Fluent Ventures, a Canadian-founded, San Francisco-based venture firm, has announced a $40 million USD early-stage investment program to fund global startups applying proven business models in new markets.
The firm’s strategy is rooted in what it calls “geographic alpha”—betting on local entrepreneurs solving major problems using business models that have already succeeded elsewhere.
“The world’s biggest challenges are best solved by local founders who apply globally validated ideas,” said Alex Lazarow, Fluent’s founder and managing partner.
A New Kind of Global VC
Rather than chasing moonshots in Silicon Valley, Fluent Ventures is looking to back “camel startups”: resilient, capital-efficient companies often built in regions with fewer resources but stronger fundamentals. Lazarow, who grew up in Canada and previously invested at Omidyar Network and Cathay Innovation, has backed seven unicorns globally and authored Out-Innovate, a book focused on rethinking Silicon Valley’s dominance.
Fluent Ventures fund targets startups in fintech, healthtech, and e-commerce, focusing on pre-seed to Series A stages. The firm typically invests $250K to $2M USD, often co-investing with local funds. It has already deployed around a third of the fund and made 13 investments across regions including North America, Latin America, Africa, the Middle East, Europe, and Asia.
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Canada in Focus
Despite being U.S.-based, Canada remains a “core geography” for Fluent Ventures. The firm expects to invest up to 10% of its fund in Canadian startups, or in global ventures led by Canadian founders. Lazarow sees this as both a personal passion and a strategic opportunity, given Canada’s strong track record of building sustainable companies.
“I think this capital-efficient, resilient approach is the default for most Canadian founders,” Lazarow noted.
Backed by a Global Network
Fluent’s LPs include over 75 founders, tech leaders, and investors from around the world—among them are David Vélez (Nubank), Sean Harper (Kin Insurance), and Akshay Garg (Kredivo). Canadian LPs include Meghan Jewitt (Prax Health), Nigel Tunnacliffe (Coastline Academy), and Brendan Baker (Rackhouse Ventures).
The fund’s unique strategy has resonated with investors looking to diversify their portfolios with globally scalable, locally adapted business models.
“I wish I could go back and be an LP in his earlier deals,” said Tunnacliffe. “The next best thing is backing Fluent now.”
Early Portfolio Highlights
Fluent Ventures global portfolio already includes:
- Sabi – a Nigerian B2B marketplace for industrial and agricultural inputs
- BRKZ – a Saudi construction tech startup founded by Careem’s ex-COO
- Prima – a Mexican manufacturing platform
- Baton (NYC) – a marketplace for small business transitions
- Iconic (LA) – a tech-enabled M&A advisory firm
These startups reflect Fluent’s playbook: take what’s worked—like Neo, Ramp, or Rippling—and adapt it to new markets where demand is high and competition is low.
What’s Next
With two-thirds of the fund still to deploy and its global thesis gaining traction, Fluent Ventures aims to make 25 investments through its fund and co-investment strategy. The firm is particularly interested in ecosystems outside the U.S. that combine talent, urgency, and infrastructure—and plans to stay active across both developed and emerging markets.
“Borders may be tightening, but knowledge is flowing faster than ever,” said Lazarow. “That’s a tailwind for local entrepreneurs ready to build globally relevant solutions.”
