Magma Partners is a Santiago, Chile-based venture capital firm focused on early-stage technology startups across Latin America. Founded in 2014 by Nathan Lustig, an American entrepreneur who relocated to Chile through the government-backed Start-Up Chile program, the firm has built one of the region's more active seed-stage investment networks. Magma targets B2B SaaS, fintech, and marketplace companies operating in or expanding into Latin American markets.
The firm's crypto and Web3 footprint is modest relative to its broader technology portfolio. According to public aggregator data, Magma holds approximately six blockchain or crypto-related portfolio positions with one recorded as a lead investment. This reflects a cautious posture: the firm treats digital assets and Web3 infrastructure as a secondary vertical rather than a core thesis. The majority of Magma's disclosed capital goes into enterprise software and financial technology with clear revenue models.
Public information about total AUM is limited. Magma Partners does not disclose fund sizes publicly, which is common among sub-$100M regional seed funds in Latin America.
Notable investments
Magma's broader portfolio includes companies such as NotCo (food-tech, Chile), Fintual (regulated investment platform, Chile/Mexico), and a range of B2B SaaS companies targeting Spanish-speaking markets. Specific names of crypto or Web3 portfolio companies are not confirmed in publicly available sources as of this writing. Attributing project names without verification would risk inaccuracy, so those entries are omitted here.
Team
Nathan Lustig serves as managing partner. His background spans entrepreneurship and angel investing, with experience building and selling a company (Entrustet) before moving to Chile. He is a visible public voice on Latin American startup ecosystems, writing regularly at nathanlustig.com. Public information about other named partners or investment staff at Magma is limited.
Recent activity
Between 2024 and early 2026, Magma continued making seed investments in LATAM-focused startups, according to Crunchbase records. No major new crypto-specific fund announcements or headline deals have been reported in that window. The firm has maintained a consistent strategy: small check sizes ($50k–$500k range at seed), high volume of bets, and active portfolio support for companies expanding across the region.
Magma Partners remains a relevant but niche player in crypto venture. Its geographic focus on Chile and Latin America gives it an edge in sourcing deals from a region that has produced notable fintech exits. For investors tracking emerging-market Web3 infrastructure and payments projects, Magma is worth monitoring – though its crypto allocation appears selective and its deal flow in the sector is not publicly detailed.
Sources: Magma Partners on Crunchbase · Nathan Lustig's blog