Valentina Valencia, ~CFA

The company Jorge and I co-founded, Abacum, just wrapped up an incredible Q3. I want to share my 3 biggest wins and learnings from the past 3 months: Wins: 1. We’ve more than 2x our growth velocity QoQ in Q2 and also Q3. The product is dope. We’re now operating on a whole new level. 2. We signed impressive logos like Strava, Hawk-Eye Innovations Ltd, Cortex, Ursa Major, Mangopay, join.com, and many more. These highly sophisticated finance teams deal with high business complexity in a fast-moving market. I cannot be prouder that Abacum has become their long-term partner. 3. We’ve continued heavily investing in our product, shipping a number of AI-driven features like AI Forecasting and AI Classifiers. We've leveraged ML in the product since our MVP years ago. Now, AI is deeply embedded in what we’re building, and we’re excited about where it’s headed. Learnings: 1. We’ve learned that missing small details can lead to underperformance. Going forward, we’re focusing on tightening up execution at every level and obsessing over details. 2. This year, we’ve had a good number of key teammates become parents. With so many key people on leave it’s been all hands on deck. Basically none of us were sleeping during this time. Not the new parents and not the rest of us. My co-founder Jorge and I have 3 children each. We are proud to see our teammates grow their families and have fulfilling lives amidst our relentless commitment to better serve our customers. 3. We’re getting serious about infosec and legal measures, making sure that as we grow, our security is top-tier and ready to scale with us. This quarter has been a wild ride, I'm thrilled about what's coming next!

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Since 2020 I have had the privilege of being part of BuiltWorlds. Throughout these years I have seen how corporations, startups, and companies from Latin America have begun to take an interest in the events that BuiltWorlds holds. Likewise, companies, corporations and CVCs and VCs from North America and Europe have been interested in learning more about the development of the ConTech ecosystem in Latin America. Based on this interest in the ecosystem, a year ago we began to explore the possibility of holding a Summit or an event focused on technological adoption for construction, sustainability and infrastructure development in Latinoamerica. Today this event, Building Latam Fest, is not only a reality, but it exceeds the expectations that any of us could have in mind. What began with a Whatsapp group and zoom calls to brainstorm ideas about what the event could be, will be the largest Contech, Cleantech and Buildtech event in Latin America and the most solid step for the consolidation of the ecosystem in the region.   The purpose is not to make just another event, the purpose is to have an event to consolidate the ecosystem, to disseminate how the innovation areas of corporations and companies in the sector can have innovation programs to respond to the challenges they have, so that startups can find accelerators and specialized mentoring in the industry that helps them structure themselves in the best possible way for investment, that investors know how the ecosystem is generating opportunities for technological development that can provide return and that in the end the sector benefits from this whole virtuous circle.   Within this process, we could not have found a better ally than La Mezcladora - Hub de Innovación of UTEC Ventures for the organization of the event, nor a better space than UTEC, the technological university of Peru, in Lima. Save the date and participate in this unique event Thanks to all that help in the WA group and the zoom calls to make the event a reality: La Mezcladora - Hub de Innovación, Progreso X, NEXT by Lamosa, Leonard:LatAm, Cementos Pacasmayo SAA, UNACEM, Buildtech Ventures LLC, Mangxo, 360Lateral, Buildpeer, Zacua Ventures, Spybee, Alexis Pérez, @alex Tamayo, Erick Ricardo Melgar Godoy, Gabriela Rodas Urruela, Sheidy Li Cam, Daniel Chamochumbi, Ines Roggero Cilloniz, Francisco Barua, Luis Enrique Flórez Parodi, Victoria Medrano Blanco, Carlos Enrique Sosa, Margarita de la Peña Virgós, Juan Alejandro Saldarriaga Fernández, Natalia Stephanou Frieri, Lilianne Brunstein, Ana María Montoya Arango, Robert ROCHA B., Rodrigo Zetina V., Sergio Angelini, Mauricio Valdes, Julian Rico, Felipe Garzón, @alvaro V, ★ GERMAN ELERA, Mario Espana muchos otros que seguramente se me pasan

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Important post from my colleague Alexander Busse on seed valuations today in LatAm which are showing signs of coming down. Important take-away: Raising at a high valuation at Seed can place undue pressure on Series A rounds where traction and other fundamental KPIs are subject to greater scrutiny post-2022.

