A new early-stage venture capital firm is betting big on the idea that world-class startups don’t need to be born—or scaled—in Silicon Valley. Fluent Ventures, founded in 2023 and based in San Francisco, is investing in entrepreneurs who are adapting proven business models from mature markets to succeed in emerging economies.
Led by Alexandre Lazarow, formerly of Omidyar Network and Cathay Innovation, Fluent Ventures is deploying $40 million across a fund, an incubator, and a structured co-investment vehicle. The firm writes checks from $250,000 to $2 million in pre-seed to Series A rounds and expects to make around 22 to 25 investments, including follow-on funding.
Lazarow describes the strategy as pursuing “geographic alpha”—investing in startups that localize successful Western concepts in fintech, digital health, and commerce. While critics might label it as cloning, Lazarow insists that local adaptation is key. “Copy-paste rarely works,” he says. “Local adaptation is critical.”
Proven Models, Local Execution
Fluent Ventures’ strategy is rooted in a global trend: The decentralization of tech innovation. In 2013, only four cities worldwide had produced a unicorn. Today, that number exceeds 150. In many cases, these unicorns replicated and reimagined successful startups—Amazon clones in e-commerce, Stripe-like payment solutions, and localized versions of neobanks.
Lazarow highlights the rise of ride-hailing as a prime example. While Uber pioneered the category, Go-Jek in Indonesia added unique elements like motorcycle taxis and evolved into a super app, comparable to China’s WeChat. Uber Eats has since incorporated similar multi-functionality, effectively validating Go-Jek’s model.
Fluent screens not only for product-market fit but also for founder-market fit. One notable investment is BRKZ in Saudi Arabia, a localized version of India’s Infra.Market. Fluent passed on similar construction marketplace startups elsewhere but chose BRKZ because of its strong local operator—a former Careem executive—and favorable infrastructure trends in the region.
While the fund calls itself global, Fluent doesn’t aim for even geographic distribution. Instead, it goes deep in high-potential regions. Current areas of focus include Latin America, MENA, Africa, Southeast Asia, and selected U.S. markets.
The firm’s portfolio already includes Minu (employee wellness, Mexico), Sabi (B2B commerce, Nigeria), Prima (industrial marketplace, Brazil), and Baton (SMB M&A platform, U.S.). According to Fluent, these companies have raised follow-on funding rounds and have continued to grow since the firm’s initial investments.
Exit Potential in Emerging Markets
Skeptics still question the exit landscape in emerging markets, despite a recent boom in valuations and unicorn births. However, Lazarow believes these ecosystems are catching up. He points to global IPOs and exits from companies like Nubank, UiPath, Swiggy, and Talabat as evidence that “world-class outcomes” are possible even outside the U.S. and Europe.
Lazarow also notes an increase in secondary sales, the rise of local stock markets, and new M&A pathways. While the U.S. may still dominate in developed exit channels, emerging markets are increasingly maturing and diversifying.
Adding to its edge, Fluent boasts backing from more than 75 unicorn founders and venture capitalists, including David Vélez (Nubank), Nick Nash (Sea Group), Akshay Garg (Kredivo), and Sean Harper (Kin). Many of these LPs are active participants, assisting startups with hiring, funding, and go-to-market strategies.
Venture partners from firms such as ZenBusiness, Terminal, Kin, and Dell contribute sector and regional expertise, reinforcing Fluent’s localized investment strategy.
As VCs rethink their overexposure to the U.S. and China, Fluent Ventures offers something increasingly valuable: diversified global access with a focus on localized innovation.
“We believe the best ideas come from anywhere and scale everywhere,” says Lazarow.
