At a Glance
Monashees is a Sao Paulo-based venture capital firm and one of the longest-running technology investors in Latin America. It was founded in 2005 by Eric Acher and Fabio Igel, who have signed the firm's US securities filings since 2011 and still lead the partnership. The current partner group also includes Carlo Dapuzzo, Marcelo Lima, Caio Bolognesi and Carlos de Araujo. The firm manages roughly $2 billion and invests from seed through later growth rounds, typically leading or co-leading a first institutional round and continuing to back companies across subsequent financings. Its thesis is that structural gaps in Latin American financial services, logistics, health care, education and commerce create room for companies that become regional category leaders rather than local copies of US models. The track record includes several of the region's largest technology outcomes: iFood in food delivery, 99 in ride-hailing, Creditas in secured consumer lending, Gympass in corporate fitness benefits, Stone and Pagar.me in payments, Movile in mobile commerce, and ContaAzul in software for small and mid-sized businesses. The firm works across fintech, consumer, enterprise software and digital health, and has repeatedly been the earliest institutional backer of Brazilian companies that later raised from global crossover investors. Monashees positions itself as founder-first and hands-on in the years immediately after investment, helping with hiring, capital strategy and expansion out of Brazil into Mexico, Colombia and the rest of Spanish-speaking Latin America. Its long tenure means it has invested through multiple Brazilian macro cycles, including currency shocks and the repricing of regional technology valuations.
“Invests in technology companies across Latin America that can build massive businesses by solving fundamental problems in the region.”
Eric Acher and Fabio Igel co-founded Monashees and signed every fund filing from Monashees Capital IV in 2011 through the 2021 vintage. Acher remains the sole named executive officer on the 2026 Monashees XI filing.
Carlo Dapuzzo joined the signing partnership by Fund VIII in 2018, and Marcelo Lima and Caio Bolognesi appear from Fund IX in 2019, with Carlos de Araujo added on the 2021 Monashees X and Expansion II filings. That sequence maps the build-out of the growth practice. The firm's current programmes include a pre-seed community and acceleration effort with Endeavor Catalyst and a co-investment programme with Google's AI Futures Fund aimed at AI-native companies. Recent investments include Vambe, Rivio and Moises.
Monashees has raised steadily from Sao Paulo since 2005 and describes itself as the largest Brazilian venture firm and the first Silicon Valley-style VC in Latin America. Form D filings begin with Monashees Capital IV in August 2011 at a $32.1 million target, followed by Fund V in December 2011, which sold its full $45 million, and Fund VI in August 2012, which sold $84.2 million against a $110 million target. Fund VII was filed in December 2014 at $140 million.
Fund VIII followed in April 2018 at a $150 million target and Fund IX in November 2019 at $280 million. The firm then added a growth line: Monashees Expansion sold its full $117.3 million from a June 2020 first sale, and in December 2021 Monashees X and Monashees Expansion II were filed together at $350 million each, alongside F&L parallel vehicles. Monashees XI was filed in June 2026 at a $200 million target. The firm also runs a co-investment fund with two investment series and now invests from offices in Sao Paulo, Mexico City and San Francisco.
Monashees primarily invests at the Seed, Series A, Series B+ stages. This means they focus on companies that are building their initial product and finding product-market fit.
Monashees is headquartered in Sao Paulo, Brazil. Many of their portfolio companies are also based in this region, though they invest across geographies.
Monashees focuses on investments in Fintech, Consumer, Enterprise, Digital Health. Their portfolio reflects deep expertise and networks within these sectors.
Monashees's typical investment check size ranges from $500K to $40M. Actual amounts may vary based on the stage, sector, and specific opportunity.
Monashees manages approximately $2B in assets under management (AUM) across their funds.
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