Leading Individuals

Firms To Watch: Venture capital

Young firm Alamos & Squella was founded in 2020 and houses a venture capital practice led by Felipe Alvarez (formerly of Ossa, Izcue & Montes) who routinely advising entrepreneurs, start-ups (and national and foreign investors) on VC transactions involving diverse areas, such as fintech, proptech, insurtech and edtech.
Boutique law firm Egaña Abogados was launched in 2016 by M&A, venture capital, fintech and corporate specialist, Andrés Egaña, who previously led Philippi Prietocarrizosa Ferrero DU & Uría's start-up practice, while the VC team’s track record includes capital-raising rounds involving highly innovative companies.
Led by experienced practitioners Ignacio Bolelli and Benjamín Salas, MBC Abogados handles the full gamut of venture capital work, including advising investors and start-ups from the fintech, real estate and agriculture sectors on both financing and corporate law matters.
Incorporated in mid-2019, Montt Perez-Cotapos Abogados' venture capital practice, led by partners Santiago Montt and Sebastian Perez-Cotapos, is increasingly present in the market on behalf of start-up companies and investment funds; its recent experience includes the incorporation and raising of new private funds and applications for CORFO loans.
The venture capital practice at Philippi Prietocarrizosa Ferrero DU & Uría consistently advises start-ups, VC funds and investors (as well as companies with corporate VC initiatives) on fundraising rounds, exits, corporate governance, due diligence, regulatory work, and internationalisation processes.

Venture capital in Chile


The ‘extremely fast and responsive‘ 20-strong venture capital (VC) department at legal giant Carey has extensive experience in advising both domestic and international VC funds on the acquisition and sale of companies, along with supporting start-ups during both initial stages and internationalisation processes. Other areas of notable strength include advising VC funds on their formation; and assisting with the search for effective structures to meet the needs of both investors and organisations that provide financial resources, such as the Chilean Agency for Economic Development (CORFO). The practice is jointly led by current President of the Chilean Venture Capital Association, Francisco Guzmán, whose experience includes advising numerous VC investment funds on their incorporation and capital raising, along with investments in Chilean and foreign start-ups; Guillermo Carey, who routinely provides entrepreneurial clients and investors with VC and IP-related advice; and Cristián Eyzaguirre, an expert in fund formation, and the structuring, registration and management of investment funds. At associate level, Andrés Latorre‘s practice also includes VC transactions.


I have worked with a few other firms from Chile, but Carey is one tier above the others.

They are extremely fast and responsive.

Excellent academic abilities that are combined with very high-level knowledge of the market and new trends.

Speed, quality and excellence, with a warmth to the lawyers’ way of approaching issues and relationships that makes one not want to work with anyone else!

A well-coordinated and very proactive team, with great knowledge of the issues and very well connected with the VC ecosystem in Chile, as well as in the world.

The lawyers give very appropriate advice on contracts and their characteristics, proposing those that best fit the profile of our company.’

Francisco Guzmán is a true authority on the subject and very well reputed. He is always available, and gives quick and accurate answers.

Associate Andrés Latorre is solid and proactive.

Key clients

Emasa Ventures

Phage Technologies

Zentynel Frontier Investments

Manutara Ventures

Cencosud Ventures



Genesis Ventures

Screen Capital

Kayyak Ventures

Chilean Venture Capital Association

CMPC Ventures

WeBoost Ventures

The NotCo

106 Ventures

Excel Ventures





Cells for Cells



Inti Tech

Dgo-On Corp

Science Haven

Work highlights

  • Acted for fintech entity Kredito on an equity financing round.
  • Assisted Phage Technologies (biotechnology company) with an equity financing round.
  • Acted for Kayyak Ventures, as lead investor, on a Series A financing round in WherEx, a UK based start-up.

DLA Piper Chile

The 11-member practice at DLA Piper Chile has longstanding experience in providing VC legal services. Representative work includes assisting entrepreneurs with the corporate restructuring required for financing rounds and exits; the internationalisation of business structures - including the allocation of IP assets; use of instruments such as convertible notes; and applying for state-driven funding opportunities. The practice, which also stands out for its enviable portfolio of technology company clients, is led by recognised VC and entrepreneurship expert Matías Zegers, who routinely acts on major transactions and assists a range of clients from start-ups and fast-growing, mid-market businesses to global companies. Providing key support is Jorge Timmermann, who was promoted to the partnership in early 2021, and advises multiple VC firms and entrepreneurs on establishing investment funds and start-up vehicles. The associate to note, Pilar Ay, focuses on VC work in addition to TMT, corporate law and M&A.

