Venezuelan Tech Resilience Abroad
- Driven by necessity and a resilient spirit, Venezuelan entrepreneurs are increasingly making their mark on the global stage.
- Carlos García Ottati, a graduate of the Andrés Bello Catholic University (UCAB), exemplifies this trend.
- Loreanne García Ottati, Carlos's sister and co-founder, told Entrepreneur magazine in 2017 that their outsider status fueled their entrepreneurial drive.
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Venezuelan Entrepreneurs Find Success Globally, Driving Innovation
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Driven by necessity and a resilient spirit, Venezuelan entrepreneurs are increasingly making their mark on the global stage. From Latin America to the Middle East and Europe, they are launching innovative businesses, creating jobs, and contributing significantly to the economies of their adopted countries.
Kavak: A Venezuelan Unicorn in Mexico
Carlos García Ottati, a graduate of the Andrés Bello Catholic University (UCAB), exemplifies this trend. Arriving in mexico in 2014, he worked at Linio and later McKinsey & Company before joining Amazon in the United Kingdom. in 2017, García Ottati co-founded Kavak, a platform for buying and selling used cars. Kavak quickly became Latin America’s highest-valued tech startup, achieving “unicorn” status – a valuation exceeding $1 billion.
Loreanne García Ottati, Carlos’s sister and co-founder, told Entrepreneur magazine in 2017 that their outsider status fueled their entrepreneurial drive. “Being foreigners was what made us undertake this business; if you don’t have acquaintances, selling or buying a car is a very complex process,” she said. Carlos’s own difficulty selling his car upon arriving in Mexico sparked the idea for Kavak.
Kavak, named after a cave near a waterfall in Canaima National Park, employs hundreds across Latin America and expanded to the middle East in 2022. Roger Laughlin, also Venezuelan, is another co-founder.
The Scope of Venezuelan Entrepreneurship
A joint study by UCAB and the Institute of Higher Studies of Administration (IESA), published in 2024, reveals that 4.7 million Venezuelans are engaged in entrepreneurial activities, primarily driven by economic necessity.While entrepreneurial activity within venezuela has increased since 2023, many ventures remain at a low technological level.
The International Organization for migration (IOM) reported in 2024 that there are 7.7 million Venezuelan migrants and refugees worldwide, with 6.6 million residing in latin America and the Caribbean.
According to the IOM study, Venezuelan migrants and refugees in Colombia generated an economic impact of $529.1 million in 2022. In Panama, Venezuelans have invested over $1.8 billion in the last decade, creating approximately 40,000 jobs, with Panamanians filling 70% of those positions.
Success Stories Across Borders
Mexico has become a hub for Venezuelan tech entrepreneurs. Manuel J. Godoy, along with Mexican Bernardo García, founded Félix Pago, a platform for sending remittances from the United States to Latin America. Félix Pago has secured $99.5 million in venture capital.
Brothers Gabriel and Oswaldo Monroy, founders of the collection management startup Colectia, initially conceived their business in Venezuela. They relocated to Chile to build the company before expanding to Mexico in 2021. Colectia’s clients include Rappi,Claro,and Nu,and the company has raised over $9 million from Chilean and Mexican investors,including Angel Ventures and Nazca.
Colectia: From Venezuela to Latin America
Gabriel Monroy, originally from Caracas, started an e-commerce business selling technology products at age 22. After eight years, he sought opportunities abroad as hyperinflation in Venezuela made importing electronic items increasingly difficult.
“We lost a lot of capital during the last months of the company; from one day to another your money was worth half and the next day nothing was worth,” Monroy said in an interview, highlighting the impact of hyperinflation on collections.
The Monroy brothers recognized an chance to modernize the collections industry. They developed the initial concept and prototype for Colectia in Venezuela, but officially launched the startup in Chile in 2018 after being selected by Startup Chile, a government incubator program. The program provided seed capital, and their first investor and client was Chilean.
After two and a half years, Colectia expanded to Mexico, where it now generates 60% of its revenue and maintains its central offices. The company also operates in Colombia and Peru, with clients in Central America and even Venezuela. “Seven years ago, when we talked about artificial intelligence and collection, it was not easy anywhere, perhaps it was very early. Today the potential is obvious,” Monroy said. Colectia doubled in size last year and now employs around 400 people.
Monroy believes that the resilience of Venezuelans has been crucial to their success in navigating cultural differences and building businesses in other countries.Colectia aims to have approximately 120 customers across all its markets by the end of 2025, with Monroy anticipating rapid adoption of their tools in the next 24 months.
24×7 Scale: Living the American Dream
Alejandro Planas, founder and CEO of 24×7 Scale, also understands the challenges and opportunities of entrepreneurship both within and outside Venezuela. In 1999, after a work stint in San Diego, California, he returned to Caracas to establish the first franchise of the Locatel pharmacy chain.
Planas returned to the United States in 2008 as part of the Locatel team. “I moved with executive transfer, so it was really a story, a very simple move because I also know how to speak English,” he said. As Director of Technology at Locatel, he identified a need for cloud solutions, which were still in their early stages.
In 2012, Planas founded 24×7 Scale in the United States, providing cloud solutions based on Amazon Web Services for the Latin American market. He recalls the initial setup being straightforward, but demand was limited at the time. The company gained traction around 2018.
Within six years,24×7 Scale experienced rapid growth,expanding operations to Colombia,Mexico,Argentina,and Central America. Today, it has a presence in 19 countries. Planas noted that opening a company in some Latin American countries was far more complex and bureaucratic than in the United States.
