Henrique Iwamoto

This part of my conversation with Joao Barbosa, co-founder at the world’s leading wellness platform Gympass (now Wellhub) valued at $2.4 is a testament to the fact that nothing big actually started big 👇 It took Gympass 5 pivots and 2 near death experiences to find the business model that works and is scalable across the globe What I found really interesting is the framework that the team had around pivots - the tripod approach towards creating value. This approach could benefit many founders especially in marketplace kinda businesses Head over to our channels on Spotify, Apple and YouTube to watch / listen to the full conversation link in comment 🔗 The J Curve #thejcurvepodcast #podcastrecommendation #gympass #pivot #entrepreneurship #founder #venturecapital

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Brex is one of my favorite fintechs. Ever wonder what their journey from $0 to over $300M in revenue within 7 years looked like? 2017-2018: The Birth of Brex • Henrique Dubugras and Pedro Franceschi, both 22-year-old Stanford dropouts, decided to flip the fintech world on its head by launching Brex, a corporate credit card tailored for startups. • With their co-CEO model (which has become popular), they doubled their management bandwidth. Internal & external duties? No problem when you have twice the number of CEOs to lead folks 2019-2020: Rapid growth • Brex quickly partnered with big names like DoorDash, Flexport, and Roblox. • In 2019, they secured $300 million in funding, catapulting their valuation to $2.6 billion. It’s amazing what you can achieve when you’re swimming in a pool of investor cash. 2021-2022: Diversification and challenges • Brex expanded its product suite to include expense management, bill pay, & travel booking services. If you’re going to burn through cash, you might as well make it convenient. • Despite their success, they faced some “minor” hiccups. Layoffs in 2022 were a delightful reminder that even fintech unicorns aren’t immune to cutting costs by cutting people. 2023: Strategic shifts • Transitioning to a single CEO model, Pedro took the helm while Henrique became chairman. Having two brains was slowing things down? • They continued to innovate, integrating AI into their platform. By the end of 2023, Brex hit over $300 million in revenue, proving that even with all the chaos, they were still making bank​. 2024: Path to profitability • With a goal of being cash-flow positive by 2025, Brex halved its cash burn by chopping 20% of its staff and focused on sustainable growth. Making money instead of burning it is always a sound strategy. • Serving 30K+ customers globally, Brex’s commitment to transparency & customer-centric solutions has kept them in the game. They’re not just participating – they’re rewriting the rules. Want to copy their homework? 1. Identify a significant pain point in an industry and create a solution that addresses it. Please don't start a business without doing this. 2. Utilize a strong co-founder dynamic to maximize efficiency & divide responsibilities effectively. Two heads are better than one, until they aren’t. 3. Secure early partnerships with influential companies to build credibility and a customer base. It’s always about who you know. 4. Listen to your customers. & Expand your product offerings to meet their evolving needs. 5. Maintain a strong focus on transparency & trust to build a loyal customer base. People surprisingly prefer not being lied to. 6. Strategically manage growth, and make tough decisions like layoffs when necessary to ensure long-term sustainability. 7. If you want to go public, be profitable. Did I miss anything?

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VCs don't want you if you're not throwing tons of 💸💸💸 at outbound marketing... 😮 From Matheus Darós Pagani's experience, this is why taking Venture dollars was not an option 🙅‍♂️ As an offshore development shop (located in Brazil), he experienced first-hand how cold email was a money pit 😣 Too many of his ideal clients were resistant to accepting software development labor from an offshore team that they'd never met. What did he do? He focused his marketing on building relationships and taking an organic approach to growth. Was it slow-going? Yes. But it has proven more successful than when he was pursuing cold email campaigns. Is this unique to offshore dev agencies? Is this true for all dev shops? I'd love to hear your thoughts below! 👇 _____________________________ Are you a software development agency looking for a little guidance on your journey to growth? Subscribe to the Dev Launch podcast! We interview software dev agency owners as they share their startup journey and what they're learning in the process. This isn't some generic entrepreneurial podcast with "rah rah" advice - we're talking about specific industry challenges. Find us on YouTube and Spotify. We are changing things up in the format as we launch into Season 2, so stay tuned!

