A new venture firm is set to challenge the notion that the most successful startup ideas must originate or expand in Silicon Valley.
Fluent Ventures, a global early-stage fund, is supporting founders who adapt tried-and-tested business models from Western markets in fintech, digital health, and commerce to emerging markets. While some may see this as merely duplicating existing models, founder and managing partner Alexandre Lazarow refers to the firm’s approach as “geographic alpha.”
Fluent’s strategy builds on the premise that many of the world’s most valuable startups are not groundbreaking concepts but rather local adaptations of models that have already achieved success elsewhere.
The San Francisco-based company, which was established in 2023, is focusing $40 million on a fund, an incubator, and a structured co-investment vehicle with limited partners. The firm’s initial investments range from $250,000 to $2 million, targeting the pre-seed to Series A stages, and it plans to execute 22-25 investments, along with subsequent follow-ups.
“We are contrarians at heart,” stated Lazarow, who has previously invested for Omidyar Network and Cathay Innovation. “We believe the world’s best innovations are not the exclusive purview of Silicon Valley.”
Fluent operates amid a decade-long decentralization in the technology industry. In 2013, only four cities globally had produced a unicorn, but today, that number surpasses 150.
This evolution has been driven by replicating successful ventures in new regions, resulting in top tech firms in emerging markets emulating thriving startups such as Amazon in e-commerce, Stripe in payments, and neo-banking solutions in fintech. The first successful neo-bank was Tinkoff from Russia. Lazarow notes, “[This] global movement motivated my investments in Chime in the U.S. and Banco Neon in Brazil.”
Fluent Ventures, however, stresses that merely copying a model is ineffective. Lazarow emphasizes, “Local adaptation is critical.”
A prime example is the ride-hailing industry. While Uber pioneered the category, Go-Jek in Indonesia adapted by incorporating motorcycle taxis and super app functions similar to China’s WeChat. Lazarow argues that now, Uber Eats is following this evolution.
Fluent Ventures not only seeks adapted models but also evaluates local product-market fit and founder-market alignment.
While the firm passed on several international construction marketplaces, it supported BRKZ in Saudi Arabia, a localized version of India’s Infra.Market. The founder, a former Careem executive, was considered a strong operator in a region experiencing growing infrastructure demand, noted Lazarow.
Despite its global focus, Fluent Ventures does not distribute investments equally across all geographies but rather focuses on regions with high potential. At present, this includes Latin America, MENA, Africa, Southeast Asia, and selective U.S. markets.
Fluent’s existing portfolio features companies such as Minu, a Mexican employee wellness platform; Sabi, a Nigerian B2B commerce startup; Prima, a Brazil-based industrial marketplace; and Baton, a U.S. M&A platform for small and medium businesses.
According to the firm, these companies have attracted additional funding rounds following Fluent’s initial investments. Collectively, startups from both Lazarow’s previous and current portfolios have created over $30 billion in enterprise value, with seven achieving unicorn status.
While some remain skeptical about the exit landscape in emerging markets, especially given the recent rise in valuations and increased numbers of unicorns, Fluent sees continued momentum. IPOs from companies like Nubank, UiPath, Swiggy, and Talabat demonstrate the potential for significant outcomes outside the U.S. and Europe. Companies such as Nubank and UiPath have shown that they can still go public in the U.S. if they choose.
Lazarow states, “Exit markets are also maturing in these regions. New secondary firms are rising. Stock markets are looking to build local listing capabilities. Yes, the U.S. has much more developed IPO and M&A markets. But under the hood, some of the largest and most profitable exits are already happening outside.”
Fluent has built a distinct network among the founders it supports, with over 75 unicorn founders and venture capitalists backing the firm. These include David Vélez (Nubank), Nick Nash (Sea Group), Akshay Garg (Kredivo), and Sean Harper (Kin), alongside institutional limited partners and family offices worldwide. According to Lazarow, many of these backers actively contribute by assisting portfolio companies with talent recruitment, fundraising, and expansion.
Additionally, Fluent relies on a small group of venture partners from organizations such as ZenBusiness, Terminal, Kin, and Dell, providing both sector expertise and geographic outreach.
In an environment where venture capital may be reconsidering its focus on U.S. and Chinese markets, Fluent believes its strategy offers limited partners a unique advantage: diversification.
“We believe the best ideas come from anywhere and scale everywhere,” stated Lazarow, whose firm is recognized on the Kauffman Fellows’ top-returner index, owing to his prior personal stakes in Chime, ZenBusiness, and Sidecar Health.
Other global venture capital firms with a focus on emerging markets include Accion Venture Lab, Alter Global, Endeavor Catalyst, Flourish Ventures, Global Ventures, Quona Capital, and Speedinvest.
