Morro Ventures

What Morro Ventures does

Morro Ventures is a Puerto Rico-based institutional early-stage venture capital firm founded in 2018, co-founded by Allison Kern and Cyril Meduna under the auspices of Advent-Morro Equity Partners, a private equity firm established in 1989. The firm invests in technology-enabled companies across the Caribbean and Latin America, deploying 5-10 high-conviction investments per year across pre-seed ($10K-$250K), seed ($250K-$1M), Series A ($1M-$3M), and growth ($3M+) stages, with selective capital concentration rather than broad spray-and-pray. Fund I (launched 2018, $20M) focuses on Latin America, while Fund II (announced 2025, $15M+ target) is Caribbean-focused and introduces a flexible financing architecture of convertible notes, preferred equity, revenue-based financing, and venture debt to address structural capital gaps in the Caribbean.

The firm operates a platform-plus-funds model, layering operational support on top of capital: a proprietary due diligence framework inherited from Advent-Morro's PE heritage; 5+ month accelerator-based pre-investment diligence windows through partnerships with Puerto Rico's global tech accelerator programs; in-house growth expertise in branding, sales, and hiring; and curated access to corporate, government, and LP co-investor networks spanning DFIs, sector VCs, corporate VCs, impact/family offices, and sovereign/diaspora funds. The investment team consists of 3-5 professionals (Cyril Meduna, Allison Kern, Stephanie Pemberton as Partners; Ronald Harford as Investment Advisor; Jose Tomas Echeverria as Senior Associate), supported by on-the-ground presence in Puerto Rico, Chile, Argentina, Colombia, Mexico, and Brazil. The named portfolio across Fund I includes 12+ companies such as Wisboo, LendingPoint, Cumplo, Chattigo, Andiago, Andeno, OccamzRazor, Runa, Red Atlas, Kiwi Credit, Hyperion, Leal, and Moonflow.

The business model is standard institutional VC economics: management fees on committed/invested AUM across Fund I and Fund II, complemented by long-term carried interest and equity returns from portfolio exits. Advisory support, founder mentoring, and platform services are bundled into the value proposition rather than charged separately. Geographic reach spans the Caribbean, Latin America, the U.S., and Europe, with the website (morroventures.com) and direct LP/founder outreach as the principal demand-generation channels. The firm's strategic intent is to combine PE-grade institutional discipline with deep regional fluency to underwrite overlooked Caribbean and LATAM tech opportunities at the seed and Series A stages.

Name

Morro Ventures

Legal name

Morro Ventures

Website

https://morroventures.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Morro Ventures is a Puerto Rico-based institutional early-stage venture capital firm co-founded in 2018 by Allison Kern and Cyril Meduna under Advent-Morro Equity Partners. It backs 5-10 tech-enabled companies per year across the Caribbean and Latin America via Fund I ($20M) and Fund II ($15M+ target).

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Venture Capital Fund-of-Funds / Multi-Manager Platforms (FSANAAAJ)

akta.pro secondary industry

Transition / Engagement & Stewardship Funds (FSANAJAO)

Keywords

• Venture capital investing
• Early-stage technology funding
• Caribbean startup financing
• Latin America venture fund
• Flexible seed capital

Headquarters

HQ city

San Juan

HQ country

Puerto Rico

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Venture Fund Investment Returns (Equity): Carried interest and equity returns from Fund I and Fund II portfolio companies; target material ownership positions with board seats and corporate governance enforcement. First institutional investment with conversion at equity financing or maturity. Across four prior funds (via Advent-Morro), the team has realized exits with strong returns.
2. Flexible Financing Income (Convertible Notes, Preferred Equity, Revenue-based Financing, Venture Debt): Financing post-revenue, early-stage Caribbean companies through convertible notes, preferred equity, revenue-based financing, and venture debt. Generates near-term stable returns from debt-like instruments complemented by long-term equity upside; targets recurring-revenue SaaS, e-commerce, and delivery companies for revenue-based financing.
3. Fund Management Fees: Standard venture fund management fees on Fund I ($20M, launched 2018) and Fund II (target size $15M+), anchored by stable long-horizon institutional capital.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Morro Ventures is a Puerto Rico-based institutional early-stage venture capital firm that deploys capital into technology companies across the Caribbean and Latin America through two funds. Fund I ($20M, 2018) invests in early-stage tech companies across LatAm and the Caribbean. Fund II ($15M+ target) is Caribbean-focused and offers flexible financing instruments — convertible notes, preferred equity, revenue-based financing, and venture debt — across pre-seed, seed, Series A, and growth stages, supported by deep operational mentoring, recruiting, and governance guidance.

Product overview

Morro Ventures is a venture capital firm — not a software product company — that offers a platform-plus-funds architecture consisting of two distinct fund products. Fund I (LATAM), launched in 2018 with a $20M target and cornerstone backing from Advent-Morro Equity Partners, invests in early-stage tech companies across Latin America and the Caribbean and includes active portfolio companies such as Wisboo, LendingPoint, Cumplo, Chattigo, and Andiago. Fund II (Caribbean) is the firm's newer Caribbean-focused fund targeting $15M+ that extends the offering with flexible financing instruments (convertible notes, preferred equity, revenue-based financing, and venture debt) for early-stage Caribbean tech-enabled companies. Together, the two funds form a multi-stage capital platform anchored in Puerto Rico that combines deep regional expertise with cross-border scaling support, governance mentoring, and an LP base anchored by long-horizon institutional capital.