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LATAM VCs should focus on very early-stage. It boils down to math. Here's what Luis Andrés Enriquez Arias from Bridge Latam thinks: "In LATAM, VC math makes more sense if you invest very early. Let’s say you run a $10M fund and write average checks of $1M, on a $10M valuation. To get your homerun, you’d need one of those deals to return $20M. That implies the company would need to reach a $200M valuation. It’s safe to assume LATAM has more companies in those waters than unicorns. You can also sell your stake to a later-stage investor rather than waiting for a liquidity event. Ideally, you would exit 2/3rds of your investment at the $200M valuation round, and keep 1/3rd of it in case of an extraordinary IPO, à la Nubank. This strategy boils down to adapting VC math to the ecosystem’s youth. That being said, it implies bigger risks: you are investing earlier and thus in very immature companies. Increased risk means you will have to invest in twice as many deals, to make sure to optimize the chances of fund returners." Read Luis' full Realistic Optimist piece here: https://lnkd.in/gPJU9-Xd

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EdTech Outsmart College, co-founded by Jorge Mazal, Gina Gotthilf, and Daniel Falabella (all ex-Duolingo execs), has raised $13M in seed funding led by Khosla Ventures, with support from Lightspeed , Latitud , Karman Ventures, and Lenny Rachitsky. Outsmart aims to tackle higher education challenges like skyrocketing tuition, $1.7T in student debt, and low graduation rates by making college more affordable and accessible through innovative solutions. Stay ahead in the startup world! 🌟 Get a weekly digest of key happenings and insights delivered to your inbox every Monday morning. Don't miss out—subscribe now: https://lnkd.in/enjNe2VW 🚀 #Funding #EdTech #HigherEducation #Startups

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LATAM tech companies are hitting the gas on fundraising in 2025, and smart founders know that fundraising isn’t about rushing to close a round—it’s about building trust, relationships, and momentum over time. Investors back founders they trust. In fact, 78% of successful seed rounds involve investors who had prior interactions with the founder. Consistent updates—quarterly emails, product milestones, traction—keep investors engaged and create momentum. The earlier you start, the better your chances of finding the right partners who align with your vision. At every stage: 💡 Pre-seed to Seed: Storytelling & team strength 📈 Series A: Product-market fit & traction 📊 Growth: Scalability & metrics (CAC, LTV, ARR) Start early. Build trust. Close strong. More lessons from The J Curve Season 3 in our YouTube and Spotify channels 🎧👀 #latamtech #thejcurvepodcast #foundraisingtips #venturecapital #buildinpublic

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Cashea provides BNPL in Venezuela. How does it credit score its first-time users? Here's how Pedro Julio Vallenilla Sosa, co-founder of Cashea, explains it: " Objectively, we have very little information on first-time borrowers. We approve a large amount of users (85%) but unlock very small amounts of credit to start (between USD 50 and USD 200). Users are rewarded with higher credit limits and lower down payments by diligently paying installments on time, every time. We give users double points if they repay 5 days before the due date. When it comes to credit scoring someone, there’s no better metric than repayment consistency. We have other variables mixed into our credit scoring algorithm. But we primarily focus on getting a lot of people in the system, to collect data we can’t access if they are outside the Cashea ecosystem. " Read Pedro's full Realistic Optimist interview here: https://lnkd.in/gz4xVfBs

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Watch Blanca Espinosa Escorza discuss Alima (YC W22)'s transformative experiences with Y Combinator and Soma Capital. Learn how these top accelerators propelled their growth and helped shape their business strategy. Tune in for key insights - https://lnkd.in/gWvjgatT #StartupGrowth #YCombinator #SomaCapital #Alima #FoodTech #TheNewzchainPodcast

