When Samara Hernandez launched Chingona Ventures, she wasn't just starting another VC firm—she was starting a movement. A former engineer turned Goldman Sachs investor, Samara set out to challenge one of venture capital’s biggest blind spots: who gets funded and why.
In a recent conversation on the Ignite Podcast, Samara shared the story behind Chingona’s $60M fund, the lessons learned from leading deals as an emerging manager, and her unique approach to investing in founders who don’t fit the traditional mold.
Here’s a look at the most compelling takeaways from her journey.
Why “Chingona”? A Name with Meaning
The word “chingona” is Mexican slang for a badass woman. It’s a nod to Samara’s cultural heritage—and a reflection of her fund’s spirit. Inspired by her sister and the fight that underrepresented founders must endure, the name embodies resilience, boldness, and authenticity.
This symbolism runs deep, from the fund's name to its logo (inspired by the 1968 Olympics in Mexico), and signals the firm’s commitment to backing founders who challenge norms.
From Engineer to VC: An Unlikely Path
Samara didn’t grow up around finance—or even know what venture capital was. Her path began in engineering, but a lucky break landed her an internship at Goldman Sachs, where she discovered the fast-paced world of investing.
After business school, she joined Math Venture Partners, a then-new fund, and helped build everything from sourcing to due diligence. This experience became a training ground for her future as a solo GP.
Building Chingona: A Thesis-Driven Fund
Samara’s thesis is clear and consistent:
Invest earlier in ecosystems without a strong angel network
Bet on fast-growing industries where VC capital is lacking
Back founders who don’t fit the traditional background, geography, or pattern
This includes founders who didn’t go to Ivy League schools, didn’t work in big tech, or grew up far outside Silicon Valley. The unifying thread? A deep, personal connection to the problem they’re solving.
What She Looks for: The Five P’s Framework
Samara uses a structured yet intuitive approach to vet investments:
People: The team is the most important. Have they lived the problem?
Product: Is it a “need to have” or a “nice to have”?
Profit: What’s the path to revenue and is someone paying today?
Potential: How big can this get, even if the market looks small today?
Portfolio Fit: How does the company complement existing investments?
Why Ownership Matters
Samara emphasized a lesson many emerging managers learn the hard way: small checks don’t always translate into meaningful returns. While her first fund focused on smaller checks ($100K–$250K), she shifted in Fund II to leading rounds with larger checks and greater ownership.
“If I write a $250K check into a $4M cap, I need that company to exit at nearly $200M just to return my fund,” she explained. “Ownership is everything—especially if you’re managing a small fund.”
The Liquidity Question: When to Trim or Hold
One of the episode’s most insightful segments came when Samara shared her evolving view on secondaries and liquidity.
“Gone are the days where the only strategy is buy and hold. LPs want to see exits, or at least a plan for them,” she noted. As a result, she now proactively models return scenarios and is open to trimming positions around Series B—depending on the situation.
The Fundraising Journey: From $6M to $60M
Chingona’s Fund I was a $6M proof-of-concept. Fund II closed at $53M after Samara secured a rare institutional anchor. But she’s quick to point out how much of this timing was out of her control.
“There was more awareness in 2020 after George Floyd’s death. The market shifted, and investors were suddenly interested in our thesis. But raising as a solo GP is never easy.”
Today, she continues to build on that momentum while encouraging others to “stay in the game”—a mantra passed down by one of her LPs. Raising one fund is hard. Raising three is harder. But the ones who last? They keep showing up.
Key Takeaways for Founders and VCs Alike
Authenticity wins: Samara’s values are embedded into her firm—and that resonates with founders and LPs.
Fund size and strategy must align: Your ability to lead, support, and own enough of a company is determined by how much capital you can deploy.
Communication is critical: Founders who send regular, honest updates are almost always stronger operators.
VCs must evolve too: Samara is actively rethinking portfolio management, secondaries, and long-term strategy based on how the market is shifting.
Final Thought: A Different Kind of VC
Samara Hernandez isn’t chasing the hottest deals in Silicon Valley. She’s backing the quiet builders in overlooked markets—those solving real problems, often with lived experience and limited resources.
And it’s working.
Her story is a powerful reminder that venture capital doesn’t need to look one way to succeed. With the right thesis, the right discipline, and the courage to go first, it’s possible to reshape the industry—one bold investment at a time.
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Chapters:
00:01 – The Meaning Behind “Chingona”
03:12 – Leading with Authenticity in Venture
05:10 – From Goldman Sachs to Venture Capital
07:32 – The Entrepreneurial Thread
08:26 – Crafting a Unique Investment Thesis
09:08 – Finding Her First LP and Launching Fund I
11:08 – Chingona’s Role as a Lead Investor
12:55 – Rethinking “Overlooked” Founders
14:50 – Founder-Market Fit and Lived Experience
17:13 – The Five P’s Framework
21:05 – Applying the Five P’s to Real Deals
24:56 – Navigating Niche Markets and Scale
26:15 – Betting on AgTech, NIL, and Pivots
29:20 – Lessons from Fund I to Fund II
31:35 – The Importance of Ownership and Access
34:12 – Evolving into a Lead Investor Role
37:53 – Fund Math and Ownership Strategy
41:05 – Managing Liquidity and Secondaries
44:03 – Understanding LP Behavior and Expectations
46:20 – Knowing When to Trim vs. Hold
49:27 – Aligning Liquidity Strategy with Founders
52:44 – The Reality of Fundraising and Staying in the Game
55:24 – Fundraising in a Post-2020 Landscape
