Dear reader,
Venezuela's economy belies two crucial facts:
- Venezuela used to be one of LatAm's richest countries.
- Venezuela's economy reached rock bottom a few years ago, but has been steadily improving since.
The country started off 2026 unusually, with the US military capturing Venezuela's now-former president Nicolás Maduro.
The Venezuelan startup ecosystem has grown in the background. A few outlier successes, chief among them local BNPL startup Cashea, are ushering it into its next phase of development.
Today's article is an exclusive RO interview with a Venezuelan VC tasked with crafting her fund's Venezuela investment thesis. We spoke about:
- Why Venezuela differs from other countries with "similar" socio-economic indicators.
- The gradual dollarization of the Venezuelan economy and why it matters.
- Exploring the ecosystem's most promising startups.
- Discussing whether one can really obtain "VC-grade" returns in Venezuela.
- Which financial instruments are best suited for investing in Venezuelan startups.
- What sectors Venezuelan founders should build in.
And much more. Enjoy.
A small note: we're hosting an RO Webinar next week on Iraq's fintech sector. The webinar is a Q&A with Rabel Kaka, who penned a 5,000+ word RO Long Read on the topic. You can sign up here.
Biography
Valentina Silva is an investor at Carao Ventures, an early-stage, LatAm-focused VC.
Valentina is Venezuelan and is based in Venezuela. As the country opens up to foreign capital and Carao raises its second fund, Valentina will be leading Carao's Venezuelan investment thesis.
Prior to moving back to Venezuela, Valentina worked in finance in New York at Nomura, a Japanese financial firm.
How would you compare Venezuela with the other countries Carao invests in?