“Our first relevant client was a client in Mexico,” Planas said. Today, 24×7 Scale has over 400 clients, primarily in the financial services sector, and employs 300 people from various countries, fostering a collaborative culture among Latin American teams.
Planas credits the unstable situation in Venezuela for inspiring him to build a business that doesn’t rely on a single country. “No client or no country represents more than 8% of sales. So, that makes us very stable and economically very solid,” he said.
despite his Venezuelan background, Planas initially avoided tapping into his local network, with 24×7 Scale’s first Venezuelan clients arriving in 2019.
The next major step for 24×7 Scale is expansion into Brazil through the acquisition of 60% of its
Venezuelan Entrepreneurs Find Success Globally, Driving Innovation
Driven by necessity and a resilient spirit, Venezuelan entrepreneurs are increasingly making their mark on the global stage. From Latin America to the Middle East and Europe, they are launching innovative businesses, creating jobs, and contributing significantly to the economies of their adopted countries.
Kavak: Latin America’s Unicorn Built by Venezuelans
Q: What is Kavak?
Kavak is a platform for buying and selling used cars, co-founded in 2017 by Venezuelan Carlos García Ottati and his sister, Loreanne García Ottati.
Q: What is Kavak’s valuation and status?
Kavak has achieved “unicorn” status, with a valuation exceeding $1 billion, making it one of Latin America’s highest-valued tech startups.
Q: What challenges did the founders face?
The co-founders, as foreigners in Mexico, recognized the complexities of buying and selling cars without existing networks. Carlos’s own personal experience of selling his car in Mexico sparked the initial idea for Kavak and fueled their entrepreneurial drive.
The Scope of Venezuelan Entrepreneurship and Migration
Q: How many Venezuelans are involved in entrepreneurial activities?
According to a 2024 study by UCAB and IESA, 4.7 million Venezuelans are engaged in entrepreneurial activities.
Q: What is the primary driver for Venezuelan entrepreneurship?
The primary driver is economic necessity.
Q: how many Venezuelan migrants and refugees are there worldwide?
The International organization for Migration (IOM) reported in 2024 that there are 7.7 million Venezuelan migrants and refugees worldwide.
Q: Where do the majority of venezuelan migrants reside?
6.6 million Venezuelans reside in Latin America and the Caribbean.
Q: What is the economic impact of Venezuelan migrants in Colombia?
In 2022, Venezuelan migrants and refugees in Colombia generated an economic impact of $529.1 million.
Q: How much have Venezuelans invested in Panama?.
Venezuelans have invested over $1.8 billion in Panama over the last decade, creating approximately 40,000 jobs.
Q: What percentage of the jobs created in Panama by Venezuelans are filled by Panamanians?
Panamanians fill 70% of the jobs created by Venezuelan investment.
Success Stories Across Borders
Q: What is Félix Pago?
Félix Pago, founded by Venezuelan Manuel J. Godoy and Mexican Bernardo García, is a platform for sending remittances from the United States to Latin America. It has secured $99.5 million in venture capital.
Colectia: Modernizing Collections
Q: What is Colectia?
colectia is a collection management startup founded by brothers Gabriel and Oswaldo monroy, originally conceived in Venezuela.
Q: When and Where was Colectia launched?
Colectia was officially launched in Chile in 2018.
Q: Why did Colectia expand to Mexico?
Colectia expanded to Mexico becuase it now generates 60% of its revenue there.
Q:Where else does Colectia operate?
colectia operates in Colombia and Peru,with clients in Central America and even venezuela.
Q: How has hyperinflation affected Colectia?
Hyperinflation in Venezuela made it difficult to import electronic items. The hyperinflation negatively affected their capital.From one day to another your money was worth half and the next day nothing was worth.
Q: How did the Monroy brothers get their start?
Gabriel monroy started an e-commerce business selling technology products at age 22.
Q: How has the collection industry changed?
The co-founders recognized an chance to modernize the collections industry. Seven years ago, when we talked about artificial intelligence and collection, it was not easy anywhere, perhaps it was very early. Today the potential is obvious.
Q: How many people does Colectia employ?
Colectia currently employs around 400 people.
Q: What are Colectia’s goals?
Colectia aims to have approximately 120 customers across all its markets by the end of 2025, with Monroy anticipating rapid adoption of their tools in the next 24 months.
24×7 Scale: Building a Global Business
Q: Who is the founder of 24×7 Scale?
Alejandro Planas.
Q: When did Alejandro Planas found 24×7 Scale?
He founded 24×7 Scale in 2012.
Q: What does 24×7 Scale do?
24×7 Scale provides cloud solutions based on Amazon web Services for the Latin American market.
Q: In how many countries does 24×7 Scale operate?
24×7 Scale has a presence in 19 countries.
Q: Why did Planas choose to build a business that is not based in one country?
Planas was inspired by the unstable situation in Venezuela to build a business that doesn’t rely on a single country. No client or no country represents more than 8% of sales. So, that makes us very stable and economically very solid.
Q: How many clients does 24×7 Scale have?
24×7 Scale has over 400 clients.
Q: In which sector does 24×7 Scale operate?
24×7 scale operates primarily in the financial services sector.
Q: How many employees work at 24×7 Scale?
24×7 Scale employs 300 people.
Q: What is the next step for 24×7 Scale?
The next major step for 24×7 Scale is expansion into Brazil through the acquisition of 60% of .