What Do International VCs see (and need) in Venezuelan Startups?

Leading Latin America-based venture capital firms are keeping an eye on the Venezuelan entrepreneurial ecosystem. Despite persistent local challenges, these investors offered insights into how capital can unlock opportunities on both local and regional scales. 

This was evident during the panel "Venezuela Through the Investor Lens: What global investors see, what they’re watching, and what it will take to invest at scale" at the 6th Startup Venezuela Summit in Caracas. The panel featured Juan Cruz Valdez Rojas¹ (General Partner at iThink VC², Paraguay), Patricia Sáenz³ (Founder and Managing Partner at EWA Capital⁴, Colombia), Mariano Meyer⁵ (Co-founder and Managing Partner at Newtopia VC⁶, Argentina), and Fabiana Scionti⁷ (Investor at Valor Capital Group⁸, São Paulo/New York). 

Most of these firms focus on early-stage, tech-enabled startups—particularly in sectors like fintech, agtech, and edtech—through pre-seed, seed, and growth rounds. Some prioritize underrepresented entrepreneurial ecosystems across the region (iThink VC), while others act as cross-border bridges between Latin America and the U.S. by writing larger growth checks of $5 million to $10 million (Valor Capital Group). 

At least one of the participant firms, Newtopia, already backs entrepreneurs from the Venezuelan diaspora. Examples include Manuel Godoy⁹, co-founder of Félix¹⁰ (a Miami-based platform specializing in U.S.-to-Latin America mobile remittances), and Víctor Cárdenas, co-founder of Slash¹¹ (a San Francisco-based business banking and fintech platform) in 2020. 

As reported by VZ Economics, the panelists highlighted five core themes: 

“The greatest asset Venezuela has is its people,” said Juan Cruz Valdez of iThink VC. “They are creative, resilient individuals who give it their all and can address the country´s most pressing issues,” Valdez added. “Something I see in Venezuela that differs from countries like Bolivia and Paraguay, where we've also invested, is the caliber of the diaspora. It's an educated, powerful, and ambitious diaspora creating massive companies abroad.”  

Fabiana Scionti of Valor Capital Group echoed this sentiment: “The diaspora has a unique opportunity to bring back lessons—a trend we’ve already observed in Mexico, which has experienced a strong influx of Latin American founders over the last five years.” 

“A country's unique challenges can be a fantastic opportunity for entrepreneurs to innovate and export their solutions,” noted Mariano Meyer of Newtopia VC. “‘Hunting in the zoo’ [operating locally] can be a proving ground; lessons learned in Venezuela can be applied globally. However, to expand into new markets, founders need a competitive, cross-border mindset.” 

“Risk can be reframed as opportunity, but local risks are real, and we must handle and mitigate them carefully,” commented Patricia Sáenz, based in neighboring Colombia. Scionti, who is of Venezuelan descent, added: “We must also navigate conditions specific to the country, such as evolving legal frameworks and foreign exchange policies, which can drive revenue volatility.” 

“Events like this [Startup Venezuela Summit] are a vital first step toward ecosystem maturity,” asserted Sáenz, who previously led ColCapital¹², Colombia’s private equity association. She  also strongly recommended “investor education” alongside “collaborative initiatives between corporations and tech startups.” 

Speakers highlighted one sector positioned for short-term momentum: blockchain. “Venezuela has done remarkably well in this sector over recent years. But looking 10 to 15 years out, the country and region must also focus on broader consumer markets,” Scionti remarked. “Another emerging opportunity is energy—a resource-rich foundation that other technologies depend on.”