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Beyond Pitch Night: David Olivencia’s $20 Million Mission to Build Latino Wealth Through Venture Capital
Wealth Stream News sat down with David Olivencia, CEO and General Partner of Angeles Investors and Ventures, to talk about how a single pitch night in 2019 grew into one of the fastest-growing angel investing networks in the country, and what it means for the next generation of Latino wealth builders.
Olivencia also serves on two corporate boards, is the author of "NetWORKing Excellence," and lives outside Chicago with his wife, three kids, and dog.
What has fueled Angeles' growth, and what should members look forward to?
David: At the top is our mission, which is the glue for everyone: we leverage the power of Latino growth to find, fund, and fuel the best ventures in America. That mission attracts members who want to invest in early-stage, high-risk, high-reward startups, and it attracts like-minded people, sponsors, and startups who believe in that same philosophy. We do quarterly events, regular receptions across the country, a podcast, and newsletters to keep that network engaged.
Talk about the venture fund and how it fits alongside the angel group.
David: Our angel group has about 700 members who each pick what they want to invest in. Angeles Ventures is our $20 million fund, backed by Bank of America, the State of Illinois, family offices, and about 90 investors. I manage it with my co-general partner, Adela Cepeda. We're tech-focused, investing at the seed stage in companies with product traction and valuations roughly between $5 and $20 million. We've invested in 10 or 11 startups so far and expect to reach about 20 within the next year.
Where do you see opportunity for the real estate and construction community within your network?
David: There's a lot of tech being developed in home tech and construction, from robotic home-building to real estate platforms for Latin America. Home buying today is still antiquated and paper-based, and there's tons of opportunity for efficiency and innovation, whether it's smart-home technology, solar and battery, or eventually tokenization of real estate. It's an area where we can collaborate more closely with your members.
What are some of your proudest portfolio wins?
David: Lead Sales, which we invested in back in 2023, is now doing $5 million in revenue, and very few companies reach that mark. Canela Media, which we backed in 2020, grew to $60 to $70 million in revenue. Maspanadas, an empanada company, just broke into Walmart. And Linker Finance recently raised a new round. Watching founders hit those milestones is the most rewarding part of this work.
What is your message to young Latinos who want to build wealth as investors, not just founders?
David: Start with education. Join the network, study pitches, and build relationships even before you have money to invest, that's exactly what I did for five or six years before I had capital. You can also start in public equities without needing to be accredited, learn the fundamentals, and grow into startup investing as your resources grow.
How do you define wealth, and what legacy do you want to leave?
David: Wealth is an abundance of resources, financial, but also friends, support, and health. I want to be known as a leader who helped educate people on exponential growth and built an investing network and fund that delivered phenomenal returns for our members, all while being proud of being Latino.
As Avance heads toward its national conference in Las Vegas this September, Olivencia's message to the Hispanic Wealth Project community is clear: the wealth being created in venture capital today is happening faster than ever, and there are more entry points than ever, whether through equities, an angel network, or a fund, to participate in it. Be part of that growth!
Disclosure: The information provided in this article is for educational and informational purposes only and should not be construed as financial advice.
Olivencia also serves on two corporate boards, is the author of "NetWORKing Excellence," and lives outside Chicago with his wife, three kids, and dog.
What has fueled Angeles' growth, and what should members look forward to?
David: At the top is our mission, which is the glue for everyone: we leverage the power of Latino growth to find, fund, and fuel the best ventures in America. That mission attracts members who want to invest in early-stage, high-risk, high-reward startups, and it attracts like-minded people, sponsors, and startups who believe in that same philosophy. We do quarterly events, regular receptions across the country, a podcast, and newsletters to keep that network engaged.
Talk about the venture fund and how it fits alongside the angel group.
David: Our angel group has about 700 members who each pick what they want to invest in. Angeles Ventures is our $20 million fund, backed by Bank of America, the State of Illinois, family offices, and about 90 investors. I manage it with my co-general partner, Adela Cepeda. We're tech-focused, investing at the seed stage in companies with product traction and valuations roughly between $5 and $20 million. We've invested in 10 or 11 startups so far and expect to reach about 20 within the next year.
Where do you see opportunity for the real estate and construction community within your network?
David: There's a lot of tech being developed in home tech and construction, from robotic home-building to real estate platforms for Latin America. Home buying today is still antiquated and paper-based, and there's tons of opportunity for efficiency and innovation, whether it's smart-home technology, solar and battery, or eventually tokenization of real estate. It's an area where we can collaborate more closely with your members.
What are some of your proudest portfolio wins?
David: Lead Sales, which we invested in back in 2023, is now doing $5 million in revenue, and very few companies reach that mark. Canela Media, which we backed in 2020, grew to $60 to $70 million in revenue. Maspanadas, an empanada company, just broke into Walmart. And Linker Finance recently raised a new round. Watching founders hit those milestones is the most rewarding part of this work.
What is your message to young Latinos who want to build wealth as investors, not just founders?
David: Start with education. Join the network, study pitches, and build relationships even before you have money to invest, that's exactly what I did for five or six years before I had capital. You can also start in public equities without needing to be accredited, learn the fundamentals, and grow into startup investing as your resources grow.
How do you define wealth, and what legacy do you want to leave?
David: Wealth is an abundance of resources, financial, but also friends, support, and health. I want to be known as a leader who helped educate people on exponential growth and built an investing network and fund that delivered phenomenal returns for our members, all while being proud of being Latino.
As Avance heads toward its national conference in Las Vegas this September, Olivencia's message to the Hispanic Wealth Project community is clear: the wealth being created in venture capital today is happening faster than ever, and there are more entry points than ever, whether through equities, an angel network, or a fund, to participate in it. Be part of that growth!
Disclosure: The information provided in this article is for educational and informational purposes only and should not be construed as financial advice.
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