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    We Are Different

    And we are proud of it

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    Grow Faster and Go Global

    Hands-on strategic and operational support.

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    Global Category-Defining Leaders

    Growth-stage high-potential innovation-oriented companies.

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    Entrepreneurs helping entrepreneurs.

    We’ve been there before and know what must be done.


Coda Evergreen Holdings is an unconventional permanent venture capital platform investing globally in seed to growth-stage high-potential innovation-oriented companies with international reach.

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We Are An Unconventional Venture Capital Platform

  • Structure

    Coda differs from the usual PE approach by being structured as a holding company instead of a limited partnership. Investors get shares in it and we produce yield for them via dividends and loan interests. A corporate structure enables us to be nimbler, simplifying accounting and tax filings and, thus, reducing general administrative costs.


    Unlike traditional funds operating on a 10-year timeframe which are forced either to liquidate (“fire sale”) or restructure their portfolios with the onset of their term expiration, leaving both entrepreneurs and investors frustrated, Coda, as an independent evergreen fund with no specific timeframe, can shepherd its portfolio companies to maturity and exit them only when they fully realize their value.

    Fundraising timing

    Coda does not raise all its cash at the outset, forcing investors to pay high fees for fund managers to manage their unused cash. Being able to receive ongoing investments, Coda manages non-performing cash balances by only raising the capital it strictly requires.


    As once an investment is made, capital deployed is gone for good, GPs of most venture funds are motivated to sell the best companies soon to maximize IRR and raise the next fund. Coda reinvests most of its profits and redeploys them into other startups in perpetuity, enabling us to focus on building trusted long-term relations with our founders and on driving growth for their companies, not IRR. We can keep the funding in-house for our top-performing companies without distracting them with raises while we increase our interest in them.

  • Investment constraints

    Constraints on fund strategy (e.g. stage, ownership % targets and control) are usually set when VCs market their funds to LPs. Coda has absolute flexibility in its investment approach, focusing only on maximizing the value of our portfolio.


    To succeed, regular VCs need to invest in the highest return opportunities, the Facebook or Google-like moonshots that can return 10x to 100x over 7 to 10 years, often resulting in significant early capital losses. Coda looks for solid investments with recurring and predictable revenues. We are open to investments that might deliver a 2x or 3x return in three years or so, providing us access to a much wider range of opportunities.

    Management Fees

    Coda’s management team neither has fees rewarding the ability of raising ever-bigger pots of money, nor carried interest on profits derived from premature exits. We are shareholders in the holding company, we get richer by the growth in its value and we amass our profits from the dividends it distributes. We only collect a 20% carried interest on the investor’s equity value differential generated upon a partial or total sale of their equity stake in the holding company.

    Constant investor scrutiny

    A closed end fund manager has significant discretion to make investments and control the affairs of the fund before proving success. Coda’s investors are shareholders in the holding company and, hence, every investment we make is consistent with their interest.



Unlike conventional VCs who only invest money, Coda can also invest world-class technological products, scale-up services for driving aggressive sales growth, and high-impact strategic advice in exchange for an equity stake in promising startups. We can also provide this suite of services to non-portfolio companies on a flexible fee-basis.
After having invested in a company, we’ll participate on the Board of Directors, roll up our sleeves and work in partnership with management teams offering them hands-on strategic and operational support to help them grow faster and go global.


We’ll work with entrepreneurs to understand their businesses and customers, identify initial features, design UI and UX, generate mock-ups and wireframes, create an initial MVP and build a product using the latest technologies and highest standards.

Funding Strategy and Execution

We’ll work with company leaders to determine the right capital solution for their businesses, help them create the ultimate investor pitch, connect them with receptive investors and guide them through negotiations until closing.

Business Development

We’ll help entrepreneurs research their potential market, create new markets, assess opportunities, develop a compelling value proposition, produce awesome marketing materials (branding, logos, websites, demos, print collateral, brochures, social media graphics), introduce them to high-value customers and channels and drive big sales.

Strategic Planning

We’ll provide high-impact operational assistance to help managers establish goals for growth, understand their value drivers, fine-tune their strategy, set milestones, acquire the resources and help them overcome the barriers that keep them from growing aggressively.


At Coda, we’re passionate about assisting early-stage innovative entrepreneurs unlock their companies’ full potential and build global category-defining businesses.