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This advice from Geraldo Thomaz, founder and co-CEO of NYSE-traded enterprise e-commerce platform VTEX (customers include Coca Cola and Walmart), will save startup founders from making critical mistakes in their go-to-market and customer acquisition strategies. 🚀👇 If you're like many founders who think about marketing your products to low-end customers first and then entering the enterprise segment, think again. The game for low-end and enterprise customers is totally different. Check out this snippet from my conversation with Geraldo on the latest episode of The J Curve and go to our channels on Spotify, YouTube and Apple Podcast to listen the full interview that’s packed with practical tips for founders and investors alike 🎙️ #StartupAdvice #TheJCurve #GoToMarket #CustomerAcquisition #vtex #fromlatamtotheworld #thejcurvepodcast

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This is insane! Brazil's FinTech giant Nubank just posted another massive quarter. The growth & numbers NU is showing are out of this world and make it one of the best-run tech companies in the world 😳 Key facts and figures from Nubank's 1Q 2024 earnings: 👥 100 million customers globally (+26% Year-over-Year) 🌍 It's now the largest digital banking platform outside of Asia 🇧🇷 54% of the adult population of Brazil now uses Nubank 🇧🇷 It's now the 4th largest financial institution in Latin America 💰 $24.3 billion worth of deposits (+53% YoY) 💸 $2.7 billion in revenues (+64% YoY) 🤑 $378 million in profit (+160% YoY) What's also wild is that their average customer is now using more than 4 products 😳 But here comes the crazy part. NU's customer acquisition costs is something we have not seen before. Due to customer-friendly, low-cost products, #Nubank has a high NPS of around 90. Even a popular brand like Apple only has an NPS of 72, and banks are often in negative territory. That's why Nubank, to date, still acquires ~80% of its new customers cost-effectively through recommendations and word-of-mouth 😮‍💨 On top of that, despite serving more than 100 million customers, its monthly average cost per active customer remains below $1 🤯 This coupled with a stunning efficiency ratio of ~32% makes Nubank not only one of the best digital banks globally. It's probably the best-run tech company on the planet right now. Remarkable.

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There’s no denying that Nubank is a massive success story. Their growth continues to impress, with a 25% year-over-year increase in customers. But with 105M accounts and Brazil’s adult population at approximately 157M, there are natural growth constraints. So, what's next? There’s always talk about geographical expansion, and Nubank has already ventured into Mexico and Colombia, but the real growth potential lies elsewhere. Brazil remains the largest economy in Latin America, so new geographies alone won't sustain the high growth rates Nubank is accustomed to. Instead, I believe growth lies more in new product offerings. The fintech’s annual revenue per active customer (RPAC) is steady at around $25, contributing to their $2.8B in revenues and $500M in net income. If you find new products that can be monetized effectively, you unlock a lot of growth potential. Take a look at one of their most recent offerings: insurance. In June, they reached 2M active insurance policies growing 70%+ yoy. I believe they’re currently offering life, mobile, and loan insurance, all integrated seamlessly through their app with partners. This move not only diversifies their product offerings, but also enhances their potential to increase the RPAC significantly. Insurance is a massive market!  As Nubank evolves into a financial super app, the ability to cross-sell and introduce high-margin products like insurance will be crucial. The road ahead is about more than just adding customers. It's about deepening relationships and expanding into new, profitable territories.

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Fundraise like a Brazilian Steakhouse... Startups often kick off their fundraise far too prematurely, long before they have their fundraise details and fundraising assets game-time ready. Tundra Angels once had an experience where one of our investors remarked, "The founders aren’t ready for this. It feels like we are pulling all of this information out of them. This information should all be assembled already.” Just like an experience at a Brazilian Steakhouse, I see startup fundraising in a very binary way: Green Card 💚 - “I’m fundraising” - means that you have your fundraising dialed in and all of your fundraising assets in place to send out at a moment’s notice. Red Card 🔴- “I’m not fundraising” - means that you don’t have all of your fundraising assets in place. Don’t flip your card and say you’re fundraising until you’re game-time ready. ✅ Startups should assume that they will only get one shot with an investor. Don’t waste your one impression by making the wrong impression by telling investors you are fundraising when you are not “game-time ready” to bring in investor funds. ✅ ------------------ What does "game-time ready" mean? I go into this and more in the article 👇 "Fundraise Like a Brazilian Steakhouse" https://lnkd.in/gZuQW894

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Inspiration for entrepreneurs: :   'My advice is to focus on the importance of forging a long term relationship, whether with colleagues, partners, or customers. It is often easy to get caught up in short term decisions.'   @Sheila Lirio Marcelo, Founder of Care.com   #RelationshipBuilding #LongTermSuccess   Develop lasting business relationships with The Cantillon's guidance.

