Matias Schweizer

I am proud to announce the 2025 Mexico Early Stage 100. Over the last few weeks, the teams at NuMundo Ventures (me, Mack Meyer) and Nascent (Victor Noguera, Bernardo Cordero, Archie Cochrane) reviewed hundreds of startups to identify the top 100 companies with the potential to become Mexico’s next category leaders. We evaluated companies based on the problem they were solving, traction, market potential, and founding team strength. Our goal is to celebrate the work of Mexican startups and founders and highlight the excellence of these firms to investors and future employees. A few highlights from this year’s group: ✔ We had 500+ applicants ✔ Companies are based across 8 cities in Mexico (esp. Mexico City, Monterrey, Guadalajara, Querétaro), the US (esp. San Francisco), Argentina, and Guatemala ✔ The top 2 verticals are AI (30% of the list) and fintech (~20% of the list) ✔  The diversity of the top performing startups is incredible.   For example: * SARELLY SARELLY is a consumer focused startup growing very quickly and expanding into the US * Altur (YC S25) is a company using AI for debt collection and recently graduated from Y Combinator *Niko Energy is a clean tech company expanding solar powered energy across Mexico * Allie - AI for Manufacturing is using AI to improve Manufacturing in Mexico and the US ✔ More and more Mexican companies and founders are building for regional, US, and global markets from launch (e.g.,Seals AI, Kira, happypath, Klira AI) At NuMundo Ventures  we are deeply committed to supporting founders in Mexico and I’m happy to share their work with the world. Special thanks to Bruno Migliorini and Franco Corbalán for producing the website and market map. I hope you enjoy the list and market map (see link below), invest, and support Mexican startups! https://lnkd.in/gqrWSjwc

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Pleased to announce that Forte Global has just launched in Peru - our sixth market. And we're also scaling up in current markets, including Colombia. As always, our goal is to be the backbone... the platform... the operating system... that enables world-class talent development. We make it super easy for any funder of education/training (whether governments, foundations, multinationals, or companies) to contract based on, track, verify and pay for outcomes - without the usual headaches and complexity. In Peru, we're working in partnership with Es Hoy to launch "ElevaTech" - a program to provide AI-focused digital training to disadvantaged Peruvians who would not otherwise have the opportunity to achieve their full potential. The focus of the AI training is on Cybersecurity, Data Science, and Data Engineering. AI will lead to massive job displacement over the next decade, but also create massive opportunities for those with the rights skills to take advantage of it. We're proud to help Peruvians thrive in this new AI era. Alejandro Jimenez T. Carolina Echeverri Hernández Ana Maria Roldan Arango Laura Torre Sergio Claux Mora

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The future belongs to those who dare to build deep tech. And in Latin America, more of them are rising every day. According to the Banco Interamericano de Desarrollo, our region’s deep tech ecosystem is now valued more at $8B, with over 340 active startups as of 2023. In recent years, VC investment in the sector has grown 44x. But at Draper Cygnus, this growth is a confirmation of our thesis. We’ve spent the last decade backing founders who chose the harder path. People building from science, not hype. From conviction, not consensus. Startups like Skyloom Global, Stämm, Splight, Lemon, and Novo Space. All driven by teams that are turning deep science into real-world solutions for energy, health, space, climate and beyond. Behind every case, there were founders who chose the non-obvious path. Who decided to build deep tech in an industry where access to capital, talent and validation wasn’t easy. And yet, they moved forward. Investing is about walking alongside those who turn science into impact. This is just the beginning. But if there’s one thing we’ve learned along the way, it’s this: conviction, when sustained over time, becomes your greatest differentiator 🚀 #DeepTech #VentureCapital #DraperCygnus