Practice head(s):

Matías Zegers


Strengths – professionalism, VC knowledge, agility and willingness.

Excellent service – proactive and efficient. These lawyers know a great deal about venture capital.

Matías Zegers inspires a lot of confidence.

Matías Zegers knows a lot about venture capital and has great judgement when handling complex negotiations.’

Associate Pilar Ay is very efficient and responsible.

Pilar Ay is brilliant!

Key clients







Agenda Pro

Fen Ventures





The Live Green Co



Work highlights

  • Advised Uber and Cornershop (as joint counsel) on the agreement to acquire full ownership of Cornershop by Uber.
  • Advised Beetrack, a Chilean start-up that has developed SaaS (software as a service) for fleet management and parcel tracking for shipping and delivery companies, on its sale to DispatchTrack and DispatchTrack Intermediate.
  • Assisted The Live Green Co with its Series A financing.

Barros & Errázuriz

Routinely advising national and international start-ups and investors, Barros & Errázuriz‘s VC practice assists companies throughout all stages of their development. The six-member group maintains close contact with a number of incubators, accelerators and investors, particularly StartUp-Chile (SUP), with whom it coordinates the provision of legal advice and mentoring to the SUP network of entrepreneurs; and the Chilean Fintech Association, which brings together the main 70 fintech companies operating in Chile. The firm’s innovation and entrepreneurship practice is led by Sergio Eguiguren, who assists local and international entrepreneurs at different development stages; while Lucas Marinovic, who advises emerging companies during their growth paths (including both financing and M&A transactions), was promoted to the partnership in March 2022. The associate to note is Juan Sebastián Alonso, whose broad transactional practice includes acting for entrepreneurs.

Practice head(s):

Sergio Eguiguren

Key clients

Compañía de Seguros de Vida Consorcio Nacional de Seguros

Inversiones y Asesorías As de Guía


Osoji Robotics Corporation

Work highlights

  • Advised Compañía de Seguros de Vida Consorcio Nacional de Seguros on its investment in Pago Fácil.
  • Advised Compañía de Seguros de Vida Consorcio Nacional de Seguros on its corporate venture capital programme.
  • Assisted Osoji Robotics Corporations with its Chilean internalising process.

CMS Carey & Allende

The 10-strong venture capital practice at CMS Carey & Allende routinely advises clients at each phase of their growth, through to exit stages; its expertise covers seed capital and financing rounds, due diligence, vesting plans, and regulatory analyses to determine businesses’ viability. The group also fields specialists in data protection, corporate governance and tax planning; clients additionally benefit from CMS' global legal accelerator programme, equIP, which nurtures the development of tech start-ups  in Chile, Brazil, Colombia, Mexico and Peru. Increasingly focused on VC matters, practice leader Diego Rodríguez routinely acts for start-ups in the technology and fintech sectors. Providing further partner-level support, Fernando De Cárcer's VC transactions practice includes advising entrepreneurs and investors on securing agreements that focus on growth for stakeholders. Former associate Ricardo Celedón left the firm in December 2021.

Practice head(s):

Diego Rodríguez


Very professional in all aspects of its work, and proactive in moving forward with matters.

Professionalism, proximity and speed of responses.

The team understands venture capital in relation to the start-up world in LatAm.

Very available, and the lawyers explain things in a simple and easy way.

Key clients

Pago Fácil





Locales Conectados

Platanus Ventures





Inversiones Southland

Work highlights

  • Advised Toku on a pre-seed financing round that it carried out through the Platanus accelerator.
  • Advised LOMI on a pre-seed financing round.
  • Advised CloudCar on its first financing round under simple agreements for future equity (SAFE).

Flores Acevedo

Predominantly focused on the technology and services sectors, Flores Acevedo's six-member department is well known for its assistance to start-ups, entrepreneurs, inventors, companies and R&D centres. Examples include start-ups that receive early seed funding from public subsidies (particularly CORFO) or that are part of Chile’s key business incubators and accelerators, including Start-up Chile, Imagine Lab Chile, IncubaUdeC and Digevo Ventures. The practice accompanies start-up founders at an early stage, through to angel investments and follow-on investments by local and foreign VCs. Leading the firm’s IP and corporate practices, founding partner Pablo Acevedomakes all the difference', and is routinely involved in significant VC-related transactions. Providing notable associate-level support, Joaquín Varela and Ignacio Guerraty are both consistently involved in venture capital matters.

