Technology
Fluent Ventures backs replicated startup models in emerging markets

A new venture firm aims to prove that the most successful startup ideas don’t have to be born or scaled in Silicon Valley.
Fluent Ventures, a global early-stage fund, is backing founders replicating proven business models from Western markets in fintech, digital health, and commerce across emerging markets. The more cynical might describe this as a clone factory, but founder and managing partner Alexandre Lazarow calls the firm’s strategy “geographic alpha.”
Fluent’s premise is that many of the world’s most valuable startups are not entirely new concepts that haven’t been tried before, but more simply, local adaptations of models that have already succeeded elsewhere.
The San Francisco-based firm, founded in 2023, is deploying $40 million across a fund, an incubator, and a structured co-investment vehicle with limited partners. It is writing initial checks of $250,000 to $2 million from pre-seed to Series A and plans to make 22–25 investments, with follow-ons.
“We are contrarians at heart,” said Lazarow, who previously invested at Omidyar Network and Cathay Innovation. “We believe the world’s best innovations are not the exclusive purview of Silicon Valley.”
Fluent is not exactly working in a bubble: the last decade has seen a massive decentralization in the technology industry. In 2013, just four cities had produced a unicorn. Today, that number exceeds 150.
And that has been on the back of rinse and repeat, with many of the top tech players in emerging markets mirroring successful startups that have been built elsewhere, such as Amazon clones in e-commerce, Stripe clones in payments, and neo-banking apps in fintech. The first breakout neo-bank was Tinkoff from Russia. “That movement scaled globally, and [it] was one of the insights that motivated my investments in Chime in the U.S. and Banco Neon in Brazil,” said Lazarow.
Lazarow insists Fluent doesn’t just copy-paste.
“That rarely works, in our opinion. Local adaptation is critical,” he said.
The firm points to ride-hailing as an example. Uber may have pioneered the category, but in Indonesia, Go-Jek localized it by incorporating motorcycle taxis and super app functionality similar to China’s WeChat. Now Uber Eats is essentially chasing that evolution, Lazarow argues.
To that point, Fluent Ventures, in addition to finding adapted models, screens for local product-market fit and founder-market alignment.
While the firm passed on several construction marketplaces globally, it backed BRKZ in Saudi Arabia, a localized take on India’s Infra.Market. The founder, a former Careem executive, was a strong operator in a region with surging infrastructure demand, Lazarow noted.
Despite calling itself a global fund, Lazarow says Fluent doesn’t aim for equal allocation across every geography. Instead, it goes deeper in the regions where it sees the most potential. Right now, that means a focus on Latin America, MENA, Africa, Southeast Asia, and selective U.S. markets.
Its current portfolio includes Minu, a Mexican employee wellness platform; Sabi, a Nigerian B2B commerce startup; Prima, a Brazil-based industrial marketplace; and Baton, a U.S. M&A platform for SMBs.
The firm says these companies have raised multiple follow-on rounds since Fluent’s early checks. Collectively, startups from Lazarow’s prior and current portfolios have generated over $30 billion in enterprise value, with seven reaching unicorn status.
Skeptics still question the exit landscape in emerging markets, perhaps especially since valuations have gone up in these markets, with more unicorns than a decade ago. Yet Fluent sees momentum building. IPOs of startups like Nubank, UiPath, Swiggy, and Talabat prove that global outcomes can emerge outside the U.S. and Europe — and then, as in the case of Nubank and UiPath, those companies can still go public in the U.S. if they choose.
“Exit markets are also maturing in these regions,” Lazarow remarks. “New secondary firms are rising. Stock markets are looking to build local listing capabilities. Yes, the U.S. has much more developed IPO and M&A markets. But under the hood, some of the largest and most profitable exits are already happening outside.”
Fluent has also built out a different kind of network around the kinds of founders it invests in. More than 75 unicorn founders and VCs back the fund, including David Vélez (Nubank), Nick Nash (Sea Group), Akshay Garg (Kredivo), and Sean Harper (Kin), alongside institutional LPs and family offices from around the world. According to Lazarow, many are active contributors, helping portfolio companies with talent, fundraising, and expansion.
The firm also relies on a small group of venture partners from ZenBusiness, Terminal, Kin, and Dell, bringing both sector depth and geographic reach.
In a world where venture capital might be rethinking overexposure to the U.S. and China, Fluent believes its approach offers LPs something few firms can: diversification.
“We believe the best ideas come from anywhere and scale everywhere,” says the partner whose firm claims a spot on Kauffman Fellows’ top‑returner index, thanks to his earlier personal stakes in Chime, ZenBusiness and Sidecar Health.

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Technology
AI job predictions become corporate America’s newest competitive sport

In late May, Anthropic CEO Dario Amodei appeared to kick open the door on a sensitive topic, warning that half of entry-level jobs could vanish within five years because of AI and push U.S. unemployment up to 20%. But Amodei is far from alone in sharing aloud that he foresees a workforce bloodbath. A new WSJ story highlights how other CEOs are also issuing dire predictions about AI’s job impact, turning employment doom into something of a competitive sport.
Several of these predictions came before Amodei’s comments. For example, at JPMorgan’s annual investor day earlier in May, its consumer banking chief Marianne Lake projected AI would “enable” a 10% workforce reduction. But they’ve been coming fast, and growing more stark, ever since. In a note last month, Amazon’s Andy Jassy warned employees to expect a smaller workforce due to the “once-in-a-lifetime” technological shift that’s afoot. ThredUp’s CEO said at a conference last month that AI will destroy “way more jobs than the average person thinks.” Not to be outdone, Ford’s Jim Farley delivered perhaps the most sweeping claim yet, saying last week that AI will “literally replace half of all white-collar workers in the U.S.”
It’s a dramatic shift from executives’ previous cautious public statements about job displacement, notes the Journal. Indeed, the outlet notes that while some tech leaders — including from powerful AI companies — have proposed that fears are overblown, the growing string of warnings suggests massive restructurings are coming, whether people are ready for them or not.

