Zorzal Inversiones Tecnológicas S.A.

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What it is

Zorzal Inversiones Tecnológicas is a Uruguayan corporation that listed its shares on the Bolsa de Valores de Montevideo in June 2024, with the sole purpose of taking minority stakes in local technology companies and collecting preferred dividends from them.

Uruguay’s software sector represents more than 4% of GDP and is the country’s fifth-largest export industry — Zorzal is a vehicle purpose-built to let retail investors share in that growth through a regulated, exchange-traded share.

The plan is to hold stakes in a minimum of five and a maximum of twelve companies. No single investment may exceed US$3 million or fall below US$1 million.

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Who owns it

Capital Oriental structured Zorzal as a collective investment vehicle and issued 100% of its shares to the public on the Bolsa de Valores de Montevideo. There is no private controlling shareholder: every share is publicly held and freely tradeable on the exchange.

The fund is managed by Capital Oriental, a corporate-finance firm that structures investments with a positive-impact focus. At the June 2024 IPO, hundreds of investors bought tickets of between US$1,000 and US$5,000, with an average ticket estimated below US$30,000–$40,000.

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Who runs it

Jaime Miller — a certified public accountant (Universidad de la República) with an MBA from the Universidad de Montevideo — is Director of Zorzal Inversiones Tecnológicas and co-founder of Capital Oriental. Miller launched Capital Oriental in October 2021 together with Jean Jacques Bragard and Agustina Bomio.

Zorzal’s own site lists its management team as: Cr. Jaime Miller, Dr. Jean Jacques Bragard, Ing.

Jorge Goulu, Dra. Agustina Bomio, and Ec.

Juan Francisco Reyes, with business development and investor relations handled by Capital Oriental. A separate CFO role for Zorzal itself is not disclosed in available sources.

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The money, in plain words

Zorzal raised US$5.6 million in its June 2024 IPO — the first operation of its kind under Uruguay’s simplified-listing regime on the BVM, which authorised up to US$15.5 million in total.

By the end of Q1 2025, the fund reported net equity of US$5,420,358 (UYU ~218M at today’s rate — our calculation) and earned a net profit of US$27,459 for the quarter. The investment portfolio was split US$3.1 million in portfolio-company stakes and US$2.5 million in liquid financial instruments.

Each portfolio company is contractually required to pay Zorzal a minimum dividend of 7% per year on its investment, and to grant Zorzal a vote on major decisions and regular financial reporting. Because Zorzal itself is listed, any returns — whether dividends or capital gains on the share — are exempt from Uruguayan income tax for retail investors, as shares of public offering.

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What it is doing now

In March 2026, Zorzal completed the acquisition of 20.49% of Security Advisor, a Uruguayan cybersecurity firm, finishing the full deployment of its initial US$5.6 million capital across three companies: 18.75% of Spotter, 15.3% of Arkano Software, and 20.49% of Security Advisor.

With that first phase complete, Zorzal is now moving to raise additional capital so it can continue building its portfolio of minority stakes in Uruguayan technology companies. Its second public share offering — targeting up to US$10.5 million in fresh capital — was announced for June 2025.

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What to watch

• Second emission close: Whether the planned US$10.5 million second raise is fully subscribed will determine how many new companies — and how quickly — can join the portfolio.
• Programme ceiling: Zorzal’s total investment under the simplified regime is capped at the equivalent of 100 million Unidades Indexadas (~US$15.5 million at current rates); reaching that ceiling means any further growth requires a change in legal structure.
• Portfolio exits: The real upside for investors comes when one of the portfolio companies is sold: Zorzal participates in any such sale alongside the founding shareholders, potentially realising a capital gain well above its original stake price.
• FY 2024 annual results: The full-year audited financial statements to 31 December 2024 were filed on the BVM on 29 April 2025; analysts watching the fund’s net return on invested capital and dividend income received from its three portfolio companies should read that filing directly.

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This is news, not investment advice.