Practice head(s):

Pablo Acevedo


The FA firm stands out for its extensive knowledge of the relevant issues. Having such diverse needs, we need a legal team that can provide us with coverage and support throughout our value chain, and that is also up-to-date with market practices and trends. At FA we have found all this, and we have even found great advice and support so as to connect with investment funds and other specialists throughout the LatAm region.

Specialisation in the topics that are necessary for start-ups. Not only from a legal point of view, but from every business perspective. Its vision goes beyond what is strictly legal.

Good management is needed during the creation of start-ups – and they have it.

Experience, clarity and proximity to the client, with an excellent predisposition to resolve any query speedily.

Ability to recommend the course to follow, even before agreeing on the fees, was the added value. Being a start-up in full growth, it is key to have agile advice and the necessary time to respond to the emergencies that are generated. In that sense, the firm has managed to understand and attend to these needs very well.

A very professional team that can make a difference.

Pablo Acevedo makes all the difference. His experience provides a lot of security to the client when deciding the course of action to follow. The quality of the responses and immediacy are the differentials with respect to the competition.

Key clients

Imagine Holding





Pegas con Sentido




Grupo DNA

Urban Dynamics Consultores


Foris AI


Tastets System






Ciencia Pura



Fiis Global

Jumpitt Labs




Comercial Natufeed

Work highlights

  • Advised Shippter on an investment round.
  • Advised Mudango on an investment round.
  • Advised Fracttal on its investment round.

Guerrero Olivos

Key areas of work for the seven-member practice at Guerrero Olivos range from funds-related corporate and tax structuring and restructuring of funds, to financing rounds, partner contracts and internationalisation processes. Acting for start-ups, entrepreneurs and investors, the group also assists with stock option plans, along with contract drafting for license and distribution agreements, personal data protection and cybersecurity. Clients additionally benefit from the firm’s cooperation alliance with Chile Global Ventures, a VC accelerator that belongs to a community of over 75 institutions worldwide. The department is led by Pedro Lyon, who is experienced in M&A work for VC and corporate VC investors, and advising start-ups with an international market presence. In addition to his disputes practice, experienced partner Benjamín Ferrada assists with VC structuring work, while associate Francisca Martínez also has an active VC practice.

Practice head(s):

Pedro Lyon


The GO team is very professional, one of the few in the country that knows VC work very well, and with international experience in this area.

Always proposing new formulas for solutions to the various issues raised.

I really like their pro-entrepreneur stance, the lawyers putting themselves in the shoes of the founder, even though the founder is not necessarily their client.

The lawyers understand that VC is a matter of relationships and people, so they take great care of these aspects – this is something that I would highlight.

Good availability and solid experience of the team.

One of the few firms that has experience in the Chilean VC ecosystem. The team stands out positively when compared to other firms in this area in an evident and significant way.

The lawyers of the Guerrero Olivos firm have extensive experience in this area, including with companies, investors and stakeholders, both local and foreign. This allows them to support start-ups effectively and efficiently, jointly negotiating investment documents with them, and proposing good practices that allow them to protect their interests in the company.

The team has been very professional and the collaboration easy, thanks to the knowledge it has and the ease with which it explains and carries out the tasks. Associate Francisca Martínez has led much of our work and she does an excellent job.

Key clients



Food for the Future



ACF Financial

YOV Group



Clin Fondo de Inversión Privado VC Investments


Chile Global Ventures



Ricardo Donoso


Payflow Chile

Work highlights

  • Advised digital financial solutions fintech company, Xepelin, on a large international financing round for $230m.
  • Advised F4F on its first Series A financing round.
  • Advised Wayra in Chile on various transactions, such as the acquisition of a 0.29% stake in Wherex.

Apparcel, Uriarte & Vassallo Abogados

The ‘very attentive‘ seven-member venture capital practice at Apparcel, Uriarte & Vassallo Abogados is mandated by both companies and entrepreneurs on financing-related corporate restructurings, as well as the negotiation of financing rounds and exits. The group is also experienced in assisting VC funds with start-up-related due diligence issues and investment documents. The practice is co-led by Matias Apparcel (current adviser to VC fund Magma Partners), whose track record includes successfully advising companies from the technology, finance, IT, agribusiness and e-commerce sectors; and the ‘extremely expeditious' Consuelo Mackenna (elevated to the partnership in December 2021), who is experienced in acting for start-ups (particularly fintech firms) on raising capital and restructuring.


A very friendly and accessible team that is up to date on every topic in a fast-moving environment; and its WhatsApp talks make it easy to move fast.

