Samantha Batista

🚀 This one’s for the founders: a masterclass in execution and innovation. This week, I sat down with Adhemar M., founder and CEO of Kovi, a Brazilian company redefining mobility through car subscriptions and connected tech in a market plagued by high costs and limited credit access. Backed by ~$145M in funding from the likes of Valor Capital Group, monashees, MAYA CAPITAL, Globo Ventures, Norte Ventures and Peter Thiel's family office, Kovi is addressing high car costs, tough credit barriers, and insurance gaps in one of the world’s most exciting markets. What we covered 👇🏻 ​🔑 Driving innovation: How Brazil’s mobility challenges are powering market transformation ​🤝 Connect the dots: Building stronger founder/VC partnerships through transparency and market education ⚙️ Complexity doesn’t scale: Lessons in building efficient, scalable operations 🌐 Break down silos: Creating synergy between tech and operations in a startup ​⚡ Clean win: How Brazil’s renewable edge and gig economy lead the EV growth Link in comments—don’t miss this one! 🎧 PS: Thank you Vander Corteze, MD for the intro to Adhemar and for some excellent question suggestions 👏🏻

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Third and last part of my post with some insights from the #fundraising of our latest fund. Some of the tools we used and how we managed to get the finish line successfully!

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Fundraise like a Brazilian Steakhouse... Startups often kick off their fundraise far too prematurely, long before they have their fundraise details and fundraising assets game-time ready. Tundra Angels once had an experience where one of our investors remarked, "The founders aren’t ready for this. It feels like we are pulling all of this information out of them. This information should all be assembled already.” Just like an experience at a Brazilian Steakhouse, I see startup fundraising in a very binary way: Green Card 💚 - “I’m fundraising” - means that you have your fundraising dialed in and all of your fundraising assets in place to send out at a moment’s notice. Red Card 🔴- “I’m not fundraising” - means that you don’t have all of your fundraising assets in place. Don’t flip your card and say you’re fundraising until you’re game-time ready. ✅ Startups should assume that they will only get one shot with an investor. Don’t waste your one impression by making the wrong impression by telling investors you are fundraising when you are not “game-time ready” to bring in investor funds. ✅ ------------------ What does "game-time ready" mean? I go into this and more in the article 👇 "Fundraise Like a Brazilian Steakhouse" https://lnkd.in/gZuQW894

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Square, Mercado Libre, Rappi, Zillow, and Stripe alumni have founded 1,511 startups over the last decade. That's a lot! And about 12% of these founders are building a fintech company. What is it about the DNA of these firms that they attract a lot of would-be founders? Some of the great fintech companies founded by ex-employees of this group include Pomelo, Ontop, Persona, Mundi, AgentSync, Divvy Homes, and Pacaso Square - 355 total startups, 32 in fintech Mercado Libre - 282 total startups, 37 in fintech Zillow - 294 total startups, 22 in fintech Rappi - 290 total startups, 28 in fintech Stripe - 290 total startups, 25 in fintech Read our full report ➡ https://bit.ly/GGMVFF Andrew Endicott Paula You David Erickson Kirstie Irmana Kristofer Jenk Josh Jagota Gilgamesh Ventures The Wharton School

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In a weird way, market adversity and cash constraints faced by the growth-stage founders in Brazil and some other emerging markets are their golden ticket to the billion dollar startup club 🦄 The ‘foie gras effect’ sees startups in the US force-fed capital only to collapse under the weight of hyper growth (HBR). Today we see it happening with AI startups - they scale pre-maturely, burn tons of cash and raise at crazy valuations they won’t be able to justify in the future rounds of financing. We’ve seen this show before with crypto, D2C brands etc. Well that’s almost never (cuz forget 2021 funding craziness) the case in Brazilian tech investing especially at growth stage. While I don’t have data on LatAm, in 2022, in emerging markets in the Asia-Pacific region, there was over 5 times as much capital deployed in early stage VC than in Growth Equity. I imagine its pretty comparable. So what does it mean? That means that founders in Brazil & certain emerging markets are more financially savvy, long-term focused and bake resiliency and adaptability into their mode of operations. Businesses they build tend to be problem-driven, faster to profitability and more complex than your average B2B SaaS. That also means that global Series B+++ investors should pay more attention to Brazil, LatAm and certain other emerging markets. Loggi CEO Thibaud Lecuyer who joined me on this week’s episode of The J Curve talked a lot about the opportunities that Brazilian market has to offer. Short snippet of that conversation 👇 To watch / listen to the full episode head over to our channels on Apple, Spotify and YouTube 🎙️

