Orion Startups celebrates a decade of promoting venture capital from northern Mexico

Ten years ago, venture capital, scaling, and startups were rarely discussed in northern Mexico. With the arrival of Orion Startups Fund I, the first structured fund in Chihuahua supported by Tec de Monterrey, the world of venture capital began to gain importance.

Today, the fund is celebrating 10 years of operation in the area, marking a milestone in the construction of regional ecosystems.

Mexico has consolidated its position as the second-largest venture capital market in Latin America. However, historically, capital was concentrated in Mexico City, the capital.

Luis Miguel Almanza Rueda, Managing Director of Orion Startups, explained that, when studying global hubs such as Silicon Valley or Israel, they noticed that “many of the pieces of successful ecosystems in the world were already in Chihuahua, but there was a very important gap: the issue of capital.”

Chihuahua is home to Mexico’s automobile and aerospace sector and also plays a key role in manufacturing electronics and medical devices.

Overcoming counterculture to attract talent

Founded in 2015, Orion was created to stimulate technological innovation in an emerging region, taking a chance when there was no proven track record.

It was a move that challenged the status quo. “Everyone told us, ‘Chihuahua is not the place for venture capital, you won’t be able to do it, you’re too small,'” Almanza recalled, adding that part of the success was not being afraid to go against the grain and surrounding themselves with people who genuinely believed in the project.

Since its creation, the fund has invested in about 25 companies, focusing on sectors such as biotechnology, agrotech, AI, edtech, healthtech, and the Internet of Things, including companies such as SaveFruit, Omdena, Biobotix, Emonitech, and more.

Over the course of this decade, data platforms such as PitchBook have recorded around 15 exits for the fund.

Although many did not believe it would be possible to make an impact on the ecosystem, local LPs supported the initiative, motivated by a desire to give back to the community, according to Orion.

By providing seed capital and acceleration, the fund managed to put the region on the map, even attracting international entrepreneurs.

Consolidation and maturity of the portfolio

While reports show that early investment outside of large centers is vital to retaining talent and fostering development, Orion’s impact is proof of this.

In evaluating the results of the work done so far, Almanza assured that “these are companies worth millions of dollars that are solving important problems in the world.”

Orion’s decade-long journey shows that local talent can compete to some degree with Silicon Valley; all it takes is focus.

The anniversary event closed with the presentation of symbolic pins and the signing of a canvas by the investors, reaffirming that the ecosystem does not belong to a single institution, but to those who take the risk of activating it.

In the coming years, the fund will focus on expanding its infrastructure and exploring new geographies, demonstrating that venture capital, rather than a simple financial transaction, is a long-term human commitment, said its directors.