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99 Startups is a venture capital firm dedicated to identifying and investing in early-stage companies with high growth potential, primarily across Latin America.

The firm focuses on startups in emerging sectors, leveraging a combination of strategic support and capital to help them scale effectively.

Origins of 99 Startups

It's hard to think of 99 Startups, the VC fund, without also thinking of Alejandro's Fundadores Podcast. With nearly 200 episodes over five years and an impressive 4.9-star rating from 288 reviews on Spotify, the podcast has redefined how venture capital and storytelling intersect in Latin America.

"When I started my podcast, it wasn’t about becoming an influencer—it was about creating content in Spanish to help grow the ecosystem and connect with founders and investors in a meaningful way." Alejandro noted.

While 99 Startups provides early-stage companies with the funding and support to grow, Fundadores Podcast amplifies their journeys, offering practical insights and inspiration to entrepreneurs across the region. Together, they create a unique platform that blends investment and narrative, fostering a more connected and vibrant startup ecosystem

The foundation of 99 Startups stemmed from Alejandro’s vision of filling a critical gap in the Latin American startup ecosystem. At first, Alejandro started Angel investing in early 2016 in companies like Clara, Fintual and Baubap.

Over the years, Alejandro built a diversified angel portfolio, of over 60 companies learning from seasoned investors like Jonathan Lewy (GP at investo)  and founders like Roberto Salcedo. This experience laid the foundation for the launch of his venture capital fund, 99 Startups.

He shared how his journey into venture capital shaped the firm:

“Before starting 99 Startups, I spent years observing the challenges faced by early-stage companies. Many had incredible ideas but struggled to find the right resources or mentorship to scale. That’s where we saw an opportunity to step in.”

General Partners

Alejandro Galvez

Fund History & Investment Stage

• Fund(s): 2022, $4.5M (Fund I)

• Portfolio: Cashea, EFEX, Ximple, Belo, Koywe.

• Stage: Pre Seed & Seed  

• Check Size: $100k - 250k

99 Startups’ Investment Thesis

At the core of 99 Startups is a clear and strategic investment philosophy that emphasizes scalability, market relevance, and founder resilience.

“Our investment thesis is simple: We look for startups solving real problems with scalable solutions. We also want to see a strong connection between the founders and the market they’re targeting—whether it’s through personal experience, technical expertise, or deep customer insights.” - Alejandro Galvez

The firm seeks out companies that address pressing challenges in Latin America, particularly in underserved markets like financial inclusion and fragmented supply chains.

Alejandro stressed that their decision-making process revolves around understanding not just the idea, but the potential for execution.

“It’s not just about the idea; it’s about the execution. We want founders who are willing to experiment, fail, and iterate until they find what works.”

99 Startups: Focused Sectors

99 Startups places its investment focus on industries where innovation can solve pressing challenges in Latin America.

The fund is sector-agnostic but places a strong emphasis on high-growth industries such as fintech, SaaS, and AI, where asset-light models and strong unit economics present significant opportunities.

Valuation Discipline

99 Startups takes a disciplined approach to valuations, focusing on startups with valuations typically under $10 million to maximize upside potential for our investors and ensure strong fund economics. This strategy reflects the realities of Latin America, where billion-dollar exits are less common, reducing the risk of overpaying for early-stage companies.

However, Alejandro notes the fund will always remain flexible, making exceptions for high-revenue startups with proven scalability and clear growth paths. By balancing valuation discipline with strategic flexibility, 99 Startups positions itself to deliver strong returns while minimizing risk across its portfolio.

"We’re willing to invest at higher valuations for companies with strong revenue and exceptional founders, but staying disciplined is crucial in Latin America, where billion-dollar exits are still less common compared to the US." - Alejandro Galvez

Customer Acquisition Strategies

99 Startups takes a methodical approach to helping its portfolio companies acquire and retain customers by focusing on effective channels and optimizing them over time. As Alejandro explains, customer acquisition isn’t just about spending more on ads; it’s about identifying the channels that resonate most with the target audience and doubling down on what works. The firm emphasizes the importance of social media and content marketing, encouraging startups to leverage platforms like LinkedIn to build a strong digital presence and establish themselves as thought leaders.

“We tell our founders: don’t just sell your product, sell your vision. Share your story and engage with your community. That’s how you build trust and attract the right customers,” says Alejandro.

Aligned Interests: Syndicates vs. Funds

Building 99 Startups came with its share of challenges, from navigating underdeveloped markets in Latin America to managing the diverse expectations of Limited Partners (LPs). Alejandro recognized early on that nurturing LP relationships required the same level of care and transparency as working with founders, emphasizing the importance of setting and maintaining clear expectations for consistent communication.

He also found that syndicates often failed to align the interests of LPs and fund managers effectively.

“I realized that syndicates don’t always align interests well. LPs wanted someone to choose the companies and manage the process. That’s when I decided raising a fund was the right strategy to align incentives and create something sustainable.”

At the same time, building strong, long-term relationships with founders proved equally critical, as early trust and collaboration often became the foundation for success throughout the fund’s lifecycle. These lessons have shaped Alejandro’s approach to creating 99 Startups to become a sustainable and impactful fund in Latin America’s complex and rapidly evolving ecosystem.

Identifying Emerging Opportunities

The ability to identify emerging opportunities is a critical strength of 99 Startups. Alejandro emphasized the firm’s proactive approach to staying ahead of market trends.

Fintech has been a particularly promising area for the firm. Alejandro highlighted the immense potential for startups in this space.

“Financial inclusion is a huge opportunity. Millions of people in the region are underserved by traditional banking systems, and startups like Konfio and Kueski are proving that tech-driven solutions can bridge this gap effectively.”

Other sectors, such as B2B marketplaces in agriculture and logistics, have also gained attention. Alejandro described how these industries are ripe for disruption.

“We’re seeing a shift in how traditional industries operate. Startups that modernize these sectors—by introducing transparency, efficiency, or better access to resources—are particularly exciting to us.” - Alejandro Galvez

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