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Our Evolution: From Founders to GPs Hey everyone! It's been an incredible ride for Daniel Ospina and me as we’ve grown Pygma from our startup roots to where we are now. We started just like many of you, facing the ups and downs of building something new. Those experiences have been our guiding light in creating a supportive ecosystem for Latinx tech founders. From Startup to Accelerator + VC: 1️⃣ 2021: We kicked things off with the merger of Buildup Camp and Acanof, plus the Scala acquihire. It was a whirlwind, but it set the stage for what Pygma is today. 2️⃣ 2022: Our Equity-Free Program launched, and it was all about understanding what founders really need to thrive. It helped us connect on a deeper level with early-stage startups. 3️⃣ 2023: Enter the 1% Equity Program! This was a game-changer, turning us into partners in the growth journey of Latin founders in LatAm. 4️⃣ 2024: This year, we’ve expanded into the US with our Industry-Focused Program. We’re now not just an accelerator but also a venture capital firm, pushing innovation to new heights. Looking Ahead: We’re not stopping here. Our goal is to become a Global Accelerator, blending the best of both worlds—accelerator and VC. We want to build a world-class platform that helps startups scale globally with more than just capital. Pygma’s evolution is all about growth, learning, and staying true to our community. We’re excited to keep this journey going, supporting more founders, sparking more innovation, and making an even bigger impact. Thanks for being part of our story!

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Venture capital isn't very complicated math. In young ecosystems, the historical chances of investing in a unicorn are hyper-slim. Let alone exiting that investment if a unicorn does emerge. But what if you invest early and exit when companies reach, say, a $200M valuation? There are more companies in those waters. Maybe that makes more sense in the LATAM context, for example. Hear what Luis Andrés Enriquez Arias from Bridge Latam has to say in this exclusive Realistic Optimist interview. https://lnkd.in/gPJU9-Xd

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Startups before 2021 → focused on growth Startups now → innovation + profitability Why? Rappi is a perfect example. They are a consumer tech company. They provide on-demand delivery and financial services in Latin America. Rappi attracts users with deals they love—and keeps them coming back. But there are 2 major concerns: 1) High customer acquisition costs 2) Reliance on discounts As a result of which they struggle to be profitable. Their growth has not been sustainable. Lesson: Growth without a sustainable model isn’t enough. So a founder needs to adopt a balanced approach; A balance of ‘Growth’ & ‘Profit’. 1) Build first: Start with an MVP to validate your idea. 2) Prove traction: Show real-world success before scaling. 3) Profitability matters: Demonstrate a path to sustainable earnings early on. Of course, there are exceptions to this rule. Deep tech and capital-intensive sectors may still require upfront funding before generating revenue. Otherwise, the formula for startup success has evolved. ↳ Build MVPs quickly, ↳ Prove they work, and ↳ Prioritize profits from the start. What’s your take: Growth or profitability first?

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Last week, DiDi acquired a Sofipo (Sociedades Financieras Populares) to enhance its financial product offerings in Mexico, underscoring a trend where tech companies like Mercado Libre with Mercado Pago and Rappi with RappiPay Colombia, Rappibank Brasil, and RappiBank Perú, among others, have become significant fintech players. This shift reflects the natural progression of non-financial tech companies towards fintech innovation, a theme I explore in my latest article: https://lnkd.in/eNs-tgkw These companies are uniquely positioned to revolutionize financial services, driven by their technological capability and vast customer networks.

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𝗧𝗵𝗲 𝗨𝗹𝘁𝗶𝗺𝗮𝘁𝗲 𝗟𝗶𝘀𝘁 𝗼𝗳 𝟭,𝟬𝟬𝟬 𝗔𝗰𝘁𝗶𝘃𝗲 𝗔𝗻𝗴𝗲𝗹 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 Edit List Link: https://lnkd.in/esFvg_bN The right angel investors can make all the difference for your startup's success and open doors that were shut before. I've put together a curated list of the 1,000 most active angel investors worldwide with my friend Guillermo Flor. Here's what's inside: 𝐍𝐚𝐦𝐞𝐬 𝐨𝐟 𝐓𝐨𝐩 𝐀𝐧𝐠𝐞𝐥𝐬: Including folks like Elad Gil, Naval Ravikant, Scott Banister, Marc Benioff, Garry Tan, Justin Kan, and more. 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐒𝐭𝐚𝐠𝐞𝐬: Whether they invest in pre-seed, seed, Series A, etc. 𝐑𝐞𝐠𝐢𝐨𝐧𝐬: The geographical areas they're active in. Industries and Sectors: Their areas of interest or expertise. 𝐋𝐢𝐧𝐤𝐞𝐝𝐈𝐧 𝐚𝐧𝐝 𝐓𝐰𝐢𝐭𝐭𝐞𝐫 𝐏𝐫𝐨𝐟𝐢𝐥𝐞𝐬: Direct links so you can reach out and connect. Additional Info: Other details to help you make a meaningful connection Leave a comment below for the link 👇