Differentiator

Problem solved

Functional benefit

Brands

• Morro Ventures Fund I: Latin America-focused early-stage tech venture fund (LATAM) with $20 million in commitments, launched in 2018.
• Morro Ventures Fund II (Morro Ventures Caribbean Fund)

Products and services

• Morro Ventures Fund I (LATAM) Fund I is Morro Ventures' inaugural early-stage tech venture fund focused on Latin America and the Caribbean, with a $20 million size, launched in 2018 under the auspices of Advent-Morro Equity Partners. It invests in regionally-scalable, early-stage startups across diverse technology verticals, with active portfolio companies including Wisboo, LendingPoint, Cumplo, Chattigo, Andiago, Andeno, OccamzRazor, Runa, Red Atlas, Kiwi Credit, Hyperion, and Leal.
• Morro Ventures Fund II (Caribbean) Fund II is Morro Ventures' Caribbean-focused fund with a target size of $15 million or more, providing flexible financing instruments — including convertible notes, preferred equity, revenue-based financing, and venture debt — to early-stage tech-enabled companies in the Caribbean. Targets 5–10 high-conviction investments per year, with deep operational support and a selective portfolio approach.

Quantifiable outcome

• Over 50 companies partnered across Advent-Morro portfolio (since 1989)
• +7 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered minor and core.

• Republic Bank LimitedminorStrategic or Co-development PartnerStrategic relationship facilitated by Investment Advisor Ronald Harford, who served as Managing Director (1997–2005) and Chairman (2003–2019) of Republic Bank Limited, transforming it from a domestic institution into a regional powerhouse with operations in Guyana, Barbados, Suriname, Ghana, and the Cayman Islands. Harford brings regional relationships, governance frameworks, and sectoral strategy to Morro Ventures.
• Puerto Rico Global Tech Accelerator ProgramscoreStrategic or Co-development PartnerPartnerships with Puerto Rico's global tech accelerator programs supporting network introductions (mentor, customer, strategic partner), best practices (financial tracking, go-to-market strategy, hiring, product development), and transformational growth in Puerto Rico and globally. Provides opportunity to work with companies for 5+ months in Puerto Rico before committing capital.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• TheVentureCity: Miami-based early-stage VC investing across Latin America, the U.S., and Europe with a focus on diverse founders. Direct co-investor alongside Morro in Moonflow's $1.6M Pre-Series A round, operates similar accelerator-driven deal flow and pre-seed/seed/Series A check sizes targeting the same founder profile.
• Magma Partners: Chile-based early-stage VC with deep LatAm reach across Chile, Argentina, Mexico, Colombia, and the U.S. Closely comparable in geography, check size, and stage focus; both funds back SaaS, fintech, and marketplace startups serving emerging markets.
• DILA Capital: Mexico City-based early-stage VC investing in Spanish-speaking Latin America. Similar fund size, comparable Series A check size, and overlapping focus on fintech, SaaS, and marketplace startups addressing underbanked and SMB customers across LatAm.
• Salkantay Ventures: Lima-based early-stage VC focused on Spanish-speaking Latin America. Co-invested with Morro in Moonflow's $1.6M Pre-Series A round, with comparable check sizes, regional focus, and pre-seed-to-Series A deployment model.
• Cometa: Mexico-based early-stage VC investing across Latin America and the U.S. with comparable fund size, stage focus (pre-seed to Series A), and orientation toward early technical founders building globally-scalable startups from the region.

Regional players

• Carao Ventures: Central America-focused early-stage VC based in Costa Rica. Highly comparable to Morro in its focus on an underserved LatAm sub-region (Central America vs. Caribbean), founder-first approach, and small fund size backed by institutional LPs.
• Parallel18: Puerto Rico-based global tech accelerator that is itself a key deal-flow source and partner for Morro Ventures. Comparable Caribbean/Puerto Rico focus, accelerator-driven founder support model, and shared beneficiary of Puerto Rico's bridge-between-LatAm-and-U.S. positioning.

Broad incumbents

• ALLVP: One of the largest Mexico-focused early-stage VCs with $200M+ AUM. Competes with Morro for the highest-quality LatAm Series A founders; a much larger incumbent that has begun expanding into broader LatAm and U.S. Hispanic markets.
• Kaszek Ventures: Largest LatAm-focused VC with $1B+ AUM. Operates in similar geographies (Argentina, Brazil, Mexico, Colombia) at materially larger check sizes, often outbidding smaller funds like Morro on Series A rounds of high-quality LatAm founders.

Others

• Advent-Morro Equity Partners: Parent organization and cornerstone LP of Morro Ventures; Puerto Rico's first and largest PE firm (est. 1989). Closely related as the institutional sponsor providing governance framework, operational infrastructure, and the multi-decade track record that underpins Morro's venture strategy.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments21 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Morro Ventures