Magma Summit 2024 Wrap-Up: Lima, Peru

May 20, 2024

February 23, 2021

We hosted Magma founders, LPs, and partners in Lima, Peru, for Magma Summit 2024. It was wonderful to reconnect face-to-face after our 2023 Summit in Buenos Aires and spend time together.

Here's a rundown of all the activities from each day at Magma Summit 2024. Thanks to everyone who came and we hope to see you all next year!

Welcome Cocktail: Osaka

We kicked off Magma Summit 2024 at  Osaka where we got to spend time with those who arrived early.

Magma Summit 2024 Day 1

We started the summit getting to know each other better. Everyone shared a brag, how they could help other attendees, and how other attendees could help them.

Magma’s Nathan Lustig and Evan Finkel VP Integra Global Advisors talked about the state of the VC market globally and in Latin America.

Magma Associate Laura Martinez, led the first panel ”The Pros and Cons of Launching Non-Sexy Countries with Your Startup” with Leasy’s co-founder, Gregorio Gilardini, Moonflow’s founder, Facundo Turconi, and Onvo’s founder Diego Gomez. In this panel, they shared why they opted to start in smaller countries, and the obstacles faced. They also addressed the importance of educating investors about these markets and knowing when to expand into neighboring countries.

In our talk “Vexi: Building one of Mexico’s Most Valuable Fintechs” hosted by Matt Muldavin, Gabriela Estrada, founder of Vexi, shared the story behind Vexi. She talked about the banking and credit challenges in Mexico and how Vexi is tackling them by improving financial literacy. Gabriela also highlighted how the founders' experiences have helped shape Vexi into one of Mexico's leading fintech companies.

In the afternoon, we organized small gatherings for founders to connect with each other. At the same time, Nathan, Pedro, and Mak led a group exclusively for investors, focusing on Magma's performance, investment plans, portfolio management, and insights.

To wrap up our first day, we enjoyed delicious Peruvian cuisine at Urban Kitchen. Founders, investors, and the Magma team teamed up to prepare a menu including Pulpo al Olivo, Leche de Tigre, and Causas.

Magma Summit 2024 Day 2

During their chat “FZ Sports Bringin Latin American Sports into the Digital Age”, Nathan Lustig and Matias Rivera, founder of Fanatiz, discussed Matias' journey, from getting an MBA at Stanford to his experiences at Start-Up Chile and his work in Patagonian conservation. Matias shared how he became a key figure in Latin America, blending sports rights, tech, and partnerships with top sports groups like the Argentine, Brazilian, Chilean, and Peruvian soccer leagues and federations.

In the second talk of the day “Practical AI Uses for Startups” Mak Guitierrez and Luis Rubén Chávez delved into how Zenfi has harnessed AI to enhance its operations, highlighting the opportunities it presents and why every startup should leverage AI. Ruben discussed the development of ZAI, Zenfi's AI financial advisor, and the significant advancements they aim to achieve with it.

In the panel “How founders and lenders think about venture debt and debt facilities,” moderated by Juan Kontarovsky, Analyst at Magma Partners, we bring together Gregorio Gilardini, Gabriela Estrada, and BBVA’s Eduardo Gonzalez. The panel included talks about the complexities of debt management within startups. We also delve into venture debt as a valuable financial tool and discuss the importance of risk mitigation strategies and the main challenges in securing lending from investors.

In our second panel, “Navigating the Pivot: Tales from Startup Founders,” Nathan led a discussion with Andres Diaz, founder of Yumari, Jason Shum, founder of Closer, and Rodrigo Ayala, founder of MiEmpeño. They talked about the major changes in their business models since launching. They highlighted how some early ideas turned into key learnings that led to strategic shifts. Their stories emphasized the importance of focusing on solving the core problem and being willing to change direction based on new information or feedback.

In our last panel, “ How Magma Companies Work Together” Magma Associate Alexa Clark talked with Luis Ruben and Javier Ruiz of Cura Deuda. They discussed how they teamed up through Magma Partners and formed partnerships that boosted both companies.

We wrapped up the summit with a rooftop networking session at the Pullman Hotel. Later, we enjoyed dinner at Astrid y Gaston, a top spot for modern Peruvian cuisine where they take classic dishes and give them a fancy twist.

On Saturday, we hosted a Magma BBQ for those who wanted to deepen their connections within the Magma Community.

This summit reminded us of the value of community and face-to-face connections. We're excited for the next summit and hope to see even more of you there!