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Venture Capital Mx: Clara In this feature, I will share a glimpse of how Gerry Giacomán Colyer, co-founder & CEO of Clara, was motivated to pursue entrepreneurship while growing up in Mexico. Discuss how Gerry and Diego Iván García Escobedo, co-founders of Clara, were first inspired to develop the idea for Clara. Highlight some product features that the team is excited about and conclude with some overall advice for the next generation of entrepreneurs. https://lnkd.in/dT29MSER #mexico #startups #venturecapital

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📢 [Sound of Fintech | BNPL ]🚀 Kloutit raises €540,000 to revolutionize chargeback management with AI! 🌐 💡 Innovating Fintech: Kloutit, a Spanish fintech startup, has successfully closed a €540,000 funding round led by Lanai Ventures and BStartup 10. Notable investors include industry leaders like: 👉 Luis Osorio Solé, CEO of Stayforlong 👉 Francesc López, COO of Stayforlong 👉 Raúl Morón, CTO of Stayforlong 👉 Axel Serena, CEO of ByeTravel 👉 Manuel Roca, CEO of Atrápalo 👉 Ricardo Fernández, CEO of Destinia 👉 Daniel Romy Martí, founder of Simplr ✨ The Team Behind the Vision: Founded by Albert Algarra (CEO), Alexis Pairetti (CTO), and Adrián Algarra (CPO), Kloutit leverages artificial intelligence (AI) to tackle the costly problem of chargebacks for businesses. 💳 What are Chargebacks? Chargebacks allow consumers to dispute transactions and claim refunds, protecting them from fraud or purchase issues. However, this process often results in significant financial losses for businesses. 📈 Kloutit's Cutting-Edge Solution: A SaaS platform automating and accelerating chargeback management. AI-powered strategies analyze cases in seconds, improving dispute success rates. 🚀 In just 2 months, Kloutit recovered €150,000+ for clients with an 80% success rate! 💬 What Investors Are Saying: "Kloutit combines all the ingredients we look for: an experienced founding team with deep knowledge of the problem and exceptional technological and strategic expertise," says Diego Camilleri, General Partner at Lanai Ventures. 🌟 What’s Next? With the new funding, Kloutit plans to: ✅ Enhance its SaaS platform by integrating more payment processors. ✅ Expand pilot tests with key companies like Atrápalo. ✅ Strengthen its market presence and prove its innovative technology. 🔗 A Game-Changer for E-Commerce: Kloutit’s tailored solutions avoid generic approaches, boosting profitability and operational efficiency for businesses. This forward-thinking strategy is already attracting strategic partners and unlocking new growth opportunities. 📊 Shaping the Future: Kloutit is on track to become a leader in chargeback management, improving financial and operational sustainability for online businesses. 👉 read https://lnkd.in/dRWx9HTU 👉 news 👉 https://pausepay.it/news/   👉 Join PausePay - il Buy Now Pay Later B2B italiano #payments #fintech #b2b #openbanking #Digitaltransformation #innovation #B2BPayments #bnpl #pausepay #Economia2025 #BNPLB2B #CrescitaGlobale  #Digitalizzazione #Sostenibilità 

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One of the biggest hurdles for tech in LatAm is liquidity. IPOs aren’t happening fast enough, and Brazil’s struggles with tech exits are a warning sign for the entire region. The solution won’t come from waiting. LatAm needs creative approaches: alternative exchanges, dividend-sharing models, and hybrid funding structures that fit the region’s realities. I’ve shared a few strategies VCs and startups can use to tackle this in 2025. Find out more in my newsletter—link in comments.