Very attentive to all our requirements – fast, thoughtful and executive.

Very professional, agile and committed to the needs of the client.

Exceptional client relationships through cordiality, attention to detail and predisposition to resolving issues.

Simplicity when speaking and constantly searching for the best way of working.

Highly specialised professionals who are attentive and proactive people with excellent delivery.

Matias Apparcel has a broad vision, and easily connects you with whoever you need so as to get things done.

We have an excellent relationship with Consuelo Mackenna – she is extremely expeditious and attentive. We are super satisfied with her work.

Key clients


Magma Partners


Capria Ventures




Grupo Central






Work highlights

  • Assisted Iwanacash with the entry of a large crowdfunding platform as a shareholder.
  • Advised Grupo Central on a new investment round.
  • Advised seed-stage VC firm Magma Partners on obtaining funds from a Chilean government policy-executing entity.

Cariola Díez Pérez-Cotapos

Cariola Díez Pérez-Cotapos‘ seven-strong team advises entrepreneurs and emerging private companies at every stage of growth. Its expertise includes corporate governance, service contracts and shareholder agreements. The group is also experienced in related legal areas, such as new technologies, IP, data privacy and corporate law. The start-up and VC teams are co-led by Rodrigo Lavados, whose practice covers software licenses, trade marks, technology transfer contracts, and technology-related projects; and Andrea Saffie (promoted to partner in 2020), whose sector expertise encompasses investment funds and family offices. Senior associate Ernesto Eckholt's experience includes the structuring, formation and operation of venture capital.

Practice head(s):

Andrea Saffie; Rodrigo Lavados

Key clients



Desert Point

Krealo (Credicorp Branch)

Alpha FX


Metafin Capital

Work highlights

  • Assisted WeWork Chile with reviewing contracts.
  • Advised qScire on its seed financing.
  • Assisted Datamart with compliance matters.

ACU Abogados

Led by former Aninat Schwencke & Cia partner Pablo Undurraga , ACU Abogados‘ venture capital practice advises investment funds, family offices, entrepreneurs, business incubators, and corporate and angel investors. Its assistance covers the creation of public and private investment funds and incorporation of legal entities, capital raising, and financing and international investment rounds. Recent work has focused predominantly on complex capital rounds, as well as structuring stock options and vesting plans for founders and key employees. Key support for founding partner Undurraga is provided by  associates Clemente De Andraca  (corporate law, investments funds, M&A, VC and contracts) and Francisca Urrutia  (corporate, M&A, IP, funds and VC work).

Practice head(s):

Pablo Undurraga


They have very broad knowledge of the market and its players, as well as experience in transactions involving the world of entrepreneurship. The lawyers also have an excellent predisposition to attend to the client’s queries and needs, in addition to immersing themselves fully in the business to understand its complexities and particularities.

Its strong points are depth of knowledge of the venture capital sector, a pro-transaction mentality, simple and efficient language, both in documents and meetings.

Availability of time and resources with reasonable costs – excellent approach, efficient and knowledgeable about VC transactions.

A team with outstanding knowledge and experience in VC investments in Chile. Standout knowledge of the structures that can realise VC investments, always thinking about the next steps in the company’s development. The lawyers also stand out for their experience in addressing and managing legal aspects with other stakeholders, especially CORFO.

They have shown a lot of flexibility when adapting to specific needs and working with third parties to solve specific needs such as companies flipping to the USA.

Pablo Undurraga stands out for his deep knowledge in structuring VC investments and understanding/managing the limitations of our fund, which has CORFO (state) support.

Pablo Undurraga is an excellent technical lawyer, who is focused on the efficiency of negotiations and working with the client, so as to produce final documents that quickly interpret the will of the parties; and he promotes the growth and recognition of the firm’s associates as few top-tier partners in Chile do.

Associate Francisca Urrutia is practical and always looking for solutions.

Key clients

Venturance – Fondo Alerce VC

Grupo Falabella

Taram Capital

Kayyak Ventures

Quona Capital

San Ignacio Dos (Family Office Binmelis Yaconi)

Soy Momo

Grupo Leave



El Cóndor Combustibles






Work highlights

  • Advised Fondo Alerce VC (managed by Endurance Investments) on investments in a healthcare biotech company and an online platform for psychologists.
  • Advised Kayyak Ventures on its investment in organic food industry-related biotech company, F4F.
  • Advised SoyMomo on an equity financing round.

