PLAYBOOK
Geo Expansion
The timing of geo-expansion is not a universal rule. In emerging markets, rigid adherence to imported growth formulas can become a blind spot rather than a competitive edge. At the same time, excessive comfort in the Brazilian market can erode ambition, limiting a company’s long-term impact before fully testing its potential beyond borders.
Geo Expansion is not merely a sales expansion. It is a fundamental strategic decision that redefines a company’s competitive position. This move requires absolute clarity across six core pillars: timing, destination, product and cultural adaptation, team organization, and capital.
In a world of instant information and interconnected markets, global thinking has become a critical lever for capturing maximum value. Beyond expanding the total addressable market (TAM), international exposure forces companies to compete at a higher level. The process often leads to stronger products, more disciplined management practices, and a more resilient organizational culture, better prepared for long-term growth.
The expansion journey, however, does not need to be undertaken in isolation. Access to trusted networks, experienced mentors, and founders who have already navigated similar paths is a meaningful accelerator. Learning from those who have faced comparable challenges helps founders avoid common pitfalls, make more informed decisions, and navigate the complexities of new markets with greater confidence.
This playbook was built on those collective experiences, consolidating practical lessons to guide companies from strategic decision-making through execution.
The Going Global video series is here.
Five Endeavor Entrepreneurs share their firsthand stories of international expansion — watch the available episodes now."
Mariano Gomide
Leading the Company’s Expansion from the Next Frontier
Mariano explains why moving abroad was part of VTEX’s geo-expansion strategy, and how Brazilian engineering became a key advantage in the company’s global push.
João Del Valle
If Expansion Isn’t a Top 3 Priority, Don’t Do It
For João, international expansion only works when it becomes a top strategic priority. That means founders staying close to the markets they’re entering — traveling often and building the trust networks that make global growth possible.
Ricardo Josuá
We Knew We Could Build a Global Product
From the beginning, the Pismo founders believed they could build a global product. Turning that conviction into reality required bringing in senior talent who knew the customers, the markets, and how to represent the company abroad.
Alessio Alionço
If There’s No Geographic Advantage, Why Stay Local?
Realizing geography offered no competitive advantage, Alessio built Pipefy for global markets from day one.
Marcos Boschetti
Building Global from Southern Brazil
International expansion was always part of Nelogica’s long-term ambition. Marcos reflects on how M&A helped accelerate that journey, and how building for investors across different markets required learning to navigate culture, regulation, and strategy at a global scale.
What you should consider before going global
1. Right to Win
The “right to win” is a critical and non-negotiable factor for a company’s success in the internationalization process.
Founders pursuing international expansion must have a clear conviction about the strong differentiation of their product before entering a new market. To assess this, it is necessary to consider:
Competitive Advantage
The founder must clearly define the competitive advantage that will be carried from the home market into the new market. It is essential to assess why the product or service has the right to win and how it meaningfully differentiates itself from existing competitors.
Product Strength
The company needs a highly differentiated product. A product that is differentiated in the domestic market may not be equally strong in foreign markets. The company must be confident that the product has a defensible moat and a meaningful competitive advantage that cannot be easily replicated in other markets.
Deep Market Analysis
This requires a thorough market assessment to understand who the competitors are and how the product positions itself. A shallow analysis can lead to the incorrect assumption that a product that wins domestically can be copied and pasted into a new market.
2. Leadership Commitment
International expansion must be treated as a central strategic priority for the company. In practice, this means placing it among the top three items on the leadership agenda throughout the execution period. When internationalization is managed as a peripheral initiative, the likelihood of success declines significantly.
Empirical evidence shows that the direct involvement of the founder or one of the co-founders substantially increases the probability of a successful expansion.
International expansion requires a significant allocation of time from senior leadership. A significant share of the founders and experts we interviewed for this playbook point to having a presence in the target market as a key factor in the success of the expansion process. In one case, a founder reported dedicating up to 40% of their schedule to the international operation during critical phases of the project. This level of commitment typically includes:
- Frequent travel to the new country;
- Extended presence during critical phases of the operation;
- Direct interaction with customers, partners, and the local team.
Physical proximity enables faster adjustments to the product, go-to-market model, and organizational structure, especially in the early stages. Recurrent absence of leadership tends to create strategic misalignment, slower decision-making, and loss of local context.
Internationalization should not be outsourced. While local teams and dedicated executives are essential, founders and senior leadership must act as the primary sponsors and leaders of the process.