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If Latin America runs on WhatsApp, it’s fair to say Peru runs on Yape... Raimundo Morales is the CEO of Yape, the dominant fintech app in Peru and one of the biggest consumer fintechs in the world. For context, Yape has 16 million users in Peru, which represents 80% of the country’s total population. 65% of the country's adult population uses the app EVERY DAY. On average, they process 550+ million payments a month and are doubling in volume YoY. In this Fintech Leaders episode, we discuss: - The strategy that led them to onboard 65% of Peru’s adult population as daily active users in just eight years   - Yape was built within Credicorp (NYSE: BAP), a $14Bn company traded on the NYSE. How were they able to build a fintech disruptor within a large corporation?   - The road to building a super-app   - Why you should always set irrational goals; winning the war on cash… and a lot more! https://bit.ly/3XsISXy Special thanks to Gianfranco Ferrari, Francesca Raffo, and Milagros Cigueñas!

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The Chilean government gave me $40,000 to start a business. $40k… This was a few years ago My cofounder and I were living in Buenos Aires. Funding Process Street out of our own pockets. And after the first few months of working together, we ran into the challenges most startup founders face early on… - building a new product with a small team is hard - selling customers on why they should use it is hard - scaling both of those activities at the same time is hard We thought we’d become profitable a lot faster than we actually did. So… We’re running out of money, trying to figure out how to get more of it. This is also around the time Cameron McKay and I meet some founders who were traveling through Argentina. Turns out, they graduated from this program in a nearby country called “Startup Chili” This is me: “Startup Chili?” “Like an accelerator for high-growth tasty innovative bean and soup brands?” This is them: “No…” So we start a conversation *Startup Chile* is a startup accelerator sponsored by the Chilean government to attract talented folks to build their startups in Chile. When we applied, - They’d take 100 startup founders every 6 months - Give them $40,000 - take 0% equity At the time, this program sounded like a golden ticket. So Cameron and I invest some money, rent a nice recording studio, make a video application, and pray we get accepted. accepted immediately. Boom! 💥 $40,000 in our bank account, 6 more months of runway, ultimately helping us bridge an important gap in our roadmap. That video is still up on our youtube channel today.

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Talking with Jose Antonio Pascual del Valle, or Pepe, is always interesting: a Spanish that has lived, worked and built for a long time in LatAm and brings different, deep insights to each topic. In this new episode of Startup Sounds, powered by Draper House Americas & Draper Startup House, listen to the head of Cencosud Ventures here: Spotify 🎧 https://lnkd.in/dxNQNtpW YouTube 📹 https://lnkd.in/dU_uG6Ve 🇺🇾THE URUGUAYAN ECOSYSTEM 🌟 What's happening in Uruguay is incredible. Some companies led the way in establishing here, and others followed, like we did with Cencosud Ventures some time ago. They understood that local talent can compete in the Uruguayan market. You also have Kazsek... a friend of mine saw Diaz Velez from Nubank running by the river the other day! IMPROVING RETAIL IN THE AMERICAS 🛍️🌎 With operations across the continent, they are looking for founders who can improve the way people shop, providing more leverage all their assets across the continent and different brands! A PITCH FOR CORPORATE VC 💼🚀 Traditional VCs can compete with us in brand and money and "building" the company. But when it comes to implementing and growing the business, they can't compete with them: they can test and launch their products with Cencosud and all its verticals as clients! SYSTEMATIC INNOVATION IN BIG CORPORATES 🏢💡 At Cencosud, Cencosud Ventures helps challenge the status quo and think creatively about how the company operates. With pilots to learn and identify improvements, different teams manage to launch innovative solutions consistently. Pilots are a double-edged sword: if they are too long, they don't work; decision makers must be comfortable making decisions with less information! THE ROLE AND IMPORTANCE OF BOARDS 🧑‍💼🤝 The best boards he's been part of are energetic, with members sharing insights, information, and ideas, where board meetings are not the only interaction. Boards shouldn't be just for reporting or be boring. They should exist from the start: it's a space for reflecting and abstracting from day-to-day operations. Also, they should have to-dos: a list of tasks for board members to add value! THE CHALLENGE OF WEARING 3 HATS IN BOARDS 🎩🎩🎩 As a corporate VC, he wears three hats: corporate stock owner, regular stock owner, and one that thinks about the wellbeing of the startup. What's best for the startup, the stock owners, and the Corporate VC are not always aligned! Vikram Bharati Ignacio Campo Mariano B. irene pasolini Santiago Caniggia Bengolea Julian De Muria Joaquin Stein Matheus Da Conceição Rodrigues

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