WIND Ventures

Startup Growth Market Survey

September 2020

www.windventures.vc
Venture investors, in general, do not perceive LatAm as a high priority growth market for
startups outside of North America

What region do you view as the largest growth market for startups outside of
North America? (Please rank the following regions)
Higher score indicates larger growth market

% Ranked 40%
Top Choice 37%

30 29%

20
13%
12%
10 8%

2% 2%
0% 0%
0
China Western Southeast India Latin U.K. Middle Japan Africa
Europe Asia America East

2
Venture investors typically measure attractive growth markets for startups against market size
and rate of tech adoption

What market attributes do you consider most important when expanding to a

new region? (Please rank the following attributes)
Higher score indicates greater importance
% Ranked 40% 38%
Top Choice

30

23%
20
16% 16%

10
6% 6%

0
Large High rate of Large and Supportive High mobile Large urban
market size tech adoption growing local partners adoption population
middle class

3
Venture investors generally viewed Latin America as not having these elements for
determining an attractive expansion region for a startup

What markets do you associate with these top attributes? (Please rank the
following regions)
Higher score indicates greater association with these top attributes
% Ranked 50%
Top Choice 45%

40
35%

30

20

11%
10 6%
4% 4%
0% 0% 0%
0
China Western Southeast Latin U.K. India Japan Africa Middle
Europe Asia America East

4
Despite this, the vast majority of venture investors’ opinion would change if they learned that
LatAm did have important elements of an attractive expansion region for startups

If you learned that Latin America had all of the top attributes for an attractive startup growth
market, would you believe that Latin America is an up and coming growth market for tech startups?
(Please select 'Yes' or 'No’)
% Share of Responses

No
25%

75%
Yes

5
Seed investors are especially likely to see Latin America as an attractive expansion market for
startups if they learned about its attractive growth elements for startups

If you learned that Latin America had all of these top attributes would you
believe that Latin America is an up and coming growth market for tech startups?
(Please select 'Yes' or 'No').
% of Respondents Selected ‘Yes’

100%
100%
83%
80
68%
60

40

20

0
Seed Early Growth

6
The primary perceived challenge from venture investors with Latin America for startup
business building is political

What do you view as challenges for building a business in Latin America?

(Please select any choice(s) that applies or leave blank).
% of Respondents Selected
100%
90%

80

60 54%
48%

40

20 15%

0
Political Economic Cultural Impact of COVID-19

7
Venture investor survey participants come from a diverse cross section of venture capital
Are you a: What stage do you invest? What type of investor are you?
% of Respondents % of Respondents % of Respondents
80% 80% 70% 58%
64% 60%
60 60
40
40 36% 40 26%
19% 20
20 20 11% 11%
4%
0 0 0
VC CVC Seed Early Growth Sector Stage Regional Generalist
Focused Focused Focused
How many years have you been investing into
startups professionally? Where are you located for your investing activities?
% of Respondents % of Respondents
40%
32% 32% 100% 87%
30 28%
80
20 60
40
10 8%
20 9%
2% 2%
0 0
<2 years Between 2 Between 5 Over 10 North America Western U.K. Middle East
and 5 years and 10 years years Europe
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About WIND Ventures

ventures
is the corporate venture capital (CVC)

unit sponsored by with vast

resources throughout Latin America and the US

WIND is the force within Copec’s corporate identity related to the sky and clouds that will drive it, and its partners, to new heights, opportunities and developments
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About COPEC

A leading fuel station and convenience store company with many

B2B fuel services and related activities

83 years of history and part of the 2nd largest corporation in Chile

A most trusted brand throughout Chile and Latin America
Chile

3.500 service stations globally; 630 in Chile Panama

Colombia

#1 market share in Chile, Columbia with operations across: Ecuador

US

Peru
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