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Nicolas Szekasy

Co-Founder & Managing Partner, Kaszek · 1 appearance on the record.

computed by AI from the episodes · how this works → · full disclaimer →

investorfounderexecutivekaszek.com ↗

Nicolas Szekasy co-founded Kaszek in 2011, establishing it as one of Latin America's leading venture capital firms. Prior to Kaszek, he served as Chief Financial Officer of MercadoLibre for ten years and led its 2007 NASDAQ initial public offering.

30statements → 11claims → 7claims resolved → 43%fully supported → 4/5average certainty → 1.9/5average debate potential → ≈4.5/5argument clarity, estimated → 4said about them ↓

3 supported 3 partly supported 1 contradicted 1 not yet assessed 3 not checkable as stated how the 11 claims stand · each chip opens the sources

4 predictions · 7 assertions · 1 opinion · 9 insights · 9 disclosures · every statement was checked. The predictions and assertions are the 11 claims: statements the public record can support or contradict. 7 are resolved, 1 is not yet assessed, and 3 name no date, number or outcome precise enough to check. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how Nicolas argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Their most notable supported claim

Prediction Held up
Szekasy: Kaszek Will Keep Core Early-Stage Fund Size Capped
“We are fully convinced that we are first and foremost an early stage investor, and for that there's a certain size of fund that has a limit to ensure that you stay very effective and you continue to produce outsized returns. So that will not change, and maybe …”
Nicolas Szekasy Aug 16, 2021 ▶ 28:54 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures

Their most notable contradicted claim

Prediction Didn’t hold up
Multiple Kaszek Portfolio Companies Will IPO in the US by 2023
“When you look at our portfolio, there are many companies that have IPO in their sites over the next 24 months. So there will be many more coming in the U.S.,”
Nicolas Szekasy Aug 16, 2021 ▶ 21:09 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures

Expressed certainty vs assessment result

none yet certainty 1
none yet certainty 2
75% certainty 3
63% certainty 4
50% certainty 5

weighted support: a fully supported claim counts one, a partly supported claim counts half. Each filled bar is clickable and opens exactly those claims; "none yet" means nothing said at that certainty level has resolved yet

How they sound: speaking style how? →

216 words/min while actually speaking · 0.6 um and uh per 1k words

No argument clarity score for Nicolas Szekasy: no usable question→answer exchanges on raw tape (a fair score needs 8+). We do not score a sample that small. Roundtable and news formats yield far fewer direct exchanges than interviews. Their coarse estimate from 26 exchanges on the produced feed is ≈4.5/5, shown at half point precision because the sample is small and produced tape scores higher.

Measured by listening to 4,935 words across 1 episode, but every recording we have of Nicolas Szekasy is the aired feed, and an editor cleaned that audio before release. Some of the hesitation was cut before we ever heard it, so read these as floors: the true rates are at least this high. These are measurements of speaking style, not scores. How it's measured →

How the interview went all their pushback → series average →

Across 1 rated episode:

host pushback ▾ 4/10
pushed back at the host ▾ 1/10
setup questions received 35%

Everything Nicolas Szekasy said on 20VC that made the record, most notable first. Filter by type, assessment or year in the ledger →

