Author: Charlie Bernos, BRV Fund Manager
Charlie Bernos: Lucia, thank you for your time. Could you start by sharing a bit about your background and how you got into venture capital?
Lucia Montalvo: Thank you for inviting me. I’m originally from Colombia, where I studied industrial engineering. After working in investment banking for Colombia’s largest bank and BBVA’s M&A team, I decided to pursue an MBA at NYU Stern to explore impact investing. During my MBA, I interned with Bamboo Capital Partners and Beyond Capital, which focus on impact investment. After graduating, I moved to Peru for family reasons and ended up in venture capital somewhat by accident.
Charlie Bernos: What industries or types of projects are you currently most interested in?
Lucia Montalvo: I’m particularly interested in Fintech, ClimateTech, and Education. Education has the power to change lives by providing access to quality jobs. Fintech excites me because a large part of Latin America’s population is underbanked, and there’s a massive opportunity to bridge that gap. ClimateTech is also crucial as we see the increasing impact of natural disasters.
Charlie Bernos: How would you describe your experience as a VC investor? What does your day-to-day look like?
Lucia Montalvo: It’s been an enriching experience, with each day bringing something new. I spend a lot of time talking to entrepreneurs who are passionate about solving real problems. My role also involves identifying and evaluating investment opportunities. At Salkantay Ventures, we operate like a startup ourselves, “building the plane while flying.”
Charlie Bernos: What are the key factors you consider in an investment decision?
Lucia Montalvo: For early-stage investments, we prioritize a strong, diverse team with relevant skills and resilience. The market size and scalability of the business are also critical; it needs to be a market where the company can grow. We look closely at the business model and unit economics to assess profitability potential. Impact is important to us too—we want companies that address real issues, such as financial inclusion or education. Lastly, the deal terms and exit potential need to align with our fund’s goals.
Charlie Bernos: Have you noticed any trends in the VC ecosystem lately?
Lucia Montalvo: Yes, after the boom in 2020-2021, there’s been a noticeable shift towards more sustainable growth. Rounds are taking longer, and companies are being more cautious with cash. AI is a major trend that’s here to stay, with applications in areas like education and fintech, making personalized learning and better credit scoring possible. Climate investing is also growing, with increasing support from governments and institutions. In Latin America, fintech remains a key focus, consistently attracting significant venture capital.
Charlie Bernos: As a woman in venture capital, have you faced any particular challenges?
Lucia Montalvo: Personally, I haven’t faced major challenges, but gender diversity is still an issue in the industry. In Latin America, women make up less than 15% of partners in VC funds, and female entrepreneurs receive only a small fraction of venture capital. This is why we need more women in decision-making roles. I’m part of a community called We Invest that’s working to support women in investment roles. At Salkantay, we’ve intentionally diversified our team and investment committee to address this issue.
Charlie Bernos: What’s the most significant deal you’ve been involved in?
Lucia Montalvo: Two deals stand out. First, Galgo, a Chilean fintech that provides financing to underbanked individuals for vehicles, enabling them to earn a living. They have expanded in Colombia and Mexico and making a big impact on vulnerable populations. Another favorite is Kilimo, an Argentinian company that helps corporations offset their water footprints through efficient irrigation and regenerative agriculture. They’re addressing a critical need globally and are expanding to new markets.