Leadership is responsible for:
- Defining priorities and the pace of expansion;
- Making structural and resource allocation decisions;
- Ensuring alignment between the headquarters and the international operation.
International expansion requires active and continuous leadership throughout the entire project lifecycle, especially in the early stages.
Founded: 2000
Founders: Mariano Gomide and Geraldo Thomaz
Present in 40+ countries, the founders lead international expansion while a strong leadership team runs the core business in Brazil.
Strategy: Founder-led global expansion
VTEX’s early international expansion illustrates this dynamic. The move was driven by the conviction of its founders and co-founders, who treated expansion as a strategic priority rather than a side initiative. The company’s first office abroad, in Argentina, was opened by Mariano Gomide, one of the company’s founders, and Alexandre Soncini, a co-founder, themselves. By being directly involved on the ground, they were able to validate the thesis, refine the model, and demonstrate that international expansion was not only viable, but repeatable.
They understood that it would be impossible to lead global expansion and simultaneously guard the Brazilian core. So they chose to personally lead the entry into new markets, while building a strong internal structure of partners, vice presidents, and managers at the core.
3. Phasing of the expansion
International expansion should be approached as a phased process, with each stage designed to reduce uncertainty and validate assumptions before increasing commitment and investment. Advancing prematurely between phases increases execution risk and capital inefficiency.
Discovery
Initial market research and exploration to understand demand, competitive dynamics, and operational constraints.
Validation
Testing the product and go-to-market strategy with early customers to confirm product–market fit and unit economics.
Scale
Expanding the operation after achieving consistent traction, with increased investment in team, sales, and infrastructure.
Acceleration
Deploying significant resources into a proven model to drive rapid and sustained growth.
4. Timing
Expanding internationally is a defining choice. Founders must assess whether the company has the maturity to take on this challenge without losing focus on the core business. This evaluation should consider internal readiness signals such as product strength and leadership capacity, as well as external triggers including global customer demand, competitive dynamics, and investor expectations. Founders should also weigh the opportunity cost of moving now versus further consolidating in the domestic market.
A premature move can dilute focus, strain critical resources, and put the core business at risk. At the same time, excessive hesitation may result in losing a strategic window of opportunity to a more agile competitor.
These are the primary drivers and strategic decisions that lead a company to look beyond its home market:
- TAM Expansion: A primary motivation is to expand the total addressable market, as the Brazilian market, while large, represents only a small fraction of the global opportunity for many industries.
- Customer Demand: Satisfied domestic customers may request the company’s solutions in other countries, creating a natural trigger for international expansion.
- Global Competition: Competition is increasingly global. Companies must think globally to remain relevant and compete at the same scale as leading global players, especially when those players enter the domestic market.
- Founder Vision: For some companies, the ambition and mindset to operate globally from day one are cultural drivers that guide expansion decisions.
- Investor Influence: Investors may act as a trigger by encouraging companies to explore international markets before fully exhausting growth opportunities in Brazil.
The internal readiness assessment must be rigorous and objective, evaluating the strength and stability of the current operation.
- Product: Is the product validated and showing strong traction in Brazil? Does it have a competitive advantage that can be replicated in other markets?
- Financials: Is there sufficient capital to sustain the international operation without putting the core business at risk?
- Leadership: Are founders and senior management aligned and willing to dedicate significant time and energy to this initiative?
- Market: Is there clear customer demand or competitive pressure that justifies moving now?
5. Choosing the Target Country
After deciding to expand, the next step is selecting the right destination. The founder must determine how to prioritize markets using criteria such as customer potential, competitive intensity, cultural and linguistic proximity, and ease of doing business. The objective is not necessarily to choose the largest market, but the one where the company has the highest probability of winning early.
Choosing the entry market is one of the most critical decisions in the internationalization process. A poorly selected market significantly increases the cost, time, and risk of expansion, regardless of product quality or execution strength.
Defining the target market requires balancing potential return with realistic execution capacity, especially in the early stages of expansion.
Founded: 2012
Founders: João Del Valle, Alphonse Voight and Wagner Ruiz
EBANX began expanding its payment operations in 2015.
By 2025, 65% of gross profit came from markets outside Brazil (20% outside LATAM). 36% of Total Payment Volume (TPV) was generated by APAC companies.
