How to scale in LatAM in 2026

Unlocking Growth in Latin America: Strategies for Scaling in a Complex Market

At Web Summit Rio de Janeiro 2026, Mr. Pierre Schurmann, CEO of Nuvini, and Mr. Moises Swirski, Founding Partner at MSW Capital, joined by Mr. Marcos Bonfim, discussed scaling businesses in Latin America. The panel highlighted unique challenges and opportunities for startups and investors, focusing on Brazil’s complex market landscape.

The discussion questioned traditional venture capital “playbooks” in Latin America. Mr. Schurmann, whose Nuvini acquires B2B SaaS startups in Brazil, emphasized that established scaling strategies from other global markets often require significant adaptation. A one-size-fits-all approach is ineffective, demanding tailored solutions for the distinct LatAm environment.

A central theme was the inherent complexity of the Brazilian market. Speakers consistently referred to Brazil as “the most complex” region for scaling, likening its unique characteristics to the Galapagos Islands. This complexity stems from diverse factors, including regulatory frameworks, economic volatility, and varied consumer behaviors.

Mr. Swirski, representing MSW Capital’s corporate venture perspective, offered insights on investment and capital deployment. The panel explored the crucial role of both international and local capital in fostering startup growth. Various forms of investment are essential for companies navigating the region’s intricate business environment effectively.

Financial metrics and investment returns were also key topics. “Return on Tokens (ROT)” was mentioned as a measure for capital invested. The discussion underscored the necessity for investors and founders to meticulously analyze unit economics and other performance indicators within the LatAm context, especially when dealing with local currencies.

The panel further examined open innovation and the involvement of “big players” within the ecosystem. These larger entities, sometimes termed “players on ice,” significantly influence startup scaling through partnerships, acquisitions, or strategic investments. Their engagement is crucial for cultivating a robust innovation landscape and providing vital growth pathways.

Beyond Brazil, the conversation briefly touched upon other Latin American countries like Colombia and Uruguay. Experts agreed that success in this vibrant yet challenging market demands a deep understanding of local complexities, adaptable strategies, strategic capital deployment, and a focus on relevant financial metrics. The region holds immense potential for well-prepared ventures.