Brian Requarth, Latitud | Exiting a Startup, Becoming an Angel Investor, and the Opportunity in LatAm [Ep. 5]

The audio and video are in Spanish. These notes are a translation.

In Latin America, very few people have a portfolio of angel investments this promising and, even fewer, can tell the story of their startup’s exit. In this episode, we had the pleasure of speaking with Brian Requarth, CEO and cofounder of Latitud and Viva Real, the largest real estate marketplace in Brazil. Brian has also actively made angel investments across Latin America.

Viva Real raised around 75 million dollars in 6 investment rounds with funds such as Spark Capital, FJ Labs, Kaszek Ventures, Monashees, and angel investors such as Alexander Torrenegra and Wenceslao Casares. Then it merged with ZAP and, shortly after, was acquired by OLX for USD $640 million.

What You Can Learn Today

Lessons from a startup’s exit
Angel operators and their role
Advice for angel investing

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Origin of Viva Real

[2:11] - How did Brian arrive at the startup ecosystem in Latin America?
- Brian’s entrepreneurial story in Colombia
[3:52] - The birth of Viva Real
- The problems in the real estate sector
[5:30] - Viva Real arrives in Brazil
- Why was the Brazilian market more attractive?
[8:19] - Brian’s experience as CEO of Viva Real
- The startup’s market consolidation in Brazil
- Why did Viva Real merge with ZAP?

The Viva Real Exit

[11:10] - Viva Real’s exit process
- The challenges of selling after a merger
- A good partner to sell to: OLX
[14:50] - The best moment to sell Viva Real
- The role of investors in the sale process
- Was Brian satisfied with his startup’s exit?
[18:13] - Brian’s lessons for facing an exit
- Having realistic expectations about the acquisition process
- Persistence and perseverance in the startup’s sale process
- Building relationships with companies that are strategic for the startup
[22:17] - The origin of Viva Real’s exit

Angel Investing

[26:05] - Who are the angel operators?
- Why did Brian become an angel investor?
- The role of Simon Baker and Greg Waldorf as angel operators in Viva Real
[35:12] - Brian’s advice for angel investing
- Do not invest more than you feel comfortable losing
- Explore and exploit your superpower to help a founder
[40:46] - What does Brian look for in an entrepreneur and what does he offer as an angel investor?
- Three relevant characteristics in a startup: market size, the team’s experience, and founder-market fit
- Network and its support for raising capital

Opportunities in the Startup Ecosystem in LatAm

[48:20] - What is Latitud?
- A network of entrepreneurs and mentorships with experts to grow your venture
[53:15] - Brian’s book: Viva the Entrepreneur
- Why is the book important for Latin American entrepreneurs?
- The challenge of finding the book’s title

Tweet Round

[57:50] -
- Recommended books: Shantaram: A Novel, The Long Tail
- The best investors in Viva Real: Simon Baker, Greg Waldorf, Kaszek Ventures (Nicolás Szekasy),
- A change in the world of startups: challenge entrepreneurs to think bigger in a global way
- Brian recommends an entrepreneur to interview: Rodrigo Sánchez-Ríos (La Haus)