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This part of my conversation with Joao Barbosa, co-founder at the world’s leading wellness platform Gympass (now Wellhub) valued at $2.4 is a testament to the fact that nothing big actually started big 👇 It took Gympass 5 pivots and 2 near death experiences to find the business model that works and is scalable across the globe What I found really interesting is the framework that the team had around pivots - the tripod approach towards creating value. This approach could benefit many founders especially in marketplace kinda businesses Head over to our channels on Spotify, Apple and YouTube to watch / listen to the full conversation link in comment 🔗 The J Curve #thejcurvepodcast #podcastrecommendation #gympass #pivot #entrepreneurship #founder #venturecapital

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It was an absolute pleasure to sit down with Joao Barbosa, co-founder at the world's leading corporate wellness platform Gympass(now rebranded to Wellhub) for the most recent episode of The J Curve. Five big ideas from our convo 👇💡 1️⃣ Startup pivot is not an event, it’s a process Base your decision on data, customer feedback and other validated learnings. Establish clear KPIs that will guide decision-making and define what should success look like. Be prepared to test and iterate and test again. Flexibility, adaptability and sensitivity to feedback is key 2️⃣ Building a MOAT, or competitive advantage is essential for a startup to compete and sustain growth In Wellhub case the moat is network effect. It’s difficult and expensive to build (CAC was huge) but at scale it represents a huge barrier to exit for corporate clients 3️⃣ Put a lot of thought into pricing model, especially if you operate in a B2B segment Early-stage founders frequently under-price their offering. Once you land 1-2-year enterprise contracts, changing the price will be problematic 4️⃣ International expansion has to be carefully planned and executed post-product market fit Ideally once you have already significantly penetrated your domestic market and gained a clear understanding of how / why every dollar you spend internationally will deliver you more money than if you were to spend it domestically 5️⃣ Standardized processes are at the core of building teams at scale When you hire 100 people a month it’s not about keeping the bar high but about creating a clear set of rules to evaluate the performance and hire and fire fast You can listen to my full conversation with Joao by searching The J Curve Podcast on Youtube, Spotify and Apple Podcast For deeper insights into this conversation + some of my favorite listens and reads of this week check out our newsletter link in comment 🔗

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If you are curious to learn about angel funds, their difference to other angel investing models and how it reduces the risk of investing in startups, come listen to this episode of VC10X podcast. Here, Prashant Choubey and I talk about this and much more. Thank you Prashant for this conversation! #angelinvesting #startups #innovation #angels #angelfunds #coreangels

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When celebrities invest cash into startups they often get lower valuations in exchange for promotion. And I believe that is exactly what happened with Ronaldo’s latest investment in wearable technology company WHOOP. The Portuguese soccer icon just invested and became an official global ambassador for Whoop, the wearable technology company. “Whoop has had a transformative impact on my life both on and off the pitch,” Ronaldo said in a statement. “I wear Whoop while training, sleeping, and recovering. It’s been one of the most important tools helping me elevate my game and monitor my health.” The financial details of the investment have not been disclosed, but according to Whoop, the deal represents one of Ronaldo’s “most significant investments to date.” Although it could definitely be true that Ronaldo invested cash, I don’t believe he paid the full price for it (but this is just an assumption). Often when celebrities invest, they get discounted valuations or do a part equity deal in exchange for promoting the company. Ronaldo for example has 629 million followers on Instagram and is the most followed person on the platform. One post about a company and the website will probably blow up (which is exactly what Ronaldo did this morning btw announcing his partnership with Whoop). Besides getting a financial injection, most often the startups receiving the celebrity investment also gain a lot of social exposure, which they normally have to pay millions of dollars for. So it makes sense to do a part equity deal or offer a lower valuation. What do you think? 

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Daniel Marques and I caught Kemi Levi being founder in the wild at Saint Francis Tulsa Tough last Friday. The grind doesn't ever stop, does it? I'm guessing some #founders in my network can relate!😂 Check out Pangia! These guys are a revolutionizing Community as a Service by leveraging human data/analytics.🚀 Ever had a wild founder moment? Share your story below! #startups #community #hustle

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Would a Nubank copy-paste work in Africa? Probably not (at least right now). "LATAM is similar to the US: credit-cards are understood, widespread. Credit cards as a product are supremely powerful. Users can seamlessly borrow and spend. It’s a gold mine for the issuer, and it’s (in part) what made Nubank so successful. A small survey estimated that 58% of Latin Americans have credit cards. In Nigeria, Africa’s most populous country, the figure stands at around 1.6%. Any African neobank play has to start with contextually-relevant products, like someone’s first proper bank account." Read the full Realistic Optimist piece by Hassan Bourgi, co-founder of Djamo here: https://lnkd.in/gSb4TNfB

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Brazil is a crypto hub and if you’re a VC not paying attention to this region your missing out.. After being here only a few days, have met many incredible founders, investors, and startup talent. I wouldn’t be surprised if in the next few years there are most exits and VCs coming out of Brazil. #crypto #web3 #blockchain #latam #emergingmarkets #investors #founders #builders #startups

