#121 – In an uncertain market, a certain bet on LatAm startups: Izabel Gallera and Marcos Toledo, Canary

Canary has its eyes on promising startup founders even if they still don't have an idea or a company name. That's how the early-stage venture capital firm has invested in more than a hundred startups throughout Latin America. And that's how it raised US$ 100M for its third fund at the end of 2021.

Marcos Toledo is a co-founder and managing partner at Canary, together with Loft's Florian Hagenbuch and Mate Pencz, and Peixe Urbano's Julio Vasconcellos. Izabel Gallera is also a partner at Canary.

Today, Marcos, Izabel, and I talk about:

• The trajectory Marcos and Izabel traced up to Canary's foundation; how the LatAm startup ecosystem has evolved since then; and what will the next years look like for tech companies in the region.
• What's Canary's investment thesis; how the firm tracks the success of its portfolio and supports founders in various sectors; and the impacts of remote work on helping these portfolio companies hire talent;
• Canary's investment process, the strategy the firm followed in its third fund, and how Marcos and Izabel see the changes in startup valuations during the last months.

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