Strategy: From LATAM to the world
Some founders prefer starting with culturally or geographically closer markets, which was the case of João Del Valle, CEO and co-founder of EBANX. After consolidating its position in Brazil, the company expanded across Latin America — entering Mexico, Colombia, Peru, and Chile between 2015 and 2016.
In recent years, EBANX has continued to grow and now counts on local experts in every market where it operates, including Latin America, India, Africa countries, and the Southeast Asia region. As part of this expansion flywheel, it recently inaugurated its APAC headquarters in Singapore, strengthening its ability to support Asia-Pacific merchants expanding internationally and global brands — particularly from the US and Europe — entering the region.
The size of the addressable market is a relevant factor, but insufficient when considered in isolation. Large markets tend to exhibit higher competitive density, higher entry costs, and longer sales cycles.
The decision should not be based solely on selecting the “largest possible market,” but rather on identifying the market where the company can build competitive advantage and traction in the shortest period of time. In many cases, smaller or mid-sized markets offer a better balance between effort, risk, and learning.
The competitive analysis must be objective. It is essential to determine whether the product is clearly superior to the alternatives already available in the local market.
Entering a new country primarily to compete on price against established players is rarely a sustainable strategy. International expansion should be anchored in clear differentiation, whether through product, technology, operating model, or exclusive access to data, channels, or partners.
Geographic proximity does not guarantee ease of entry. Cultural differences, consumption habits, negotiation styles, and decision-making processes can vary significantly, even between countries considered “close.”
Shared language and similar time zones can reduce operational friction, but they do not eliminate the need for cultural adaptation. In some cases, geographically distant markets may offer greater cultural and institutional predictability than neighboring ones.
Regulatory, legal, and compliance considerations are critical and often challenging elements of international expansion, requiring rigorous planning and directly influencing the choice of target market.
The complexity of opening, operating, adjusting, or exiting a business varies widely across countries. Regulatory, tax, and bureaucratic factors directly affect the speed and cost of establishing and scaling an operation in a new market.
Before a full market entry, it is important to assess whether there is a way to access the market with minimal product adaptation. Partial offerings, specific use cases, or the leverage of existing assets can generate early revenue, commercial validation, and meaningful learning at a lower risk.
This approach allows companies to test the market before committing capital and organizational structure at greater scale. Market selection should also account for the likelihood of acquiring the first customers quickly. Early traction validates the entry thesis, generates practical learning, mobilizes the organization, and creates internal and external momentum.
Markets that are excessively complex or highly competitive typically require greater organizational maturity, more sophisticated products, and stronger financial capacity. For many companies, starting in a market where early wins are achievable is more strategic than entering the most relevant market in the long term.
The quality of local infrastructure, including the regulatory environment, ease of doing business, talent availability, and access to capital, directly impacts the cost and speed of expansion.
Markets that function as regional hubs can offer additional advantages, enabling access to multiple countries from a single operational base.
The fundamental premise is the existence of real demand and consumer behavior that aligns with the product’s value proposition. Market size does not compensate for the absence of customer need, habit, or willingness to adopt.
Validating the fit between the product, local culture, and consumption dynamics is a mandatory step before any decision to scale.
U.S.A.: The Main Market for Brazilian Entrepreneurs
1. State-Level Strategy
The United States operates as a set of state-driven economies. States and localities lead investment attraction efforts and run their own economic development programs to stimulate job creation. Location decisions therefore require analyzing where customers are concentrated, how transportation and logistics enable market access, and which states offer competitive incentive structures. The largest state economies are not necessarily the most strategic; multiple states actively compete to attract foreign companies.
2. Institutional Support and Market Entry Platforms
SelectUSA, a federal program under the U.S. Department of Commerce, serves as a single point of contact for foreign investors. It connects companies with state and local economic development organizations, facilitates access to information, supports regulatory navigation, and helps address questions related to investment plans.
The SelectUSA Investment Summit (May 3–6, 2026, National Harbor, Maryland) convenes startups, small and medium-sized enterprises, and multinational companies seeking to establish or expand U.S. operations. SelectUSA Tech focuses specifically on technology startups planning to expand within the next two to three years, connecting them with the U.S. innovation ecosystem and opportunities to present to investors and industry leaders.
3. Business Environment and Regulatory Framework
The U.S. business environment is characterized by clear and transparent regulations, strong intellectual property protection, dynamic capital markets, and a stable rule-of-law system. The economy is open and highly dynamic, with states and localities actively working to reduce barriers for companies that generate employment. Brazilian companies have invested across sectors and created significant economic impact, reflecting the openness of the system to foreign capital.