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Technology
Former SpaceX manager alleges harassment, retaliation, and security violations in lawsuit

A former SpaceX security manager, who was privy to top secret information on U.S. government programs, is suing the company and one of its senior employees for alleged discrimination, sexual harassment, and retaliation.
Jenna Shumway, who was promoted to Senior Contractor Program Security Officer after being hired in 2022, also alleges the senior employee — Daniel Collins, a former Defense Department official hired to run security compliance for the company’s government work — violated top secret protocols and then concealed this information from the government.
Lawyers for Shumway, Collins, and SpaceX did not immediately respond to TechCrunch’s request for comment.
Collins made the news in December 2024 when The New York Times reported SpaceX was under federal review for sloppy security protocols. Collins discouraged reporting security clearance violations and allowed executives without proper clearances into classified meetings, according to the NYT. This and other allegations triggered at least three federal reviews of the company’s security procedures, the NYT found.
According to Shumway’s complaint, she was passed over for the director position that Collins ultimately was hired to without being given the opportunity to apply for it. Her “work environment entirely changed” when Collins was hired as her superior in spring 2024, according to the complaint. Shumway claims Collins effectively waged a campaign of harassment against her, which included stripping her of her responsibilities over a period of months and ultimately leading to her termination in October 2024.
Collins’ harassment extended to other female employees too, the complaint alleges. The discrimination included preventing female staff from doing required security work, allegedly setting them up for non-compliance, staring at one employee’s chest during a meeting, and asking a subordinate female employee if she wanted to “get shitty together” over after-work drinks.
Shumway and other female employees repeatedly reported Collins to SpaceX Human Resources, the lawsuit states. The company ignored these complaints, the suit alleges, and didn’t take any action beyond suggesting the employees avoid being alone with Collins. Shumway is seeking unspecified damages.
This is not the first time SpaceX has been sued over claims that it enables sexual discrimination. Previous lawsuits have alleged similar stories of bias against female employees and a hostile work environment that enabled gender-based harassment. The company is also battling investigations from the California Civil Rights Department and the National Labor Relations Board over similar claims.
The lawsuit was filed in late May in the Los Angeles County Superior Court; it was later moved to federal court on June 30 at SpaceX’s request. It is filed in the federal Central District of California court under case number 2:22-cv-05959.

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Technology
Congress just greenlit a NASA moon plan opposed by Musk and Isaacman

Legacy aerospace giants scored a win Tuesday when the U.S. Senate passed President Trump’s budget reconciliation bill that earmarks billions more for NASA’s flagship Artemis program.
The $10 billion addition to the Artemis architecture, which includes funding for additional Space Launch System rockets and an orbiting station around the moon called Gateway, is a rebuke to critics who wished to see alternative technologies used instead. Among those critics are SpaceX CEO Elon Musk and billionaire entrepreneur Jared Isaacman, who Musk proposed as the next NASA administrator.
There’s no sign the souring relations between Musk and Trump are recovering. If Trump signs the bill, the fallout, which began after the president’s abrupt revocation of Isaacman’s nomination, will likely continue — if not escalate.
Musk in particular has taken aim at the Space Launch System (SLS) rocket on the grounds that it is fully expendable. Unlike SpaceX’s family of rockets, which are all designed to be reusable, SLS is one-time use only. As Musk put it back in 2020, that means “a billion dollar rocket is blown up” every time it is launched. Even that may have been an understatement; more recent figures from NASA’s watchdog put recurring production costs closer to $2.5 billion each.
A total of around $24 billion has been poured into SLS production to date, funds that have primarily gone to a consortium of aerospace primes, including Boeing, L3Harris’ Aerojet Rocketdyne, and Northrop Grumman, which leads construction of the major rocket components.
During his recent confirmation hearings with the Senate, Isaacman questioned the massive sums. He affirmed using SLS for the next two Artemis missions, but ultimately said he didn’t think the rocket was “the long‑term way to get to and from the moon and to Mars with great frequency.”
Congress — and Trump, if he decides to sign the bill into law — have decided to press ahead. Around $4.1 billion of the $10 billion total added to the document will go toward additional SLS rockets for Artemis missions 4 and 5. Meanwhile, around $2.6 billion will go toward completion of the Gateway station.
Notably, the president’s fiscal year budget request for NASA submitted in May proposed to “phase out the Space Launch System and Orion spacecraft after the Artemis III mission is complete.” This new funding flies in the face of that proposal, which was submitted before Musk and Trump’s public fallout in June.
The new funding includes $700 million for a new Mars Telecommunications Orbiter, $1.25 billion for additional operation of the International Space Station, and $325 million to SpaceX for the development of a spacecraft to de-orbit the ISS at the end of the decade. (The total award for that de-orbit spacecraft is $843 million.)

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