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The first half of 2025 gave us a clearer picture of Latin America venture capital. LAVCA’s new data shows resilience in the ecosystem, but also confirms how tough early-stage fundraising has become. Three highlights stand out: 1) Total VC volume has stayed flat since 2H22, suggesting we may already be at the bottom of the cycle 2) Mexico briefly overtook Brazil in VC dollars. Brazil dropped about 60% vs 2H24, while Mexico grew slightly, though historically Brazil’s ecosystem is larger 3) Graduation rates from Seed to Series A are near historic lows. Only 8% of the 2021 cohort (three and a half years on) and just 3% of the 2022 cohort (two and a half years on) have raised a Series A At Dalus Capital, we have stayed active in this environment with four new deals and four follow-ons so far this year. That gives me optimism that high-quality founders will continue to attract the right capital. If global conditions improve with lower reference rates, more IPOs, and more exits, Latin America venture capital should see renewed momentum. For charts and a deeper dive, I shared more here: https://lnkd.in/gU9XHTJk Do you think Latin America venture capital has already reached the bottom of the cycle? #VentureCapital #LatinAmerica #Startups #Investing

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Most LATAM founders believe VCs evaluate businesses purely on merit—revenue growth, profitability, team strength, market traction. While these factors matter, they're missing the fundamental driver behind every VC decision: VCs don't invest in good businesses. They invest in power law outcomes. For a $300M fund targeting a 3x return, that’s $900M+ in proceeds from just one or two deals. If they own 15% at exit, you’re looking at $6B+ valuations. This often explains why: A profitable niche business might get passed over for a scaling startup in a larger market Growth metrics sometimes weigh more heavily than current profitability Market size becomes a critical evaluation criterion The implications for LATAM founders: ✓ Frame your addressable market strategically. VCs often look for large market opportunities, though the specific size varies by fund and stage. ✓ Balance growth and unit economics. While rapid scaling matters, sustainable growth paths are increasingly valued. ✓ Understand portfolio construction. VCs typically expect a small number of investments to drive outsized returns. ✓ Evaluate funding fit. Different capital sources (angels, revenue-based financing, debt) may align better with your business model and growth trajectory. VCs aren’t being irrational—they’re doing their job. But as founders, you need to understand the game you're playing. Swipe right for more insights into our LATAM fundraising episode or comment “FUNDRAISING” and we’ll send you the full breakdown 🔗

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Problems I see every day as the CEO of Superfuds: ⚠️ Why 4–5% monthly interest doesn’t work for consumer goods in LATAM. Fintechs across #LatinAmerica are offering working capital at 4–5% monthly, citing regulatory caps and vague “platform fees.” Let’s be clear: that’s not innovation. At those rates, it’s not financing, it’s value extraction. Run the math on a healthy small or medium CPG business: Gross margin: ~50% After logistics & distribution: ~25% After SG&A: EBITDA of 5–8% Introduce debt at 4–5% monthly (~60% APR+): EBITDA disappears Cash flow is consumed by lenders Growth is mathematically impossible The opportunity isn’t to lend at the ceiling. It’s to design products that actually align with how CPG economics work. Confirming against AAA retailers at 1.5–2.0% monthly Structured factoring with transparency Bank credit at sustainable rates For founders: debt can be the cheapest fuel you’ll ever raise, if the structure respects your P&L. At predatory rates, it stops being leverage and becomes a liability. LATAM doesn’t need more high-yield credit, it needs smarter financial infrastructure that scales with its brands.

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At Latimpacto’s Impact Minds conference, I joined the panel, Impact in Latin America and the Caribbean: Challenges and Opportunities, to discuss how impact capital can rise to meet the region’s opportunities and challenges. I opened by addressing the financing gap: today, current levels of investment cover only about one-third of the SDG targets in hashtag #LatinAmerica. To close this gap, she emphasized the importance of bringing more institutional investors such as pension funds, insurers, and corporates into the ecosystem, so that solutions in both the environmental and social spheres can scale to meet the 2030 goals. At the same time, I pointed to encouraging signs of progress. Funds are increasingly targeting impact sectors like energy transition, biodiversity, water, and fintech. Latin America’s startup ecosystem is maturing, with climate-tech, agri-tech, and health companies raising capital beyond the seed stage. Supportive regulation and rising consumer awareness are helping accelerate this momentum. Looking ahead, I shared that @Sonen Capital is deepening its work with investors who want to diversify into Latin America’s high-growth sectors, such as agri-food. With its abundance of natural resources, a young and dynamic population, and strong digital adoption, Latin America offers compelling opportunities for investors seeking both financial returns and meaningful impact. #impactinvesting #LATAM Activate to view larger image,

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