Peixe Urbano hit $100M revenue and 1,200 employees in two years
Julio Vasconcellos · Julio Vasconcellos: Scaling to $100M and 1,200 Employees and then Cratering | 20VC #928 · 20VC with Harry Stebbings · Sep 23, 2022 · at 8:06
Julio Vasconcellos is the founder and Managing Partner at Atlantico and former co-founder of Latin American daily deals platform Peixe Urbano.
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“Myself and my co-founder Alex, working out of his living room in his apartment in Rio de Janeiro in Brazil. And, you know, fast forward two years later, we were over 1200 employees present in six different countries across Latin America. The company was doing over a hundred million dollars a year in, you know, net revenues.”
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More from Julio Vasconcellos
Vasconcellos: Market and product fit matter more than the team
“In my view, market comes first. And I think if you have the right model and the right product in that market, I think that's more important than ultimately the team.”
Vasconcellos: Expanding fund strategy beyond core strengths harms long-term VC returns
“That greed is the number one enemy of returns and, you know, being greedy and kind of expanding your fund or expanding your strategy into multiple different things that maybe you're not the best at probably is, you know, short-term profitable, but sort of long…”
Atlantico allocates only 25% of its fund to follow-on reserves
“In, in our case, we're reserved 25% of the fund, right? So we're much, much thinner. We try to have more bets, and we try to concentrate more on those bets once we have that level of confidence.”
Vasconcellos: Startup mortality rates in LATAM will rise over coming years
“What that's going to translate into is a greater mortality rate and a greater loss ratio in the next couple of years. But to be honest, I think that where we're going to be in the next couple of years is the normal.”
Founders must cut into muscle because running out of cash is fatal
“I think it's healthy sometimes to cut through the fat and into the muscle because you can always undo that later. If you were wrong, maybe you cut a little bit too much. You might have to rehire people or you might have to You know, reinvest in things that you…”