The Startup Opportunity in Latin America

LURGAN, U.K. - Aug. 25, 2021 - PRLog -- A brilliant young MBA student from Stanford stepped into Sequoia's Sand Hill Road headquarters just over a decade ago and passionately outlined the possibility for companies in Latin America. David Vélez was the student in question. David's presence, ambition, and intelligence quickly drew us in, and we hired him to map a route for Sequoia in Latin America.

David, who grew up in Colombia, was acutely aware of the possibility that lay ahead in Latin America: while the actual economy was beset by issues, the digital economy held immense promise, bolstered by some of the world's highest rates of internet access and social media participation. However, when David looked more into the region and talked with dozens of entrepreneurs, he came to an uneasy conclusion: despite the enticing market opportunity, the startup environment was lacking. The majority of the founders didn't have big plans. They were importing "X for LatAm" notions from the United States without addressing real-world issues in the region. There wasn't enough technological skill to support the formation of a huge corporation. There were also insufficient success stories to inspire founders and engineers.

Despite our ambition to do business in Latin America, we decided to take a step back. We were determined to work with David because we understood how exceptional he was. Soon after, David decided to take advantage of the situation by becoming a co-founder. He had a big, bold (and crazy!) plan to take on Brazil's banks. At 2013, we co-led a seed round in Nubank with local investor Kaszek Ventures.

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Nubank is the world's most valued challenger bank, with 40 million customers, eight years later. And today, Latin America's startup ecosystem is thriving. The spectacular rise of startups like Nubank and Rappi has inspired founders to go big. Engineers are abandoning secure employment at banks and stores in order to pursue the startup dream. There is no reaction against "big tech" in Latin America; instead, there is a sense of optimism about technology's ability to alter lives.

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