I think the challenge is that everyone can now build apps
But
1) almost nobody has distribution (like an audience), or
2) the money to pay for distribution (ads or UGC), or
3) the creative genius to get distribution for free (classically called guerilla marketing)
🇲🇽 🚫
Desde préstamos familiares hasta tandas informales, la gran mayoría de los negocios mexicanos debe esquivar a los bancos solo para sobrevivir ↓
La abrumadora mayoría de las empresas mexicanas opera completamente sin crédito bancario, apoyándose en cambio en préstamos familiares, crédito de proveedores y tandas informales. Analizamos a fondo los datos detrás de cómo México realmente se financia.
🗞️ lee el análisis completo aquí → https://t.co/d6lExDqBha
Prediction (𝑡ℎ𝑎𝑡 𝐼 𝑤𝑎𝑛𝑡 𝑦𝑜𝑢 𝑡𝑜 𝑟𝑒𝑓𝑢𝑡𝑒): We're about to see a wave of Big Tech operators become the most influential investors of the next cycle.
Traditional VC will have a problem.
Here's why:
The biggest AI companies in the world (OpenAI, Anthropic, etc) are minting a new class of wealthy, well-connected operators. They're not just building, they're getting paid in equity in companies that are reshaping entire industries. When that wealth unlocks, they won't park it all in index funds. They'll fund each other (!)
They have something most VCs spend careers trying to build - proximity to the best builders on the planet. They know who's smart, who's shipping, and who's worth backing before any pitch deck exists.
We're already seeing it play out. This week, Sam Altman offered to have OpenAI "invest" in every single startup in the current YC class - tokens for equity. Operators are completely creating their own terms.
And here's what makes this cycle different:
These operators don't have to follow the rules of traditional venture!! They're not managing LP capital. They're not bound by fund mandates or portfolio construction. They can back anything: hardware that won't launch for 10 years, services businesses with lower margins, weird bets nobody else would take.
The best investments of the next decade might not be venture-backable businesses. They'll just be good businesses, backed by people with real conviction and real relationships.
The vehicle? Angel syndicates and deal-by-deal SPVs. No fund required. Just operators backing operators.
Traditional VCs who don't adjust to this new reality are going to find themselves competing for deals they used to own by default.
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The infrastructure to do this already exists.
That's why I partner with Verivend, "venmo-like" payment infrastructure for angel syndicates and SPV investing, built for the way the next generation of investors actually moves.
If you're an operator thinking about your first deal, this is worth a look: https://t.co/DsiqKxSnmZ
Image source: Techcrunch
Slight narrative violation - valuations are pretty stable across the country if you compare on a cash raised basis.
You raise $3M - $5M (seed-ish), you're valued at ~$21M.
Ya it changes in different places. But this feels like a kinda consensus thing
LAVCA has released its Q1 2026 Industry Data & Analysis on private capital activity in Latin America.
LAVCA Members may log in to access the data and insights: https://t.co/1267eEtM3c
#LatAm#PrivateCapital#VC#PE
Software startups are selling less equity to VCs per round.
Median sold by stage:
Seed: was 21%, now 18%
Series A: was 20%, now 17%
Series B: was 16%, now 13%
But round sizes are rising over these years, so it's not less money = less equity sold.
Valuations ⏫
Here’s something most ppl don’t understand about venture:
VC funds have their OWN investors.
The people who run the fund are called General Partners (GPs). The people who invest into the fund are called Limited Partners (LPs).
Should you care about a funds LPs? YES
Think of it this way. Your VC has a boss. And their boss has goals, timelines, and rules that quietly shape everything your VC does.
Whether they rush you toward an exit or let you build patiently.
Whether there are conflicts buried in their agreements you don’t know about.
Whether the firm will even be around for your next round.
Most founders sign term sheets without knowing any of this. Most aspiring VCs accept job offers without thinking about it either.
There are 7 types of LPs. Each one changes the game in a different way.
This week I broke all 7 down in plain English, including which ones are considered the “best.”
**Bonus: I included links to two tools that give you access to LP information for those looking to raise their own fund! But you have to get to the end to see them :)
LINK: https://t.co/mAlAkMFRio
Image source: VentureForward
Transform! … the ultimate business simulation … build your leadership team, future strategies, new business models, and transform your organisation … P&Ls to M&As, CVCs and IPOs, unions and investors … 10 years (in 3 days) to create $50bn market cap: https://t.co/f0hoLls8TY
Today Enter became the first AI unicorn out of Latin America.
Mateus, Michael and Henrique are building the best Legal AI product in the world from São Paulo. Not a copilot, an AI litigator that absorbs the entire workflow end-to-end and is already running 300,000+ lawsuits a year for clients like Airbnb, Bradesco, Nubank, Latam and Azul.
At @KaszekVentures we could not be prouder to back this team. Congrats Mateus, Michael, Henrique and everyone at Enter.
Pequeños cambios (constantes) sirven más que “hacks” o métodos extremos, prometen mucho pero insostenibles.
Priorizar una dieta equilibrada 🫘🥦🥩, ejercicio físico 🚵🏋️🏊♂️, salud emocional 🧘🛌😴y descansar mejor es el verdadero hack.
Menos queja y más deadlifts muñec@s 💪🐺.
Mercedes-Benz Q1 Results
Revenue -5%
Profit -17%
Margin -44%
The margin is now only at 4%.
Mercedes-Benz has announced plans to reduce its global production capacity by more than 10% to approximately 2.2 million units in order to achieve cost savings.
MEXICO | Fintech Plata raised $405M in Series C funding at a $5B valuation, reaching 3.5 million customers and $600M in annualized revenue less than three years after its founding.
(LatamList)
Here's YC's official advice about being truthful and precise about what is pilot, bookings, revenue and recurring revenue.
Founders, particularly first time founders, need to sear this into their brains. Don't mistake one tier for another. Be precise, and always be truthful.
Key lens on the future of AI: small vertical models will capture a large share of value AND build long-term defensibility. At @latitudlatam we saw an early glimpse of this with Hyperplane in banking/underwriting, before Nubank acquired them.
Perfectly articulated by @eoghan
Unicorns are most often found in high-valuation seed startups.
But companies that become 25x (or 50x...or 100x) more valuable after seed are found across the spectrum.
Mega funds and emerging managers can both win.