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🚀 This one’s for the founders: a masterclass in execution and innovation. This week, I sat down with Adhemar M., founder and CEO of Kovi, a Brazilian company redefining mobility through car subscriptions and connected tech in a market plagued by high costs and limited credit access. Backed by ~$145M in funding from the likes of Valor Capital Group, monashees, MAYA CAPITAL, Globo Ventures, Norte Ventures and Peter Thiel's family office, Kovi is addressing high car costs, tough credit barriers, and insurance gaps in one of the world’s most exciting markets. What we covered 👇🏻 ​🔑 Driving innovation: How Brazil’s mobility challenges are powering market transformation ​🤝 Connect the dots: Building stronger founder/VC partnerships through transparency and market education ⚙️ Complexity doesn’t scale: Lessons in building efficient, scalable operations 🌐 Break down silos: Creating synergy between tech and operations in a startup ​⚡ Clean win: How Brazil’s renewable edge and gig economy lead the EV growth Link in comments—don’t miss this one! 🎧 PS: Thank you Vander Corteze, MD for the intro to Adhemar and for some excellent question suggestions 👏🏻

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2025 fundraising will separate startups into two groups: Those that thrive and those that struggle. This insight stuck with me from Renata Quintini, co-founder of Renegade Partners, at TechCrunch Disrupt a few weeks ago: “Some companies will continue to grow fast, attracting momentum and funding. Others will need to prove they can build real, efficient businesses—and it will be hard.” She pointed to a simple truth: VCs are focusing less on how many customers you have and more on the quality of those customers. I’ve seen this happen firsthand. Startups that thrive: ✔ Win high-value customers early. ✔ Show strong customer retention and expansion. ✔ Build moats around their business, making their solution impossible to replicate. It’s a reminder that flashy growth isn’t enough. Quality is the new quantity. As we head into 2025, are you building for the long game? _____________________ 👋🏻 Hi there, welcome! ✨ I'm Sarah. I help women founders develop winning business models, gain market traction, and secure funding through my FundHER accelerator program. As a woman founder, follow me here on LinkedIn for insights and support to help you launch, grow, and fund your startup. 

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Would a Nubank copy-paste work in Africa? Probably not (at least right now). "LATAM is similar to the US: credit-cards are understood, widespread. Credit cards as a product are supremely powerful. Users can seamlessly borrow and spend. It’s a gold mine for the issuer, and it’s (in part) what made Nubank so successful. A small survey estimated that 58% of Latin Americans have credit cards. In Nigeria, Africa’s most populous country, the figure stands at around 1.6%. Any African neobank play has to start with contextually-relevant products, like someone’s first proper bank account." Read the full Realistic Optimist piece by Hassan Bourgi, co-founder of Djamo here: https://lnkd.in/gSb4TNfB

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Interesting paper on the next level of AI ethics. Heterogeneity problem and how could AI help alleviate the issues around informational and behavioral gaps to aid markets to deliver better. Actually, this is similar to 90s when we were discussing how internet would be solving the issue of information gaps and allow markets to function efficiently as per the premise of the (neoliberal) economic models. That failed to deliver and now the hope is AI will be able to address these gaps to enable markets to function efficiently which will benefit all, and not a certain group (human welfare), with help of regulation. Well, one can only hope.

I had a wonderful time speaking at Web Summit in Lisbon, Portugal this past week! Web Summit is even bigger than when I last spoke there and it is truly impressive =) Here are a few great things to read/watch this week: 💰12 Silicon Valley Startups Raised $508.8 Million Last week 💰 It’s ‘Liquidity, Stupid’ by Edith Yeung at Web Summit 📺 US, China's AI Codependency by Alfred Chuang 🎤 Voice AI isn’t just an upgrade to software’s UI Bessemer Venture Partners 💰 Why Economists Hate Trump's Tariff Plan by The Wall Street Journal ⚔️ Elon is the defacto Vice President of the United States by Bloomberg News Read more on my newsletter 👉 https://lnkd.in/gBy6q4fN #M&A #IPO #Funding #VC #VentureFunding #VentureCapital #VCs #Fundraising #ElonMusk #VP #Economists #Trump #VoiceAI #China #AI #WSJ #Liquidity #WebSummit

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This is wild! Brazil's FinTech giant Nubank just posted another insane quarter. The growth & numbers #NU is showing are out of this world and make it one of the best-run technology companies globally 😳 Key facts & figures from #Nubank's 2Q 2024 earnings: 👥 105 million customers globally (+20.8M Year-over-Year) 🌍 It's now the largest digital banking platform outside of Asia 🇧🇷 It's now the 4th largest financial institution in Latin America 🇧🇷 56% of the adult population of Brazil now uses Nubank 💰 $25.2 billion worth of deposits (+64% YoY) 💸 $2.8 billion in revenues (+65% YoY) 🤑 $487 million in profit (+134% YoY) What's also wild is that their average customer is now using more than 4 products 😳 But here comes the crazy part. NU's customer acquisition costs is something we have not seen before. Due to customer-friendly, low-cost products, Nubank has a high NPS of around 90. Even a popular brand like Apple only has an NPS of 72, and banks are often in negative territory. That's why Nubank, to date, still acquires ~80% of its new customers cost-effectively through recommendations and word-of-mouth 😮‍💨 On top of that, despite serving more than 105 million customers, its monthly average cost per active customer remains at $0.9 🤯 This coupled with a stunning efficiency ratio of 32% (i.e. JPMorgan’s efficiency ratio is >55) makes Nubank not only one of the best digital banks globally. It's probably the best-run tech company on the planet right now. Phenomenal. P.S. check out 🔔linas.substack.com🔔, it's the only newsletter you need for all things when Finance meets Technology. For founders, builders, and leaders.

