital raising; and principal associate and international tax law specialist, María Jesús Ibáñez.
Nicholas Santana; Maria Jesus Ibanez
‘The team is very powerful – a first-class firm with lawyers who are very gifted and highly qualified.‘
‘Relationships with clients are very good and the team is truly incredible.‘
‘The VC team is highly efficient. It differs from how it connects with clients, and the way it communicates really stands out.‘
‘Outstanding team for the great availability of all its professionals.‘
‘The value for money and the delivered product were excellent.‘
‘The services were provided proactively and in strict compliance with the agreed timescales.‘
‘Nicolás Santana provides agile advice and demonstrates great knowledge of the industry and the market.‘
‘The team’s best qualities are its professional skills, highly gifted legal knowledge, and a willingness to answer all clients’ questions. Nicolás Santana and María Jesús Ibáñez are personally highlighted.‘
- Advised Softbank on the Chilean aspects of VC fund SoftBank Latin America Fund’s investment in the series C round of Nowports, which raised $150m.
- Advises Kaufmann Ventures on an ongoing basis.
- Advises Lilac Solutions on general corporate matters.