We are looking for select investment opportunities in seed to growth-stage high-potential innovation-oriented companies with international reach. The companies we back must have barriers to entry and proven business models with a recurring revenue and solid cash flow profile.

We invest in people. We feel comfortable partnering with leading entrepreneurs in their industry, who demonstrate excellence in all that they do, have skin in the game and the ambition to grow aggressively.



Building the next-generation of global category leaders.

On-demand delivery network, matching people with staff to send with delivery partners.
Premier on and off-site marketing and visitor relationship management, cloud-based platform based on top of venue guest wi-fi connections.
Digital media platform leveraging cross-channel marketing campaigns to generate social graphs and consumer insights that help brands develop a deeper understanding of their customers and connect in a more personalized way with them.
SaaS logistics platform providing white-label, Uber-like mobile apps and ERP backend solutions for taxi-cab dispatch companies.
Online ticket resale platform enabling fans to resell tickets to other customers legally and risk free for any concert and event available in Latin America.
Digital mobile wallet providing US credit unions’ clients with fully compliant and secure P2P domestic and international remittances services, faster, easier, more transparent and at a lower price than traditional players.
Latam B2B online marketplace for seller discovery and product sourcing, helping SMEs to find new business and globalize their operations.
Online freight brokerage platform seamlessly connecting shippers and brokers with a growing network of prequalified, feedback-rated carriers.
Short-term and vacation rental online marketplace offering owner and professionally-managed reliable and quality accommodations in Spain.
Online peer-to-peer currency exchange network allowing people to transfer money at a reduced cost, without hidden charges, and using mid-market exchange rates.
Social payments app allowing users to make plans with their friends, promote them, share special moments, and get even with simple and convenient cashless P2P money transfers.
Online freemium astrology service featuring a moon calendar connecting moon’s phases with zodiac signs’ characteristics and color’s psychological properties.
Alternative online lending platform offering paperless consumer credit at the point-of-sale, lowering the barriers and costs of borrowing.
Mobile app platform allowing fans and spectators to make in-venue and in-seat orders without having to get up and stand in long lines.
End-to-end, non-conventional transactional ecosystem providing prepaid non-banking online virtual accounts and mobile payment services to underserved users in Argentina through 3rd party issuers.
Fully licensed banking platform (BaaP) with modular, API-accessible banking services, providing private label banking solutions for non-bank companies and helping banks transition from service providers to digital platforms.
Social network for the thriving community of dance enthusiasts where they can connect, expose their talent, follow influential dancers and studios, learn tips and routines from experts, and discover upcoming events in their area.
Qban Tunes
Music sharing and discovery platform enabling Cuban music fans to connect with and support their favorite artists. Qban Tunes empowers Cuban artists to share, promote and sell their music and merchandise, reach new fans and sell tickets.
Payment services hub supporting the need of unbanked customers for online payments. Users add cash to their virtual accounts at a high-density network of retailers and “human ATMs” and spend it online.
Mapping Framework
Social strategy framework helping brands to gather and combine user data from their websites with raw data of users’ activities in social networks, providing insights on consumer behavior and discovering patterns, trends and relationships.


We are successful entrepreneurs helping entrepreneurs become global category leaders. We are former CEOs and technology industry veterans with real-world experience across a wide range of industries and outstanding technical, operational and strategic skills. Regardless of how challenging a problem may be, we’ve been there before and know what must be done


Federico Nano

Federico Nano is a Co-Founder and Executive Chairman of Coda. Federico focuses most of his time in looking at new investments, landing large commercial agreements for our portfolio companies, expanding Coda’s international reach and managing investor relations.

Federico is a technological entrepreneur since his early 20’s and has been a pioneer in the development and sales of mobile apps in Argentina and Latin America. He has been developing Internet-based companies for more than ten years, especially in the Fintech area. Among other things, he has been instrumental in the development, implementation, and operation of Monedero, Latam’s most popular mobile wallet and powerful digital payments ecosystem for the unbanked to date, which was later acquired by Visa.

He's an expert in digital transaction-based businesses and has raised funds for $16 million since he created Codamation.

Silvio Pestrin Farina

Silvio Pestrin Farina is a Co-Founder and Rainmaker of Coda. Silvio invests most of his time designing sale-boosting product offerings and generating quick revenue opportunities for our portfolio companies, sharpening Coda’s innovation strategy and simplifying its technological development.