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Third and last part of my post with some insights from the #fundraising of our latest fund. Some of the tools we used and how we managed to get the finish line successfully!

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As a VC I get 100+ cold messages a day through email, LinkedIn, other social media and messengers. Most of them are ChatGPT generated starting with "I hope this message finds you well", they are too long, not very personalized, and most of the time people are bombarding with no specific target. This morning I got this original message : "SOO this is crazy... I told my co-founder PauI was trying to get in touch with you last week. Turns out he went ahead and got a billboard with your name on it! I didn't believe it either!! I literally did a double take when he told me LOL. Now, you're probably wondering why this random company, XXXXXXXX , got a billboard with my name on it. The reason is quite simple: XXXXXXXXXX delivers the most comprehensive fund insights to help Vibranium Venture Capital gain an edge. With features like automated SEC and news alerts, historical performance data, and GP/LP relationship mapping, our platform is designed to save you time and improve decision-making. So, can I send you more info or more photos of your billboard?" Guess what, I did open it, did read it and actually replied, because I liked the originality and bold move. So be original in your cold outreach, but don't overdo it 🙂 Subscribe to ‘Siliconnector’ Telegram channel for insights and news from Silicon Valley and the Tech world: https://t.me/siliconnector

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A rapidly maturing startup ecosystem, heightened due diligence practices, and a steady pipeline of startups gearing up for public markets, India is clearly the promised land for investors and entrepreneurs alike. In a recent interview with Vibhuti Sharma from DealStreetAsia, I delved into how India remains a key focus for RTP Global. We discussed how with our new $1B fund, we are doubling down on the region's potential, backed by our dedicated team in India supporting early-stage entrepreneurs. India is an essential part of RTP Global's long-term vision, and we remain committed to nurturing innovative startups that can scale globally

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Thriving as a Project Lead at e27: Shaping the Future of Innovation and Startups Most has been asking me, what do you do at e27? As a Project Lead at e27, I’m fortunate to work at the intersection of technology, innovation, and entrepreneurship. Every day, I collaborate with a talented team and industry leaders to drive impactful projects that support the growth of startups and technology ecosystems across Asia and beyond. At e27 (Optimatic), we’re dedicated to empowering entrepreneurs and fostering innovation by providing valuable insights, resources, and opportunities to the startup community. As a Project Lead, my role is dynamic and multifaceted, where I focus on strategic planning, execution, and collaboration to bring our ambitious initiatives to life. Here are a few key aspects of my work at e27: Project Management: From conceptualizing new initiatives to executing complex projects, I ensure seamless coordination across various teams and stakeholders. I thrive on bringing together creative minds and technical experts to deliver projects that drive measurable impact. Building Relationships: One of the most exciting parts of my role is working with startups, investors, and industry influencers. By leveraging e27’s extensive network, I help connect the right people to create strategic partnerships and foster collaboration that drives growth and innovation. Innovating in Tech: Being at the forefront of tech trends like AI, blockchain, and digital transformation, I’m constantly learning and adapting to new technologies. This enables me to develop projects that not only meet current market needs but also anticipate future demands. Through my work at e27, I’ve had the privilege of contributing to high-impact projects that shape the future of innovation. Whether it’s launching new products, hosting events, or curating insightful content, the work we do here is always focused on helping entrepreneurs succeed and making a lasting impact on the startup ecosystem. I’m incredibly proud to be part of such a forward-thinking organization that’s not only shaping the future of business but also making a meaningful difference in the lives of founders and innovators. As a Project Lead, I’m committed to continuing to push boundaries, challenge the status quo, and deliver results that matter. If you’re passionate about innovation, startups, or the future of tech, I’d love to connect with you! Whether you're a startup founder looking for support, an investor exploring new opportunities, or someone interested in collaborating on exciting projects, e27 is always open to new ideas and partnerships. Let’s engage, share insights, and work together to create something impactful. #ProjectManagement #Leadership #Startups #Innovation #Tech #Entrepreneurship #e27 #DigitalTransformation #AI #Blockchain #FutureOfWork

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One other thing on Nubank. Something you don’t hear enough about is their SME banking product. Micro and small enterprises are an essential (and massive!) part of the Brazilian economy, accounting for 93.7% of all legally constituted companies (20.3 million). Right now, Nubank has 2.6 million SME customers, growing 44% year over year. That leaves a lot of the market untapped and a huge upside potential for them. Watch this segment in quarters to come. If they can replicate their success here as they did with consumers, there's a ton of upside potential.

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