4. Sector Concentration
Brazilian investment in the United States has been concentrated in high-growth, innovation-driven sectors, including software and IT services, financial services, food and beverage, business services, chemicals, and communications. Sector alignment influences both location decisions and access to relevant ecosystems.
5. Mobility and Visa Considerations
Entrepreneurs and investors should review official non-immigrant visa information provided by the U.S. Mission Brazil to understand the categories available and how they align with expansion plans. Visa strategy is a structural component of market entry and should be considered alongside operational planning.
Some entrepreneurs choose to launch in larger markets such as the USA, which was the case of Nomad.The company’s financial platform begun with a U.S.-focused strategy in order to give Brazilians direct access to the American market. The company structured itself as a binational operation with teams in both Brazil and the United States.
Operating in one of the world’s most regulated and competitive financial systems required Nomad to navigate dual regulatory frameworks, adopt English for governance and compliance, and appoint U.S.-resident executives and directors. It also pushed the company to meet American institutional and cultural standards, raising its operational rigor from the very beginning.
Examples like Nomad show that, while the United States is the largest venture capital market and one of the most liquid ecosystems for technology companies, founders really value proximity to clients. According to a global research by Index Ventures, 76% of founders go to the U.S. to be closer to customers. This dynamic is reflected in the growing presence of Brazilian companies in the United States.
LUCAS VARGAS
6. Geo-expansion Models
There is no single path to going global. Each approach involves different trade-offs in terms of cost, speed, and level of control. The strategy can range from low-cost testing models to significant investments aimed at accelerated market entry.
Main Market Entry Models
Ideal for testing demand with low upfront cost. This model allows companies to validate market interest before committing to a deeper level of investment.
Limits the depth of customer relationships and the level of cultural immersion in the target market.
Provides greater operational and cultural control, enabling deeper immersion in the target market.
Requires higher financial investment and management commitment, with elevated fixed costs from the outset.
Considered one of the strongest success factors. Having a founder on the ground ensures cultural transmission, faster decision-making, and the authority needed to open key doors.
Requires a significant personal and organizational commitment and may divert leadership focus from the core operation.
Significantly accelerates market entry by bringing an existing customer base, technology, and a local team.
Involves high costs and complex cultural integration challenges. This model is less common for a first expansion, but it can be strategic for more mature companies.
Allows companies to leverage the market knowledge, network, and infrastructure of a local player.
Requires sharing control and returns, and carries the risk of long-term misalignment of interests.
Ideal for entering new markets with low capital intensity and high scalability by leveraging local partners with market knowledge and customer access. This model allows companies to test demand and expand presence without building a full local operation.
Reduces direct control over execution and brand experience, requiring strong governance and clear incentives to maintain consistency and quality at scale.
7. Entry thesis and Local PMF
Internationalization requires a clear entry thesis. Founders must determine which product or service will lead the expansion, what adaptations are required for the local context, and how to validate customer acceptance quickly. Success depends on aligning the offering with local cultural, legal, and customer expectations.
The entry thesis represents the core hypothesis of how the company will create value and win its first customers in the new market. Simply translating what works in the domestic market is rarely sufficient. Achieving local product–market fit requires deliberate validation and targeted adaptation.
Adaptation is critical and goes far beyond language translation. The product will never be exactly the same and must be adapted to the local cultural context to remain relevant.
This includes adjustments to functionality to address specific local needs, adapting communication to resonate with cultural norms, ensuring regulatory compliance such as data protection requirements, and, in some cases, adjusting the business model to align with local consumer behavior.
The initial objective is not perfection, but speed of learning. An iterative process should be established to test the offering with pilot customers, collect structured feedback, and rapidly adjust the product.
Rather than launching the full portfolio, it is strategic to select a specific product or service to lead the market entry. An effective approach is to start with a “low-hanging fruit” offering before developing fully new or heavily localized products. This enables early revenue generation and learning with lower initial effort.
Founded: 2015
Founder: Alessio Alionço
While the company serves customers in over 100 countries, the majority of its workforce is still based in Brazil.