Albagli Zaliasnik

Albagli Zaliasnik's venture capital department has significant experience in acting for angel investors, investment companies, private investment funds and incubators. The group is additionally sought out for its expertise in relation to early, mid- and late-stage start-up companies, particularly in Europe, the US, South America and Israel. The principal advisers are firm managing partner partner Rodrigo Albagli, whose vast practice covers VC and private equity work; and corporate director Eduardo Anguita, who advises clients throughout the investment life cycle, from initial capitalisations in companies to sale stages. At associate level, Alvaro Glisser also advises on VC-related transactions.


In relation to start-ups, the team not only excels in its theoretical knowledge, but also in its practical application. This allows clients a wide portfolio of solutions that can be prioritised according to their advantages and disadvantages.

Great proximity to clients and proactivity.


International law firm Cuatrecasas launched its Santiago office in January 2021, recruiting Guerrero Olivos‘ former partner Josefina Yávar  to lead its venture capital practice. Yávar routinely acts for VC investors, start-ups, corporate funds and incubators on structuring funds and investment vehicles, including corporate venture funds. The wider group’s expertise includes acting for entrepreneurs on financing rounds, stock option plans, and internationalisation and exit processes. The practice is also experienced in matching regulatory and tax requirements with investment strategies. Fellow partner and M&A specialist Alfonso Ugarte , who advises both investors and entrepreneurs on public and private transactions, relocated to the firm’s New York office in September 2022.

Practice head(s):

Josefina Yávar

Key clients

Kayyak Ventures


The Not Company

X Capital




Work highlights

  • Advised Leasity on a seed financing round.
  • Advised Kayyak Ventures on an equity financing round raised by 1DOC3 (in which Kayyak was the lead investor).
  • Advised X Capital on a Series A financing round, led by Kaszek Ventures.

Honorato | Delaveau

The venture capital practice at Honorato | Delaveau advises entrepreneurs, project managers and investors on the financing structures best suited to their projects, accompanying them through the various stages of project development, seed capital, early and growth stages. It is led by well-known practitioner Sebastián Delpiano, a member of the legal committees of both the Asociación de Empresas Fintech de Chile and the Chilean Investment Fund Management Association. Key support is provided by Matías Langevin - particularly as regards venture capital M&A; and associate Ignacio Ruiz-Tagle, an October 2021 hire who was formerly an advisor to the Comité Acreditación Mercado de Valores (CAMV). Recent matters include advising a local asset manager on its first venture capital investment.

Practice head(s):

Sebastián Delpiano

Lembeye Abogados

The four-member venture capital team at Lembeye Abogados advises both founders and investment funds on strategic investments, liquidity-related M&A deals and the public offering of securities. The team assists throughout start-ups’ life cycles, including advising on the structuring and formation of operating companies; corporate, tax and labour issues; and stock option plans, investment rounds and internationalisation issues. The practice is co-led by Nicolas Espina, who routinely advises fund managers on the establishment of both public and private funds, and Jorge Lembeye (‘a lawyer you can trust'), whose broad practice includes the structuring and placement of highly complex funds.

Practice head(s):

Nicolas Espina; Jorge Lembeye


Special proximity with their clients: they have contributed to the development of our company by cultivating long-term relationships that are based on trust and appreciation.

A cohesive, stable and energetic team, that is focused and very successful in venture capital matters. I would say that it is one of the few offices in Chile that stands out in this respect, and it has a good nose for determining the strategies that VC companies require, which are not the same as those of large companies. They know this difference perfectly, and adapt and charge in a flexible way.

I have been working with Jorge Lembeye and his team for several years, and I appreciate their work enormously.

Compares favourably, largely thanks to its leading partner Jorge Lembeye, who has a complete vision of the businesses on which he advises. He is a lawyer you can trust, and who has in-depth knowledge of market regulations, new technologies and new industries that are launched in Chile and the world.

Jorge Lembeye, whom I have known for quite some time, is a lawyer of experience and prestige, with deep legal knowledge and a great business vision, which is appreciated in this area of ​​the economy that is expanding rapidly in our country.

I would highlight the deep knowledge of Nicolás Espina, who managed to find plausible and beneficial solutions that were very positive for our company.

Key clients

Polynatural Holding

Somos Fans

Loyal Global Solutions

Luis Stein

GAD Inversora



Mercado Deco

Blue Rock


Work highlights

  • Advised Loyal Global Solutions on the formation and incorporation of two companies.
  • Advised Polynatural Holding on its second round of investment.
  • Advised Blue Rock on its investment through a SAFE agreement in both Racional (a platform that provides investment advice) and Elevva (a company with retail, e-commerce and finance experience).