MAYA Capital co-founders Lara Lemann and Monica Saggioro raised $41.5 million through a series of closings for their early-stage Latin American venture capital fund. The two women had met for the first time in mid-2016 when Lemann was contemplating scaling her angel investing experience by structuring a fund, and Saggioro was about to start her MBA program at Harvard Business School. After founding MAYA in 2018, the pair built an investment portfolio in sector-agnostic investments across the region, providing startup founders with an on-demand, hands-on management support approach. MAYA also initiated a series of creative efforts to help develop its venture ecosystem and to source opportunities. By 2021, Lemann and Saggioro had invested approximately $21 million in 28 companies, with several completing subsequent follow-on rounds of financing to support their growth. By then, Latin America s VC market size had more than doubled since MAYA s inception, with escalating competition among local players. Lemann and Saggioro faced several important decisions: When should they raise another fund? How large should the next fund be? Should they alter their investment strategy? And as MAYA expanded its portfolio, would they be able to sustain their hands-on management support strategy?