Overview of Venture Capital Activity in Mexico
Venture capital activity in Mexico concluded 2025 with a decrease in both the number of transactions and total value added. The year saw 73 transactions and a total value of USD 1,518 million, representing annual drops of 14.12% in transactions and 9.35% in value compared to 2024, according to the TTRData Annual Report 2025.
Domestic vs. Cross-Border Transactions
The breakdown of 2025’s activity highlights a significant difference between domestic and cross-border transactions. Domestic deals accounted for six transactions worth USD 331 million, while cross-border transactions totaled 67 deals and USD 1,186 million.
Historical Context and Comparison
In the preceding four-year series, 2024 ended with 85 transactions and USD 1,674 million. In 2023, there were 114 transactions and USD 1,046 million.
The annual report also separates domestic and cross-border activities. In 2024, domestic transactions were five, while cross-border concentrated on 80 transactions and USD 1,661 million. In 2023, domestic transactions were 18, and cross-border saw 96 transactions worth USD 951 million.
Quarterly Variations
The fourth quarter of 2025 saw its peak in terms of transactions during the first quarter. In Q1 2025, there were 22 transactions worth USD 405 million. Q2 recorded 20 transactions and USD 377 million, while Q3 saw 14 transactions worth USD 233 million.
During Q4 2025, there were 17 transactions and USD 503 million added to the total. This quarter also included a breakdown by origin, with domestic accounting for one transaction worth USD 250 million and cross-border reporting 16 transactions worth USD 253 million.
For comparison, Q4 2024 saw a total of 15 transactions worth USD 608 million.
Top Firms by Number of Transactions in 2025
Among the firms with the highest number of venture capital transactions in 2025, IGNIA Partners led with five transactions worth USD 54.16 million. BBVA Spark México followed with four transactions worth USD 161.24 million, while Y Combinator registered four transactions worth USD 116.81 million.
Other notable firms include Seed Ventures with four transactions worth USD 5.91 million, Kaszek Ventures with three transactions worth USD 108.60 million, FinTech Collective with three transactions worth USD 93 million, Monashees with three transactions worth USD 57 million, and Hi Ventures with three transactions worth USD 38.80 million.
Subsectors with the Most Activity
In venture capital subsector classification, specialized industry software accounted for 32 transactions in 2025, while internet, software, and IT services totaled 15. Banking and investment registered 4 transactions, and healthcare information systems also had 4.
Compared to 2024, TTRData’s report indicates -26% for specialized industry software, 7% for internet, software, and IT services, -33% for banking and investment, and 100% for healthcare information systems. Over the four-year series included in the same section, these subsectors had 33, 26, 13, and 7 transactions in 2023, and 37, 31, 26, and 12 transactions in 2022.
Largest Transactions
In the year’s closing, the largest venture capital transactions included Plata Card (Mexico) with USD 250 million in consumer finance, Clara (Mexico) with USD 70 million in financial software, and aviva (Mexico) with USD 50 million in financial software. These transactions had investors such as IFC, Covalto, and BBVA Spark México for Clara; and Community Investment Management (CIM) for aviva.
Outside of Mexico, ISA Saúde (Brazil) secured USD 29.83 million for diagnostic, imaging, and lab services with investors including IFC, VOX Capital, Endeavor Catalyst, Dalus Capital, IDB Lab, and FIP Kortex Ventures. In Mexico, Eden raised USD 22 million for remote medical software with investors like Sierra Ventures.