Prediction Open · timeframe Aug 2026
Nubank Will Eventually Become the Largest Bank in the World
“Nubank is not only the largest challenger bank in the world. We think one day it could become the largest bank without the challenger. They will become an incumbent bank, the number one in the world”
Nicolas Szekasy Aug 16, 2021 ▶ 18:03 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Disclosure
Kaszek Ventures Refuses to Back Startups Using Capital as a Moat
“We don't back businesses that claim that they have capital as a source of moat. We don't believe in that.”
Nicolas Szekasy Aug 16, 2021 ▶ 6:26 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Insight
Founder References Are Never Stellar Because Founders Make Bad Employees
“And on the specific question about the references, we've got a bunch of cases, some of our best companies, we did references and they are Never stellar. They tend to be very good on some dimensions, but in most cases, if they were employees or managers in larg…”
Nicolas Szekasy Aug 16, 2021 ▶ 27:53 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Opinion
LatAm Founders Handled Dot-Com Crash Better Than US Counterparts
“I'm sure that we were better suited than most of the founders from more developed countries, that they were not aware that something like this could happen.”
Nicolas Szekasy Aug 16, 2021 ▶ 5:48 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Assertion Not checkable as stated
LatAm Graduate Tech Ambitions Flipped From 10% to 90% in a Decade
“If you were to go to a graduating class in university in 2011, 90% of the students would aspire to join an investment bank or a consulting firm. That has fully reversed, and today 90% want to become a founder or join a startup.”
Nicolas Szekasy Aug 16, 2021 ▶ 11:04 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Insight
Copycat Startups Often Evolve to Surpass Their Original US Inspirations
“Over time, they diverge from the company that inspired them, and sometimes they end up being not only quite different, but also much better than the source.”
Nicolas Szekasy Aug 16, 2021 ▶ 17:36 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Prediction Didn’t hold up
Multiple Kaszek Portfolio Companies Will IPO in the US by 2023
“When you look at our portfolio, there are many companies that have IPO in their sites over the next 24 months. So there will be many more coming in the U.S.,”
Nicolas Szekasy Aug 16, 2021 ▶ 21:09 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Insight
Szekasy: Local network edges make cross-border VC investing ineffective in distant markets
“We believe that the fact that we have been around for 20 years gives us an edge on many dimensions, where one degree of separation from anything that a founder might need might argue that we could not be successful VCs in Indonesia, for example.”
Nicolas Szekasy Aug 16, 2021 ▶ 21:44 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Insight
Diplomacy Makes No Sense in Venture Capital Founder Relationships
“We don't think that diplomacy is something that makes any sense in our industry, but you do that very respectfully, and then you tell the team, this is your opinion, this is your view, but the team makes the decision.”
Nicolas Szekasy Aug 16, 2021 ▶ 22:45 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Disclosure
Out-of-Touch MercadoLibre Board Members Inspired the Founding of Kaszek
“Part of us being motivated to start Kasek with Hernan was that we had board members at Mercado Libre who were members of the banks or these financial institutions, and they were really great guys and really smart guys and well-intended, but they had no idea of…”
Nicolas Szekasy Aug 16, 2021 ▶ 24:44 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Prediction Held up
Szekasy: Kaszek Will Keep Core Early-Stage Fund Size Capped
“We are fully convinced that we are first and foremost an early stage investor, and for that there's a certain size of fund that has a limit to ensure that you stay very effective and you continue to produce outsized returns. So that will not change, and maybe …”
Nicolas Szekasy Aug 16, 2021 ▶ 28:54 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Assertion Partly supported
MercadoLibre IPO'd in 2007 Retaining Half Its 2000 Venture Capital
“We took the company public on Nasdaq in 2007. I was the CFO, so I led the charge there. We did that with half of the capital we had raised in 2000, still in the bank, and we had a very profitable business.”
Nicolas Szekasy Aug 16, 2021 ▶ 4:49 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Assertion Partly supported
MercadoLibre had 30% EBITDA margins and zero debt in 2008
“But by the end of that year, we were in great shape. The business was always very solid. Our stock had gone down, but we were making money. We had 30% EBITDA margins. We were doubling our business year over year. We had no debt.”
Nicolas Szekasy Aug 16, 2021 ▶ 8:05 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Assertion Supported
Szekasy: No local VC firms existed in LATAM during MercadoLibre's initial fundraising
“When we raised money at Meli, there was not Even one VC firm that was operating out of LATAM.”
Nicolas Szekasy Aug 16, 2021 ▶ 9:38 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Disclosure
Szekasy: Kaszek raised $1B across early-stage and opportunity funds in 2021
“This year we raised a billion between our early stage and our opportunity vehicles.”
Nicolas Szekasy Aug 16, 2021 ▶ 10:31 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Insight
Szekasy: Kaszek only invests in startups that can return the entire fund
“And every investment, the bar is that it will become a fund maker. So if we don't think that it has the potential of becoming a fund maker, we would not do an investment.”
Nicolas Szekasy Aug 16, 2021 ▶ 12:51 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Disclosure
Kaszek Backed Nubank's Seed Round When It Was Just a Deck
“In Nubank, we invested in the seed investment together with Sequoia, so it was a PowerPoint really early on, David Velez by himself, and that's when we joined, and then we participated out of the fund one in several rounds in the series A and the B and the C a…”
Nicolas Szekasy Aug 16, 2021 ▶ 13:15 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Insight
Kaszek sets a 5x minimum return threshold for its Opportunity Fund
“And the criteria is that at a minimum, the return will be five X from the point at which we invest, hopefully 10 X from the point at which we invest.”
Nicolas Szekasy Aug 16, 2021 ▶ 13:58 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Insight
Szekasy: Board members must de-escalate panic during founder crises
“If you're the board member and the team is about to collapse because there's a catastrophe, the last thing that they want is a nervous board member that is adding fuel to the fire. What they need is someone that, that is going to be there to try to calm things…”
Nicolas Szekasy Aug 16, 2021 ▶ 24:01 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Insight
Szekasy: Board members are supporting actors who influence rather than decide
“Make sure that you don't want to be the smartest guy in the room. You're there to help. You need to understand that you're a support cast. You're in the passenger seat. Be very humble about that. Everything that you've got, and when something is wrong, you hav…”
Nicolas Szekasy Aug 16, 2021 ▶ 25:13 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Prediction Not checkable as stated
Szekasy: Kaszek will miss more deals as Latin America market deepens
“Interestingly, during this first decade, we didn't have a lot of misses. We know that in the second decade, we will have many more, because the market now is much Deeper.”
Nicolas Szekasy Aug 16, 2021 ▶ 26:56 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Disclosure
Kaszek Missed dLocal's IPO After Passing on Its Early Business Model
“If I had to name one company, it would be the local. They just IPO'd. We met the team many years ago. We really liked the team, so not only we referenced them, but we got to know them, and we thought they were of the highest caliber, but their initial approach…”
Nicolas Szekasy Aug 16, 2021 ▶ 27:06 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Insight
Szekasy: Investors should track great founders even if doubting early ideas
“So the lesson there was whenever a team is amazing, but there's something that you don't like. So make sure that you follow up and you stay close.”
Nicolas Szekasy Aug 16, 2021 ▶ 27:44 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures
Assertion Not checkable as stated
MercadoLibre Faced 100 Regional Competitors at Dot-Com Peak
“We had the most extraordinary roller coaster journey with something like a hundred competitors in the region doing exactly what we were doing at the peak of the bubble in early 2000.”
Nicolas Szekasy Aug 16, 2021 ▶ 3:30 20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capital is not a Source of Moat & Why LATAM is More Than Copycat Companies with Nicolas Szekasy, Co-Founder @ Kaszek Ventures

Show 6statements(6 left)

The other half of the tape: Nicolas Szekasy's own voice is left out of every number here. Other people bring the name up 4 times in 4 episodes on 20VC. every mention, with the transcript →

Who brings them up most Harry Stebbings 3David Vélez 1

Every mention by year

Appearances (1)

EpisodeDateSpeaking time
20VC LATAM: LATAM's Largest Fund, Kaszek Ventures on Scaling from $100M to $1BN, Why Capit Aug 16, 2021 25m
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