Not all groundbreaking startups need to originate in Silicon Valley. That’s the belief driving Fluent Ventures, a global early-stage fund betting on startups that reimagine Western business models for high-growth emerging markets.
Founded in 2023 and based in San Francisco, Fluent Ventures is deploying a $40 million fund to support founders in fintech, digital health, and commerce who are localizing already-successful startup ideas. But rather than labeling this a copy-paste play, managing partner Alexandre Lazarow calls it a strategy of “geographic alpha.”
The core idea? Some of the most valuable global startups aren’t revolutionary. They’re smart adaptations—local spins on business models that have already succeeded elsewhere. Fluent Ventures is leaning into that insight, backing pre-seed to Series A startups with checks ranging from $250,000 to $2 million. The firm plans to back 22 to 25 startups through its fund, incubator, and co-investment program.
Lazarow, who previously invested with Omidyar Network and Cathay Innovation, describes the team as “contrarian by nature.” In his view, the best innovation is no longer exclusive to Silicon Valley—and hasn’t been for a while.
In 2013, just four cities had birthed a unicorn. Today, over 150 cities have joined that list. Many of these new giants are modeled after familiar names: Amazon-style e-commerce platforms, Stripe-like payment services, and fintech solutions inspired by neobanks. In fact, Russia’s Tinkoff bank was one of the first breakout neobanks—its success, Lazarow says, helped inform his investments in Chime (U.S.) and Banco Neon (Brazil).
Localized Innovation, Not Copycats
Fluent Ventures doesn’t believe in mindless cloning. Local context is key. Uber may have been the first major ride-hailing app, but Indonesia’s Go-Jek redefined the category by adapting to local needs, integrating motorcycle taxis and super app features like China’s WeChat. Now, Lazarow says, Uber Eats is chasing similar innovations.
For Fluent, identifying a solid model isn’t enough. The firm looks for genuine local product-market fit and founder-market alignment. One example: while it skipped on several global construction tech startups, it backed BRKZ in Saudi Arabia—an Infra.Market-inspired marketplace led by a former Careem exec with a deep understanding of regional infrastructure demand.
Although Fluent Ventures calls itself a global fund, it doesn’t aim for uniform exposure across all geographies. Instead, it focuses on regions showing strong growth potential: Latin America, Africa, MENA, Southeast Asia, and select U.S. markets.
Its current portfolio includes startups like Minu (an employee wellness platform in Mexico), Sabi (a Nigerian B2B commerce firm), Prima (an industrial marketplace in Brazil), and Baton (a U.S.-based M&A platform for SMBs). Several of these startups have gone on to raise additional rounds after Fluent’s early backing. In total, startups across Lazarow’s current and past investments have generated more than $30 billion in enterprise value, with seven achieving unicorn status.
Growing Global Exits and LP Confidence
Skeptics continue to raise questions about exit opportunities in emerging markets, especially as valuations rise. But Lazarow sees clear momentum. Companies like Nubank, UiPath, Swiggy, and Talabat have all achieved global-scale exits—some even choosing to list in the U.S.
“Exit markets in these regions are evolving,” says Lazarow. “Local stock markets are improving, new secondary firms are stepping in, and successful IPOs and acquisitions are no longer confined to the U.S. or Europe.”
Beyond capital, Fluent Ventures has assembled a tight-knit support network. Over 75 unicorn founders and investors back the firm, including David Vélez (Nubank), Nick Nash (Sea Group), Akshay Garg (Kredivo), and Sean Harper (Kin). Many are hands-on with Fluent’s portfolio, helping startups with hiring, fundraising, and international expansion.
A select group of venture partners from ZenBusiness, Terminal, Dell, and Kin also contribute to the fund’s strategic depth—adding both sector expertise and global reach.
In an era where venture firms are rethinking their concentration in the U.S. and China, Fluent Ventures offers LPs something different: access to innovation from rising markets.
“We believe the best ideas come from anywhere—and with the right execution, they can scale everywhere,” says Lazarow, who also made early bets on Chime, ZenBusiness, and Sidecar Health—investments that landed him a spot on the Kauffman Fellows’ top-returner index.
Other global investors targeting emerging markets include Accion Venture Lab, Alter Global, Endeavor Catalyst, Flourish Ventures, Global Ventures, Quona Capital, and Speedinvest. But Fluent is carving out a distinct path—backing adapted, high-growth models that thrive beyond the traditional tech hubs.
