The audio and video are in Spanish. These notes are a translation.
For a couple of years now in Latin America, we have started to see funds specialized in sectors such as Fintech, Agtech, or B2B business models, like today’s guest.
Fernando Rivera is a partner and cofounder of BuenTrip Ventures, a pre-seed venture capital fund that invests exclusively in B2B startups. Before BuenTrip, Fernando founded and sold StartNesys and ETF.com, two technology companies focused on the United States market.
During the interview, Fernando shared with us his lessons from creating a venture capital fund from a small country like Ecuador. We also talked about his thesis for investing in B2B business models, why he believes they are better than B2C, what he looks for in markets and in entrepreneurs, and his fundraising recommendations for B2B startups.
Youtube Timestamps*
[1:53] - Creating an Entrepreneurial Ecosystem
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How did Fernando arrive at the fascinating world of startups?
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What strategies has Fernando learned that work and that do not work for building a startup ecosystem, especially in small countries and cities that are not the focus of capital and talent?
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Fernando sold two companies with very different businesses: a web development agency and a media startup. What were the most important lessons he took from both experiences that are relevant in his current role as an investor?
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What is Fernando’s view of the fact that, in the past, some startups could raise capital with only a PowerPoint?
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What was the hardest part of raising BuenTrip Ventures’ first fund, and what lessons did you take from this process?
[20:37] - Investing in B2B Startups
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Why does Fernando prefer to invest in B2B startups, rather than B2C? What advantages does he see in those business models?
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How does Fernando evaluate the market potential and the scalability of a B2B startup?
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What are the main common mistakes Fernando sees entrepreneurs facing in B2B, especially at the seed stage?
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According to NFX, B2B models tend to fit better with more experienced entrepreneurs, and B2C with younger ones. In your experience, what are the most important qualities of the founding team in a B2B company?
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Fernando often says that at BuenTrip they invest in “Givers, not Takers.” What is this statement about, and how does he evaluate who is one or the other?
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What fundraising recommendations specific to the B2B sector would he give entrepreneurs?
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How does Fernando think a B2B startup that is starting out in a smaller country can differentiate itself commercially at an early stage?
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What trends is Fernando seeing in B2B startups in Latin America, and how do they influence his investment decisions?
[50:48] - Rapid-Fire Questions
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If he had to start a company from scratch, what is the main piece of advice Fernando would give himself?
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What has been the most influential book on Fernando’s path through the world of startups?
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Changes Fernando would like to see in Latin America’s startup ecosystem
Episode Mentions
You can find Fernando on LinkedIn
Recommended video: The Startup Comunity Way by Ian Hathaway
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