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How to approach due diligence with emerging managers? Tips & tricks from Rodrigo Ferreira, Investment Director at Vinthera. 1/ Strategy. Define your unique USP. How do you stand out in front of founders? Think about it. Why should founders take your money? Are you a specialist or a generalist? If you are a specialist? What specific field are you picking? Why? What is the added value you add to founders? Will your presence in their cap table have a meaningful impact? 2/ Portfolio Construction. Something that is very often overlooked by GPs. Understand the different dynamics that play there and how much ownership has an impact. What about you? How do you approach due diligence and the performance of an emerging manager? Join the conversation in the comments section. 🔽 #venturecapital #startupfunding #angelinvesting #Europe

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We have exceptional founders and companies situated between the coasts. Unfortunately, I've noticed that we often struggle with the basic aspects of early-stage investing—the blocking and tackling—rather than the complex technical challenges. One of the main areas where we struggle is fundraising. In smaller ecosystems, access to venture capital is often limited, and founders may not be as adept at pitching to investors or structuring deals. This contrasts sharply with larger ecosystems that have exceptional programs to teach founders how to create compelling pitches, understand term sheets, and navigate investor relations effectively, all of which are crucial for early-stage success. Additionally, some firms do not adhere to the power law principle in early-stage investing. This can hurt the company's prospects for future funding from other VC firms. Another area where smaller ecosystems struggle is that founders often feel unsupported. In more established ecosystems, there is a wealth of knowledge, and a strong network of seasoned entrepreneurs creates a supportive environment where founders can learn from the successes and failures of others. By contrast, in smaller ecosystems, the lack of such support can lead to repeated mistakes and inefficiencies. Startups are already challenging enough; we don't need to make things harder with these avoidable mistakes.

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The collapse of PPPs in Brazil Since the country is volatile ( from a macroeconomic perspective), investors require a high IRR to put money in local projects (which is fair). However , something different is happening in the South American giant: - there is a burgeoning cottage industry of lawsuits requesting renegotiations of contracts whenever the concessionaire starts to lose money. There are two risks attached to this fleeting industry: 1- Firm bids low to win government contracts, and then go to court to “charge real tariff” to users and to the government 2- Firm has 10 contracts, for instance, and 5 do very well, and 5 do poorly. Instead of dealing this as part of doing business, it renegotiates the 5 poorly performing contracts, thus making all of its 10 contracts portfolio a guaranteed success. This is not proper business practice. These are not profits arising from risky private business putting their capital on the line! This is outright transfer of government funds to “guaranteed successful projects“. If investors want guaranteed returns, they should buy bonds, not invest in equities. Investors are supposed to be doing PPPs to put equity in the business, ( not debt) and therefore, there is a potential risk of losing part of returns, and even capital. Brazil needs to fix it in the courts, otherwise the whole PPP program may collapse when public opinion takes a hold of this issue. #brazil #ppps #collapse #courts #judicializationofcontracts

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One other thing on Nubank. Something you don’t hear enough about is their SME banking product. Micro and small enterprises are an essential (and massive!) part of the Brazilian economy, accounting for 93.7% of all legally constituted companies (20.3 million). Right now, Nubank has 2.6 million SME customers, growing 44% year over year. That leaves a lot of the market untapped and a huge upside potential for them. Watch this segment in quarters to come. If they can replicate their success here as they did with consumers, there's a ton of upside potential.

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As we end 2024, we wonder: what lies ahead for the #startup and #vc ecosystem? I am excited, because as fund manager (Danta Fund) I see 2025 as a great year to find the most resilient startups that will truly make an impact in the world. History teaches us that some of the most iconic startups were born in difficult times. Image by: https://lnkd.in/e_5pNg4M

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Howdy! 🤠 🚪 Opening Doors: The Magic of Warm Introductions This article from Clear Current Capital's Steve Molino emphasizes the universal relevance of a warm introduction in securing funding, which also applies to other business areas. Whether you're a driven entrepreneur or in sales, creative, strategic, warm introductions are the golden ticket anyone can use to open doors for relationships and opportunities.   Take a moment to explore how doing your homework and being a real human can change your game entirely. Trust me, it's worth it. 🚀 #venturecapital #strategy #culture #business

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#Google Google announced today a new agreement with carbon removal company Mombak for the purchase of 50,000 carbon credits generated through Mombak’s reforestation projects in the Brazilian Amazon. The agreement marks Google’s first-ever purchase of nature-based carbon credits, and follows a commitment announced in March by the company to contract for at least $35 million of carbon removal credits over the next 12 months, and the announcement by the company earlier this month of another deal for 100,000 tons of Direct Air Capture-based credits at a landmark $100/ton price. Google also recently formed part of the launch of the Symbiosis Coalition, alongside tech giant peers Meta, Microsoft, and Salesforce, a new advance market commitment (AMC) collaboration aimed at supporting the development and growth of the nature-based carbon removal market, and with a collective commitment to contract up to 20 million tons of nature-based carbon removal credits. https://lnkd.in/dntNtPav

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