The audio and video are in Spanish. These notes are a translation.
Today I spoke with Patricia Sáenz, Founder and Managing Partner of EWA Capital, the largest venture capital fund in Colombia. Under her leadership, EWA has invested in innovative startups such as VaaS, BeeReaders, and Bia. In 2021, they achieved a successful exit with Platzi, returning the entire fund in a single transaction.
EWA is also committed to closing the gender gap: more than 40% of its capital goes to companies led or co-founded by women.
Youtube Timestamps*
[5:50] - Venture Capital in Colombia
From a young age, Patricia navigated boards of directors in an environment dominated by men.
- How did these experiences shape her vision as an investor in an industry led by men?
Colombia has entrepreneurial talent and unicorns, but it lacks local venture capital funds.
- Why is it so difficult to raise a fund in Colombia?
- How do the decisions of Family Offices, which invested directly in startups in 2021, affect the perception of venture capital?
The conservative mindset of Latin American business groups and families is a unique challenge.
- What do the business owners who prefer to invest in safe, liquid assets outside the region think?
- What strategies does Patricia use to change this perception and attract capital toward venture capital in Colombia?
Raising the largest fund in Colombia was no easy task.
- What are the less visible challenges of raising a venture capital fund, even for entrepreneurs?
[27:50] - Women Entrepreneurs
Women’s participation in startups and venture capital is a central topic for Patricia.
- “We women are the most sexist.” How does she explain this idea, and what does it mean for the entrepreneurial ecosystem?
- What cultural and systemic factors limit women’s participation as entrepreneurs and in investment funds?
Attitude toward risk can differ significantly between men and women.
- How does risk aversion influence women’s participation in initiatives such as pitch competitions and startups?
- What changes are needed to balance the scales?
Patricia conducts gender audits on her investments to address invisible biases.
- What are the most common biases that limit the creation of inclusive environments in startups?
[47:09] - Investing in Startups
Patricia avoids “nice to haves” and prioritizes essential products.
- How does she assess whether a product is truly necessary?
- What lessons did she learn from her investment in Platzi, one of the biggest successes in her portfolio?
Evaluating an entrepreneur’s character in weeks is not simple.
- What strategies does Patricia use to understand founders deeply in a short amount of time?
- How do her soft skills help build relationships of trust with entrepreneurs?
Investing is more than money; it is about creating authentic and collaborative relationships.
- What advice does Patricia have for entrepreneurs and investors on building stronger relationships without judgment?
Episode Mentions
You can find Patricia on LinkedIn
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