The SPV moment in Latin America: from friction to the speed of capital

Genaro Malpeli
Sep 21
3 min read

SPVs (Special Purpose Vehicles) have already established themselves in the US/Europe as the simplest way to bring together angels and maintain clean cap tables . In Latin America, adoption is still low, but the need is high : accessible tickets, agile closing, and less bureaucracy. With a local approach (language, pricing, compliance), SPVs can triple their active investor base in five years and contribute an additional US$2–3 billion annually to early-stage investors. Vefy was created to fill that gap.

1) What is a SPV and why it changed the game

An SPV is an entity that raises capital from multiple investors to invest in a single startup , appearing as a single investor on the cap table. Benefits:

Startups: Close faster, one signature and one transfer ; tidy cap table.
Angels: low tickets (e.g., US$1k–US$10k ), less paperwork, managed vehicle.
Operations: KYC, signature, funds and reporting in a digital flow .

2) What happened in the US/Europe

Standardization and software: The cost of structuring/managing SPVs has dropped dramatically.
Roll-ups: Accepted dozens or hundreds of angels without affecting governance.
Leading platforms: integrated onboarding, docs, KYC/AML, payments, and taxation .

3) LATAM: real pains and why it hurts

High minimum tickets and little space for small checks.
Fragmented deal discovery (disconnected ecosystems).
Cross-border legal/tax friction for individuals.
Lack of knowledge : “I want to invest, but I don’t know how.”

4) The opportunity: tropicalize the playbook

UX in Spanish/Portuguese + human support where needed.
Pro-founder and inclusive pricing for angels (low or no upfront, a key component of success).
Country-by-country compliance guides and templates (what to declare, when, and how).
Local integrations (payments, banks, signature).
Community and education : playbooks, deal forums, clear metrics and updates.

5) Quantitative projection (estimate)

Base assumptions:

Average early-stage SPV in LATAM: US$100k–$250k .
Individual check size: US$2.5k–$10k .
Achievable pace: 1,500–3,000 SPVs/year in 5 years (adding the entire region).
Result: US$2–3B of additional annual capital channeled via SPVs to pre-seed/seed.

Is it ambitious? Yes. Is it impossible? No: the gap isn't about money, it's about friction . The middle and upper classes in Latin America already save in USD; if we eliminate paperwork, fear, and uncertainty, the flow appears.

6) What Vefy will do differently

SPV-as-a-Service : A single line item in the cap table; standard contracts (SAFE/note/equity), signature, and dashboard.
“Pay on success” for founders: the vehicle cost is activated upon closing the round .
Education : country guides, simple glossary (Blue Sky, Wire, K-1 equivalents, etc.), templates and checklists.
Local compliance : clear reporting instructions and annual support.
Roadmap : Secondary between angels, portfolio data, and local payment integrations.

7) What changes for each actor

Founders : Spend less time raising funds, more time building. Gain strategic allies with microtickets without cluttering your cap table.
New Angels : Get in with a low ticket , learn with guided deals, and diversify.
Experienced angels / micro-VCs : You launch SPVs in hours, with an automated back-office.
Funds : you co-invest in follow-ons without opening a new complex vehicle.

Conclusion

The SPV is infrastructure , not just a "contract." When friction is reduced, capital flows. In Latin America, that means more rounds closed, more founders funded, and more talent retained . The time is now.

If you're a founder: you want to close quickly with many partners and a single line of business on the cap table. If you're an investor: you want accessible tickets, less bureaucracy, and curated deals. If you're a VC/accelerator: you want to co-invest without adding operational overhead.

Vefy is that bridge. Let's talk.

—📩 Interested in setting up your first SPV or adding angels with small tickets? → vefy.app | Write to me so I can share templates and the full playbook.

Learn more about our SPVs at vefy.app/spv