Strategy: Made Brazil the center of its talent base
Pipefy’s trajectory illustrates this. Founded in Curitiba in 2015, the company provides workflow automation software to enterprise clients in more than 150 countries, while keeping the majority of its workforce and operations anchored in Brazil. Its expansion began fully digital, with an English-language product and inside sales based in Brazil. As deal size and complexity increased, the model adapted. While mid-market accounts were served remotely, large enterprise contracts (particularly U.S. and India) demanded local presence.
Logcomex, founded in Curitiba in 2016, develops a platform for international trade and logistics. As the company entered new markets, the team realized that neither the product nor the growth engine could simply be replicated from Brazil. They had to adapt the product to local dynamics and, at the same time, rediscover which channels actually unlocked growth in each geography, rebuilding product–market and channel fit market by market.
CARLOS SOUZA
8. Team and Organization
People are at the heart of international expansion. Key leadership decisions shape this journey — from whether a founder should relocate, to appointing a local country manager or deploying a trusted landing team. The first year demands clarity around roles and responsibilities, while sustaining cohesion, culture, and effective communication between headquarters and the new market remains critical for long-term success.
Across different perspectives, experts and founders consistently highlight the importance of physical presence and direct founder involvement in the new market, particularly in the early stages. This level of engagement accelerates decision-making, reinforces culture, opens strategic doors, and signals strong commitment to the market.
Selecting the local leader is a critical decision. There are three primary approaches:
Exporting culture
Assigning an experienced leader from headquarters who has deep knowledge of the product, processes, and company values.
Pros: Ensures strong cultural alignment.
Cons: May lack local market knowledge and an established network.
Importing market knowledge
Hiring a local Country Manager with deep market experience and an established network.
Pros: Accelerates go-to-market execution.
Cons: Higher risk of cultural misalignment and onboarding challenges.
Hybrid Model
The approach considered most effective by many experienced entrepreneurs is a hybrid team model. Combining team members with deep knowledge of the company’s culture and operating model with local talents who understand market nuances creates a strong balance between global consistency and local relevance.
It is essential to establish clear communication practices and shared rituals that maintain cohesion between headquarters and the new operation. Founders highlight that avoiding silos and an “us versus them” dynamic is critical to ensuring local teams feel fully integrated into the broader organization.
9. Capital and Finance
International expansion requires dedicated investment and disciplined planning. Founders must determine how much capital to allocate, how long the new operation can be sustained before reaching viability, and which funding sources will support international growth. This assessment also needs to account for risks such as foreign exchange exposure and higher operating costs in new jurisdictions.
Expanding into new markets is an endurance exercise that demands financial resilience and realism. Timelines and costs are often underestimated, making robust financial planning essential to support the operation through its maturation phase and to ensure that the expansion does not put the core business at risk.
It is critical to define a dedicated budget for international expansion and a clear runway, typically 18 to 24 months, for the new operation. This timeframe should allow the team to test assumptions, learn, and mature the local model without the pressure of immediate profitability.
Expansion can be financed through internal capital or external fundraising. In practice, investors tend to support international expansion only once there is initial traction or a clear proof of concept in the target market.
Financial planning must account for risks such as foreign exchange exposure, tax complexity across jurisdictions, and hidden costs related to compliance, legal adaptations, and advisory fees. Proactively mapping these risks is essential to avoid unexpected pressure on both the new operation and the core business.
Investors emphasize that a well-structured cap table should be intentionally designed to support internationalization, not only by ensuring sufficient capital runway, but by incorporating investors who bring market knowledge, global networks, and experience navigating expansion challenges. Funds with a strong track record in the target geography can accelerate learning curves, open commercial and institutional doors, and provide strategic guidance on execution. Viewing the cap table as a source of expertise, aligned with the company’s expansion strategy and structure, reduces execution risk and strengthens the company’s ability to scale globally without compromising the core business.
10. Go-to-Market and First Clients
The real test of international expansion is winning customers. Founders must identify and pursue the first clients abroad, build credibility through anchor customers, and choose the appropriate go-to-market approach. Early commercial wins serve as critical proof points, validating the company in the eyes of the market.
Rather than taking a broad, unfocused approach, it is more effective to concentrate on a limited set of target accounts. If secured, these anchor customers become strong references and play a critical role in building brand credibility in the new market. References are especially important in enterprise sales contexts.
The effectiveness of acquisition channels such as inbound, outbound, and partnerships varies significantly across countries. What works in Brazil may not work in other markets. Teams must test hypotheses, measure performance across channels, and double down on those that generate the highest-quality leads and the fastest conversions.