Silvio is a Systems Engineer and he began his career developing products for the World Bank and BID. Later, he was Patagon.com’s Product Architect, a first-mover in online banking, which was acquired by Banco Central Hispano for $705 million in 2000. In 2011 he created Fiction City, the first social network designed specifically for artists where he raised more than $2 million in funding. Later, in 2014, Silvio created Ficcy a digital media platform which, with its two products, Ficcy Appliance and Ficcy Social, enabled Ibero-American companies of all sizes to gain access to sophisticated customer social graphs and consumer behavior insights only available before to tech behemoths like Facebook and Google.

Finally, in 2016, he created Fiction Agency, a cross-channel digital marketing agency focused in the US Hispanic market.

Management Team

Francisco Bouzas

Francisco Bouzas is Coda’s Chief Executive Officer. Francisco commits most of his time to working with the current portfolio companies and shepherding them to maturity, developing new business opportunities, analyzing investment candidates and guiding Coda’s overall efforts.

Guillermo Zajic

Guillermo Zajic is a VP, Product @ Coda. Guillermo is mainly focused in transforming ambitious projects and ideas into world-class, robust, yet simple, products and services, applying the most efficient development methodologies and techniques.

Diego Paredes Fontanals

Diego Paredes Fontanals is a VP, Business Development US and CANSAC at Coda. He is in charge of overseeing the USA office and operations, and also of empowering the local network and strategic partnerships. He dedicates most of his time to develop new investment opportunities and business strategies for our company portfolio.


Facundo Loza

Facundo Loza is a VP, UI & UX @ Coda. Facundo is dedicated to build winning companies’ identities, create delightful end-to-end experiences, produce high-quality visual designs, and inject beauty and life into a product.

Alvaro Feo

Álvaro Feo is a VP, Business Development @ Coda. Álvaro focuses most of his time in developing new investment opportunities and strategic partnerships, contributing to the strategic planning and execution of all European and Asian sales and marketing activities, and promoting synergies between portfolio companies.



We are cocky about our business partners.


Roggio S.A.

Founded in 1908 in Córdoba, Roggio S.A. is an Argentine business group specialized in infrastructure and services with national and regional management capacity. With an annual turnover of $2.2 billion and 17,500 employees, Roggio is one of Argentina’s largest business conglomerates. The Group’s main companies are: CLISA, Benito Roggio e Hijos S.A., Benito Roggio ambiental, Benito Roggio transporte, Aguas Cordobesas, and Prominente.

Roggio is present in important business activities such as construction, infrastructure, transportation, environmental engineering, sanitary services, entertainment and tourism, technology and IT, toll-road concessions, and real estate developments. Moreover, the Group has expanded its business activities to almost all the countries of the region: Uruguay, Paraguay, Brazil, Chile, Bolivia, Peru, Mexico, Ecuador, Colombia, Venezuela, and the United States.

In 2005, Roggio acquired a 50% stake in Coda’s equity. Since then, the Group has invested more than $6 million in Coda and has been a key player in the company’s success.


Ella Fontanals-Cisneros

Ella Fontanals-Cisneros is an entrepreneur known as a visionary and pioneer in new technologies and other industries, she is also a philanthropist, art collector, humanitarian and environmentalist. She has served as a board member in both the corporate level and non-profit.

Ms. Fontanals-Cisneros was the CEO of TGF Technologies, board member of Pepsi-Cola Venezuela, President of Su Red, and President of EFC Holdings, among others. In 1989, she founded the Together Foundation in the US with the objective of linking the United Nations to their affiliate missions and offices worldwide through computer-based information technologies. The venue evolved into the Together Networks, the largest ISP in New England, which went public as One Main in 1999. Currently, she holds equity interests in a broad array of leading Venezuelan companies ranging from telecommunications to commodities and invests globally in oil & gas companies, financial institutions and real estate.

Besides being an owner of one of the world’s most prominent contemporary art collections, Ms. Fontanals-Cisneros is trustee at the Institute of International Education in New York and the United Artist in California, and board member of Tate Americas Foundation, the Institute of Contemporary Art (ICA) in Miami, the New Museum in New York, among others. In 2002, she and her family founded The Cisneros Fontanals Art Foundation (CIFO); an art foundation dedicated to supporting emerging, mid-career and established contemporary Latin American artists.

In 2016, Ms. Fontanals-Cisneros partnered with Coda leveraging the reach and capabilities of a multibillion-dollar Latin American behemoth to boost our portfolio companies’ business potential.


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