Ivan Montoya | Investing Against the Grain: Spotting Unique Talent, Hard Markets, and Building Profitable Businesses in LatAm

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

I spoke with Iván Montoya, Managing Partner of NuMundo Ventures, a venture capital fund at the pre-seed and seed stages that invests mainly in fintech, proptech, and logistics. Iván graduated from Harvard, has an MBA from Stanford, and worked at McKinsey and Yahoo before becoming an investor. Since 2019, he has invested in more than 40 startups, including Jeeves, Picap, One Car Now, and Cashea.

1:22 - Identifying Talent Where Others Do Not See It

Iván has become known for investing in founders without “traditional pedigree”, such as Myron Sandoval, whom he nicknamed “the Bill Gates of Mexico”.

What signals does he look for in entrepreneurs that other investors ignore?
How does he evaluate clarity of thought in a first meeting?

He does not focus only on the team: he also gives weight to product-market fit.

Why does he sometimes prioritize the product and the market over the team?
What key questions does he ask to evaluate market size and the entrepreneur’s ambition?

12:02 - Investment Philosophy and Non-Obvious Markets

Iván has a contrarian thesis: he bets on markets that others consider too risky, such as Venezuela.

Why does he believe Venezuela can be a great investment opportunity?
What does he look for to justify an investment with so much perceived risk?

He has also invested in highly competitive industries.

How does he identify the right founder in a saturated market?
What convinced him to invest in One Car Now despite the competition?

24:15 - Building Relationships and Deep Due Diligence

Iván has an unusual approach: he works for months with founders before investing.

Why does he prefer a long process before investing?
What lessons does he take from the process that he would not get in a traditional due diligence?

He acts as a music producer or “equity salesperson” for his founders.

What value does he add beyond capital?
How does he help his founders raise future rounds?

37:48 - Working with Founders and Close Support

He has a very close relationship with the founders, almost like a therapist or sounding board.

What kind of emotional or strategic support does he offer along the way?
Why does he believe mutual trust is fundamental in the early stages?

He helps define key metrics and fundraising strategies.

How does he decide, together with the founders, when and how to raise capital?
What common mistakes does he try to avoid at these stages?

49:11 - Thinking Big from Day One

Despite the challenges in LatAm, Iván is very optimistic about the region.

What similarities does he see between Latin America today and Silicon Valley in the 70s?
Why does he believe the region’s leaders should be more optimistic?

Not everyone has access to Stanford, but Iván believes it has never been easier to build a network of contacts.

What does he recommend to founders without a network for reaching investors?
How do you evaluate whether you are building real relationships with mutual value?