In a market where the brand is unknown, building trust becomes the top priority. Hiring an executive with an established reputation and strong network can be a powerful lever with large customers, opening doors that would otherwise be inaccessible to an unknown team.
The go-to-market strategy should be defined based on the product’s average contract value, as buying behavior, customer acquisition cost, and the expected level of interaction vary significantly with deal size.
- Low-ticket products: Self-service or freemium models tend to be more efficient, relying primarily on digital acquisition, automated onboarding, and minimal sales involvement.
- Mid-ticket products: Conversion typically requires human interaction at key stages of the funnel, with consultative sales playing a role in qualification, negotiation, and closing.
- High-ticket products: A dedicated, local sales force becomes critical. Customers expect close relationships, institutional trust, and regional support, which influence purchasing decisions as much as the quality of the technology itself.
11. Governance, Compliance and Risk
Every new market introduces legal, cultural, and operational risks that must be actively managed. Strong governance, compliance with local regulations, protection of intellectual property, and anticipation of financial and reputational risks are essential components of a successful expansion.
What may initially appear as minor details can quickly become decisive factors when scaling internationally. Neglecting legal, regulatory, or operational requirements may seem like a shortcut in the early stages, but it often undermines the entire expansion effort over time, leading to unexpected costs, penalties, and reputational damage.
It is essential to understand and comply with all local laws, which may differ significantly from those in Brazil. This includes labor, tax, and data protection regulations. Engaging partners with regulatory compliance expertise is often critical at this stage.
Registering trademarks and patents in the new jurisdiction is a necessary step to protect the company’s most valuable assets and prevent future disputes.
Defining the legal structure of subsidiaries has long-term tax and investment implications. In addition, all contracts with customers, suppliers, and employees must be adapted to local legislation by qualified legal counsel.
Potential operational failures or reputational crises must be anticipated, particularly in an unfamiliar cultural environment. Having contingency plans and well-aligned communication between headquarters and the local operation is essential to managing these risks effectively.
International Expansion Readiness Scorecard
Below is an International Expansion Readiness Scorecard, grounded in the core pillars, decisions, and risks outlined in the Geo-Expansion Playbook. It can be used before and during internationalization to assess readiness, identify gaps, and guide strategic decisions
How to use this scorecard
- Before expanding: assess readiness and identify critical gaps
- During expansion: revisit at each phase transition
- Risk signal: multiple “no” answers concentrated in the same pillar
About Endeavor Brazil
We are the Global Network of Trust of, by, and for entrepreneurs — those who dream bigger, scale faster, and reinvest their success. Guided by our belief that high-impact entrepreneurs transform economies, Endeavor has been building thriving entrepreneurial ecosystems in emerging and underserved markets since 1997. In Brazil, our mission is to consolidate the country among the world’s leading innovation ecosystems.
Endeavor Brazil’s Research contributes to this ambition by generating data-driven insights and practical case studies on the drivers of the Brazilian entrepreneurial ecosystem. Leveraging Endeavor’s footprint, our studies explore the conditions that foster high-growth entrepreneurship, equipping founders and ecosystem leaders with the knowledge to scale companies and strengthen Brazil’s innovation landscape.
For more information, contact karina.almeida@endeavor.org.br
Interviewees
Entrepreneurs
João Del Valle (Ebanx)
Mariano Gomide (VTEX)
Ricardo Josuá (Pismo)
Alessio Alionço (Pipefy)
Lucas Vargas (Nomad)
Marcos Boschetti (Nelogica)
Mateus Bicalho (Hotmart)
Cassio Bobsin (Zenvia)
Carlos Souza (Logcomex)
Eduardo Ourivio (Grupo Trigo)
Endeavor Staff
Caela Tanjangco (Endeavor Global)
Patrick Kaper (Endeavor México)
Endeavor Network
Alex Szapiro (SoftBank) – Ambassador
Luiz Ribeiro (General Atlantic) – Ambassador
Michele Levy (Ilhabela Holdings) – Ambassador
Kiko Lumack (Valutia)
Eduardo Fuentes (Valutia)
Bruno Lino (Valutia)
Alexandre Soncini (VTEX)
Bernardo Piquet
Maristela Calazans (Nubank)
Christel Hupfeld (Gunderson Dettmer)
Benjamin Wohlauer (USA Consulate in Brazil)