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Invested Partners makes bold move in tech sector

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth.

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Charge US Prices with Latin American Costs

My latest El Mercurio column is about one of the business lines that we love to invest in at Magma Partners: companies that have their tech teams in Latin American, but sell into the US market. A version of this post originally appeared in Spanish as a column in El Mercurio, with the title Startups: vender a precios de Estados Unidos con costos chilenos.

The internet’s magic is that you can connect anywhere with any part of the world from where ever you are. We notice it when we talk with friends living in other countries, connect on social media, look at photos from around the world and keep up to date with the latest news from all corners of the world. We’re really living in a global world.

Tech startups are also global. A startup’s market can be the entire world from day one. But many Chileans only think about technology businesses from the US and Europe that have gotten to the Chilean market.

We’ve all heard about foreign startups that sell into the chilean market and many chileans have made purchases from sites like AmazonAsosBook Depository,Aliexpress and more. But the vast majority think it’s impossible to do the opposite: sell in the US from Chile.

Read more about how we see selling to the US market from Latin America as one of the biggest opportunities in Latin America. If you’re an entrepreneur thinking about this business model, we can help you. We’d love to hear from you!

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Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth.

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Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth.

Continue Reading

Edtech Startup Edoome Launches In All Chilean Public Schools

Portfolio company Edoome recently secured a partnership with the Chilean Ministry of Education to roll out their product to all chilean public schools. I wrote a more detailed analysis of why this is big news on my personal blog. From the link:

Edoome (AngelList profile), a social learning management platform that turns classrooms into an online community so teachers, students and parents can communicate and collaborate easily and securely, just signed an agreement to launch Edoome in all of Chile’s public school system. In the next few months, 200k+ teachers and 3M+ students at 12,000+ Chilean public schools will start to use Edoome, making students’ and teachers’ lives easier and better. The majority of teachers who use Edoome save more than two hours of planning and preparation time per week, letting them focus on what they do best: teaching students.

This agreement is a big step forward for Edoome, as it brings an entire country’s education system into the Edoome platform. In addition to this agreement, Edoome has been growing quickly in Mexico, Spain, the US, Ecuador and Colombia over the past 6-12 months and now has more than 75k teachers and 150k students using the platform.

You can read the full post about why we’re excited Edoome is now part of Chile’s public school system.

 

Ttanti: Patagonia Wood Watches Launches Kickstarter

Update: Ttanti’s Kickstarter was funded with $32,000!

Two Years of Magma

It’s been two years since Francisco, Diego and I started investing in Latin American startups at Magma Partners. I wrote a detailed blog post with all of our investment data and our portfolio companies on my personal blog in a post called Magma at Two Years. Some of the highlights:

Here’s what we’ve done so far:

  • 500+ applications reviewed
  • 200+ meetings with entrepreneurs
  • 20 companies funded
  • US$1.1M invested
  • US$50k average ticket
  • 35 founders
  • 56 jobs created
  • 3 failed companies
  • 100% private capital
  • First portfolio company opening offices in the US, receiving US follow on funding

magma-usd-invested-per-company

I’m really excited to to keep helping top entrepreneurs execute on their vision from our platform that we’re creating in Latin America. 2016 is going to be a really fun year!

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Latin America Ecommerce Opportunities Case Study

I wrote a case study about a small ecommerce test that my friends and I ran for a few years in Chile. This post is most applicable to smaller countries like Chile, Uruguay, Ecuador and Peru, but also has some good information for Mexico, Colombia and Argentina. Brazil is a different story. Hopefully my case study on Latin American ecommerce opportunities is helpful. The spanish version appeared in Pousta with the name Conversamos sobre cómo montar tienda online con alguien que aprendió DEMASIADO al respecto. From the link:

In late 2012, I met up with two ex startup chile friends over beers. Like most beery conversations between entrepreneurs, the conversation devolved into new business ideas. All three of us had seen ecommerce’s steady growth in Chile and were certain that it would continue to grow toward levels seen in other developed markets. After a few more beers, one of us said, “why don’t we just start a small ecommerce business, it’s the best way to learn about the market and see where the real opportunities are.”

That conversation led to more conversations and we got serious about launching a small ecommerce business to really get a handle on the market. But what product should we sell? And how would we validate the market to know if the product we wanted to sell made sense? And how would we do it without spending huge amounts of money?

I’m writing this post to shed light into our thought process and to show how we validated our ecommerce business without spending a single dime (peso in this case) for two reasons:

  1. To give an overview of Chilean (and Latin American) ecommerce opportunities
  2. To help other entrepreneurs think about how they can validate their own ideas without spending months and thousands of dollars buying inventory, developing software and wasting time on unimportant things.

By now, almost all entrepreneurs know about lean startup methodology and try to use it, but the how remains mysterious to a high percentage of entrepreneurs. I hope this post is useful.

You can read the rest of my Latin American ecommerce case study on my blog.

 

Nathan Lustig’s List of Most Important YCombinator and Stanford How To Startup Lectures

I watched all 19 classes from Stanford and YCombinator’s How to Startup class and curated the classes that have been most useful to me in helping companies that we have invested in. You should really watch all of the classes, but if you only have time to watch some of them, I’ve created a list for you. You can read an excerpt here or read the entire post, The Best Lectures From How to Start Up – Stanford and Y Combinator on my personal blog.

If you’re thinking about starting a company, have already started a company or just want to see what starting a startup is really like, please watch all of the classes. I’ve been prescribing certain classes for founders we’ve funded in Magma and I’ve seen good results. If you want to save time, you can read the transcripts below each video, but I strongly suggest spending the time to watch the videos.

But if you don’t have time to watch all 15 hours and still don’t have time to read ~150 pages of text, I’m here to help. I’ve selected my favorite classes so that you can get 80% of the learning in 35% of the time. Before you get started, I reiterate, don’t get lazy. Watch or read all of them. But if you’re lazy, here’s my list.

Lecture 1: Intro: Ideas, Products, Team, Execution

Watch the first half with Sam Altman if you’re an experienced entrepreneur. If you’re just getting started or haven’t started yet, watch the entire class with Dustin Moskovitz, one of Facebook’s cofounders. Altman gives his overview of the class and his view on what’s important in a startup and Moskovitz walks you through evaluation your options when you start a startup.

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