In this exclusive interview, Dr. Marcelo Lebendiker, WBAF Senator for Costa Rica and newly appointed President of the Latin America and Caribbean Business Angel Network (LACBAN)—an initiative of the World Business Angels Investment Forum (WBAF), an affiliated partner of the G20 Global Partnership for Financial Inclusion (GPFI), shares his strategic vision for advancing the region’s investment landscape. As venture capital activity across Latin America faces a pronounced “flight to quality” and increasing liquidity pressures, Dr. Lebendiker assumes leadership with a clear mandate: to enhance professional standards, foster stronger regional coordination among angel networks, and actively advance WBAF’s global mission to build a more connected and resilient investment ecosystem across Latin America and the Caribbean.
AI – Tell us about yourself and your career path
My career has focused on building ecosystems and helping companies to scale up . With over 30 years of experience in developing entrepreneurial ecosystems, I have dedicated a large part of my life to building angel investor networks and collaborating with international and multilateral organizations.
In 2004, I founded Parque Tec, a non-Profit NGO that was one of the first incubators and accelerators in Latin America and through its unique scale up methodology has been supportive of thousands of companies in the region for over 20 years. Later on, I consolidated this effort with the creation of Invert Up, a pre-seed venture fund that manages over $30 million in business assets and is listed on the Costa Rican National Stock Exchange.
In 2021 we set a branch of Parque Tec in Mexico as an international accelerator that facilitates the internationalization and soft landing of companies in Latin America via a gateway in Mexico. I dedicated a major part of my life supporting startups and founders, with the goal of connecting capital, talent, and markets.
AI – How would you define the current landscape of Venture Capital in Latin America?
We are entering a new phase in the evolution of global entrepreneurship, where innovation is no longer limited by geography, but is increasingly driven by systems that connect capital, talent, and opportunities across borders. It is becoming increasingly clear that startups are born with a global, not a local, mindset, and Latin America and the Caribbean are no exception, as entrepreneurial activity is accelerating. However, despite this progress, the region continues to face structural limitations: fragmentation, inclusion gaps, and a lack of clarity in exit strategies for early-stage investments.
Angel investors, startups, and support institutions often operate within national borders, which limits cross-border collaboration and capital mobility. At the same time, inequalities persist in access to capital, particularly for women entrepreneurs, as well as in women’s participation as investors.
One of the most critical structural gaps is the absence of clear and scalable exit mechanisms. Without defined paths—whether through mergers and acquisitions (M&A), secondary markets, or access to public markets—capital is restricted and investor confidence wanes.
We are at a critical turning point where the main challenge is not a lack of talent, but rather structural barriers, the geographic concentration of capital, regulatory fragmentation, and the lack of clear exit strategies. We have moved from a stage of exuberance to a phase where the market demands real profitability over growth at any cost.
AI – What is the main challenge for angel investing in the region and what should be LACBAN s role?
The problem isn’t a lack of startups or capital. The real challenge is fragmentation, inclusion gaps, and limited visibility into exit strategies. Investors operate in national silos, and there’s no consistent regional framework for coordinating investments or defining clear liquidity pathways.
Regulatory fragmentation is the biggest enemy of cross-border investment.Investors face significant operational barriers to co-investing between countries.
LACBAN, in alignment with WBAF, will work on creating regional frameworks that standardize processes, facilitate capital mobility, accelerate investment flows, and thus generate clearer global exit strategies leveraged by the vast network of WBAF and its strategic partners.
AI – Why are exit strategies so critical?
Because investment is only half the equation—liquidity is the other half. In Latin America, many investments are made without clarity on how and when exits will materialize. This limits investor confidence and restricts the scale of capital deployed. LACBAN will act as a bridge between regional startups and global markets.
We will focus not only on preparing startups to receive investment, but also on achieving successful exits by connecting them with strategic buyers, international investors, and liquidity platforms. This incorporates a global perspective into exit strategies.
AI – How does your role connect with WBAF’s investment platforms?
LACBAN will be able to interact within the WBAF with the Growth & Early-Stage Fund, a global investment fund that will allow us to align the flow of opportunities in the region with global investment platforms. Besides that, the Angel Investment certification and accreditation training program provided by e WBAF will be of great help to position LACBAN as an active bridge between regional ecosystems and global capital.
Gender inclusion is a global priority. How do you address it?
Gender inclusion is not just a social issue—it’s a market inefficiency.Startups led by women tend to be more efficient in their use of capital, but they receive a minimal proportion of investment. LACBAN will promote both access to capital and the participation of more women as investors.
AI – How do you strengthen investor confidence?
Through the concept of “Smart Capital.” Today, investors look for professionalism, governance, and global value networks. If we close the management gap, capital will return, because the region’s potential remains high.
AI – What impact does LACBAN expect to generate?
LACBAN will strengthen the entire investment cycle—from capital inflows to global exits. It will improve access to capital, the flow of opportunities, and connections to international markets, always aligned with WBAF’s mission.
It will transform the region from a potential hub to a value-capturing one building an inclusive and efficient global investment ecosystem. If we achieve this, Latin America will not only generate innovation but also capture value and reinvest it in sustained growth.
