Fluent Ventures, a newly formed global venture capital firm, is placing substantial bets on proven Western business models adapted for emerging markets. Founded by Alexandre Lazarow in 2023 and headquartered in San Francisco, the early-stage investment firm aims to show that Silicon Valley is not the exclusive birthplace of successful startup ideas—an investment strategy Lazarow labels as capturing “geographic alpha.”
With an initial fund of $40 million, Fluent Ventures seeks to back entrepreneurs who deploy and refine business concepts previously validated in markets like the U.S. and Europe, adapting these models to the particular needs and unique opportunities found in regions such as Latin America, Africa, Southeast Asia, and the Middle East. Rather than focusing solely on original ideas, the firm values the local innovation required to implement established business strategies within diverse markets.
Fluent Ventures writes initial checks ranging from $250,000 to $2 million, targeting startups at stages from pre-seed through Series A. Lazarow states the fund aims to assemble a portfolio of approximately 22 to 25 companies, while also reserving capital for follow-on investments.
Examples currently backed by Fluent Ventures include Minu, a Mexican employee wellness fintech; Nigeria’s fast-growing B2B commerce startup, Sabi; Prima, a Brazilian industrial marketplace; and Baton, a U.S.-based mergers and acquisitions platform catering specifically to smaller businesses. Many of these companies have successfully attracted subsequent rounds of funding since Fluent Ventures’ initial investments.
Lazarow, who previously gained insights at Omidyar Network and Cathay Innovation, describes the firm’s philosophy as fundamentally contrarian. “We believe the world’s best innovations are not the exclusive purview of Silicon Valley,” he says, underscoring that successful adaptation, rather than straightforward replication, differentiates his firm’s strategy.
To illustrate, Lazarow notes how the ride-hailing sector demonstrates the necessity of localized innovation. While Uber pioneered the model, services like Indonesia’s Go-Jek evolved it further, incorporating motorbike taxis and transforming into comprehensive “super apps,” prompting global giants to follow these innovations rather than dictate them.
Fluent Ventures further emphasizes careful vetting for local product-market fit and strong founder-market alignment. A notable instance was their decision to back BRKZ, a construction technology startup in Saudi Arabia, which adapted a concept previously popularized by India’s Infra.Market. BRKZ’s founder, an experienced executive from the ride-hailing giant Careem, was key to the decision due to his strong operational reputation in a region where infrastructure growth remains robust.
While Fluent Ventures identifies as a global fund, it does not seek equal geographic distribution in investments, preferring instead to concentrate resources where it perceives the greatest opportunities. Currently, that means heavy emphasis on Latin America, the Middle East and North Africa (MENA), Africa, Southeast Asia, and selected U.S. markets.
Through investments made both at Fluent Ventures and previously elsewhere, Lazarow’s combined portfolio has reportedly generated over $30 billion in enterprise value to date, including seven companies that achieved unicorn status. He argues the exit outlook in emerging regions is increasingly positive, pointing to successful IPOs by companies such as Nubank, UiPath, Swiggy, and Talabat as evidence that significant liquidity events outside of U.S. and European markets are increasingly viable.
Furthermore, Fluent Ventures enjoys strong support from a network of experienced entrepreneurs and institutional investors, including notable figures from Nubank, Sea Group, Kredivo, and Kin. These backers actively contribute strategic guidance, assistance with talent acquisition, and further fundraising initiatives for the firm’s portfolio companies. Additionally, a group of seasoned venture partners brings deep sector-specific expertise and geographically focused insights to support Fluent’s mission.
In a landscape where traditional capital flows have long concentrated in Silicon Valley and, more recently, in China, Fluent Ventures offers its investors deliberate geographic diversification. Lazarow asserts that the most promising ventures can originate anywhere across the globe and scale beyond their initial regions. As global equity markets mature alongside rising startup ecosystems in previously underserved regions, Fluent Ventures believes its approach will define a new era of successful technology investing beyond traditional hubs.
