The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures

Aug 16, 2021

Nicolas Szekasy, co-founder and Managing Partner of Kaszek Ventures, shares insights on LATAM's thriving startup scene. He reflects on his journey from MercadoLibre's CFO to leading one of the region's largest venture capital firms. The conversation delves into the evolution of the LATAM tech ecosystem, the misconception of it being merely a source of copycat companies, and the challenges of scaling teams. Szekasy emphasizes the importance of trust in VC-founder relationships and discusses the significance of sustainable investments in fueling local innovation.

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ANECDOTE

MercadoLibre's Journey

MercadoLibre faced a challenging period after the dot-com bubble burst, with funding drying up.
Despite this, they focused on building a sustainable business, acquiring competitors, and even incubating Mercado Pago.

INSIGHT

Impact of Market Crash

Witnessing the market crash instilled a resilient mindset in Nicolas Szekasy and his team.
This experience shaped their investment philosophy, favoring sustainable businesses over those relying on capital as a moat.

ADVICE

Sustainable Business Focus

Focus on businesses with levers to achieve cash flow profitability.
Ensure they can be self-sustaining and weather market downturns.

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Nicolas Szekasy is a co-founder and Managing Partner of Kaszek Ventures, the largest venture capital firm in Latin America with a portfolio including the likes of Nubank, Notco, Creditas, Bitso and more. Before Kaszek, Nicolás was CFO for 10 years at MercadoLibre (Nasdaq: MELI), Latin America’s largest online commerce and payments platform, where he led its $333 million IPO in 2007. Before MercadoLibre, Nico spent 7 years as CFO @ PepsiCo. If that was not enough, Nico is also on the board of Endeavour, empowering a global ecosystem of entrepreneurs.

In Today’s Episode with Nicolas Szekasy You Will Learn:

1.) How Nico made his way into the world of startups with MercadoLibre? What were the biggest takeaways from his 10 years with MELI? How did his time with MELI and seeing the boom and bust impact his investing mindset?

2.) What have been the most significant changes in the LATAM ecosystem over the last 20 years? What has improved? What has become more challenging? Is Nico concerned by the sheer amount of capital now flowing into the LATAM ecosystem at such speed?

3.) How does Nico respond to the statement that LATAM just produces "copycats" of successful companies from other geographies? How does Nico respond to the common suggestion of the challenges in scaling engineering teams in LATAM? How does Nico respond to the assumption that exit opportunities and IPOs are less available to LATAM companies?

4.) How was the experience of raising the first Kaszek fund? What has been the biggest challenging in the scaling from a $100M fund to a $1BN fund? How has Nico seen his own investing style change over the last decade? What does he know now that he wishes he had known when he started Kaszek?

5.) How does Nico reflect on his own style of board membership? What does Nico believe makes the best board members? What takeaways did he have from his time @ MELI on what makes the truly special board member?

Item’s Mentioned In Today’s Episode with Nicolas Szekasy

Nico’s Favourite Book: Guns, Germs and Steel: A short history of everybody for the last 13,000 years

Nico’s Most Recent Investment: Notco