SaaSholic Closes $30M Fund III to Back LatAm Agentic Software
TL;DR
SaaSholic, a Brazilian seed-stage venture firm founded by Rock Content co-founder Diego Gomes alongside partners William Cordeiro and Gustavo Souza, has closed its third fund at $30 million, three times the size of its $10 million second fund and twenty times its original $1.5 million debut vehicle. The fund backs Latin American B2B software founders, with a growing share of capital explicitly earmarked for companies exporting to the US, and is repositioning its thesis around what the firm calls the "agentic software" era. It matters because it's a concrete signal that LatAm venture capital is both maturing in check size and actively repricing its thesis around AI-native software rather than the seat-based SaaS model that built the region's last generation of winners.
Key Takeaways
The fund has scaled 20x across three vehicles in roughly six years. Fund I closed at $1.5 million, Fund II at $10 million, and Fund III now at $30 million — a trajectory that tracks both LatAm venture's broader maturation and SaaSholic's own portfolio results, including exits and follow-on rounds like Jusfy's reported $15 million raise in July 2026.
"Agentic software" is an explicit thesis pivot, not just marketing language. Partner William Cordeiro frames it directly: the SaaS model the firm knew before is dead, and the firm is repositioning around AI-agent-native software. That's a meaningful bet for a firm with a decade of seat-based SaaS pattern recognition to now underwrite a different value-creation model.
Check sizes are growing faster than the fund itself. Per-company checks are moving from a $150,000-$500,000 range to $1 million-$1.5 million, while ownership targets are rising from roughly 10% to 12-15%. That's a meaningfully more concentrated, higher-conviction posture than the fund's earlier, more diversified approach.
The export thesis is where the real differentiation is. Roughly 30-40% of Fund III is earmarked for LatAm founders building for international, particularly US, markets. That's a talent and cost arbitrage bet: LatAm engineering and go-to-market talent remains underpriced relative to US costs, and SaaSholic is positioning itself as the firm that helps founders make that jump rather than staying purely domestic.
Fund Overview
Fund Name: SaaSholic Fund III
Fund Size: $30 million (Fund II was $10 million; Fund I was $1.5 million)
Stage: Seed
Check Size: $1 million-$1.5 million per company, targeting 12-15% ownership
Geography: Brazil and broader Latin America, with 30-40% of capital targeting LatAm founders building for the US market
Focus: B2B software, with a stated shift toward "agentic software" and AI-native business models, spanning fintech, legal tech, and vertical SaaS
Key LPs: Spectra ($7 million commitment), Evertec, Ricardo Goldfarb of the Lojas Marisa family (who tripled his Fund II commitment), and other Latin American founder-angels
Why This Fund Matters
Latin American venture capital has spent the last two years digging out from the 2022 funding contraction, and fund sizes across the region have generally stayed conservative relative to the pre-2022 peak. A firm tripling its fund size in this environment, with a lead LP increasing its commitment rather than a new external anchor stepping in, is a genuine vote of confidence from people closest to the fund's actual track record.
The thesis shift toward "agentic software" also matters beyond SaaSholic specifically. The seat-based SaaS pricing model that generated LatAm's first wave of venture-scale outcomes, companies like VTEX and Auth0, is increasingly being questioned globally as AI agents shift software value from per-seat licensing toward outcome- or usage-based pricing. A firm with a decade of SaaS pattern recognition explicitly repositioning around that shift is a useful signal for where regional investor sentiment is heading, not just a marketing exercise.
The export-focused allocation is arguably the more interesting structural bet. Rather than positioning as a purely domestic Brazilian or LatAm fund, SaaSholic is explicitly building a bridge for regional founders to reach US customers and, implicitly, US follow-on capital. That mirrors a pattern seen in other emerging venture markets, where local seed funds increasingly position themselves as talent-arbitrage bridges to larger, more liquid markets rather than purely local-market specialists.
The risk is concentration and thesis timing. A fund moving from 40+ portfolio companies worth of diversification toward 15-20 concentrated, larger bets is taking on meaningfully more single-company risk per check, at exactly the moment its core thesis (agentic software) is unproven at scale and increasingly crowded globally as every seed fund repositions around the same language.
The Team
Diego Gomes co-founded Rock Content, one of Brazil's best-known content marketing SaaS companies, giving him direct operating and exit experience in the category SaaSholic invests in. Gustavo Souza specializes in sales team scaling and go-to-market strategy, a hands-on function the firm applies directly to portfolio companies given its concentrated, high-touch model. William Cordeiro focuses on operational support and founder fundraising, leveraging the partners' combined network, which the firm says spans more than 100 prior startup investments across the team before SaaSholic itself was founded, including several exits.
Early Portfolio
Portfolio companies associated with the fund include Kapwork, an AI-powered duplicate-detection platform for receivables that is expanding into the US; PagoASAP, a Venezuelan fintech company; Clicksign, a digital document signing platform; and Jusfy, a legal tech company that reportedly raised $15 million in a follow-on round in July 2026.
What This Means for Founders
This is a fund for LatAm-based B2B software founders, particularly those building AI-agent-native products rather than traditional seat-based SaaS, and especially those with credible ambitions to serve US customers. Founders should expect larger checks than SaaSholic has historically written, but also higher ownership asks and a more concentrated, hands-on relationship given the firm's stated model of each partner closely managing roughly five portfolio companies at a time.
The value-add case centers on go-to-market execution and fundraising access: Gustavo Souza's sales scaling expertise and the partners' combined network of over 100 prior investments give portfolio companies a genuine operating bench, not just capital. For founders specifically targeting US expansion, SaaSholic's explicit allocation and stated thesis toward that path is a differentiator worth weighing against purely domestic-focused LatAm funds.
Fund Momentum Take
We like the fund-size discipline here more than most tripling stories: a 3x step-up backed by an existing LP increasing their stake, rather than a flashy new anchor investor, is a more credible signal of real portfolio performance than fund-size growth driven purely by market hype. The "agentic software" repositioning is directionally sound, but it's also now the single most common thesis statement in global seed investing, and SaaSholic's actual edge will come down to execution and portfolio construction, not the label.
Our bet: the export allocation is the more durable differentiator here than the AI repositioning. LatAm-to-US talent arbitrage has been a working thesis for a decade independent of AI cycles, and SaaSholic's willingness to put 30-40% of a $30 million fund explicitly behind it, backed by partners with real operating and exit experience in the region, is the part of this story we'd bet stays relevant even if "agentic software" as a category label fades in two years.
Frequently Asked Questions
How big is SaaSholic's third fund?
$30 million, up from $10 million for Fund II and $1.5 million for the firm's original Fund I.
What stage and geography does SaaSholic invest in?
Seed-stage B2B software companies in Brazil and Latin America, with 30-40% of Fund III earmarked for LatAm founders building for the US market.
What check sizes does the fund write?
$1 million to $1.5 million per company, targeting 12-15% ownership, up from $150,000-$500,000 in prior funds.
Who are SaaSholic's partners?
Diego Gomes, co-founder of Rock Content; Gustavo Souza, focused on sales and go-to-market; and William Cordeiro, focused on operations and fundraising support.
Who backed Fund III?
Spectra committed $7 million, alongside Evertec and Ricardo Goldfarb of the Lojas Marisa family, who tripled his prior Fund II commitment.
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