Sigma Ventures Explores the Future of E-Commerce Across Latin America
Manila, Philippines, 2026 — Ronald Robins, CEO of Sigma Ventures, recently completed a two-week business exploration trip across Latin America, visiting Chile, Mexico, and Brazil as part of a structured journey facilitated by the global Endeavor Network. The trip was driven by a thesis Ronald has been developing for some time: that Southeast Asia and Latin America are mirror markets that the business world has largely left unconnected.
From telehealth to fulfillment, from green chemistry to live commerce, the entrepreneurs and executives Ronald met across three countries painted a vivid picture of a region that is innovating at pace, and one that holds significant strategic relevance for Sigma Ventures as it continues building its portfolio.
Chile: The Singapore of Latin America
The first leg of the trip set the tone immediately. Robins noted the striking parallels between Chile and Singapore — a well-organized infrastructure, high institutional formality, and relatively low corruption by regional standards. Endeavor Chile's local lead, Ignacio Errázuriz Meezs, ensured Chile became the most meeting-dense stop on the entire trip.
Ronald Robins, Sigma Ventures General Partner with Gustavo Morandé, founder and CEO of Zapping
Zapping — Ronald sat down with Gustavo Morandé, founder and CEO of Zapping, a streaming platform delivering a cable-like experience with just 0.2 seconds of signal delay, powered entirely by an in-house tech stack. The conversation revealed something that stood out: Chile has accessible, world-class tech talent, arguably more abundant than many familiar markets in Southeast Asia.
Tomás Gazmuri — A former professional BMX rider who competed at Olympic level, Tomás now channels that same competitive drive into his entrepreneurial ventures. The meeting reinforced a belief Robins holds deeply: that the competitive spirit forged through sports rarely disappears — it simply finds a new arena. At the core of many successful businesses is an entrepreneur who simply refuses to quit.
AdClean — Mauricio Navarrete, CEO and founder of AdClean, a green chemistry company producing non-toxic cleaning and pathogen-combating products, is a serial entrepreneur who has built and exited multiple businesses. A former soccer player turned founder, Mauricio's group is also active in energy trading with significant annual revenues. What struck Ronald most was that numbers alone do not seem to drive him — impact and purpose do.
Empresas DBS — One of the most memorable meetings of the Chile leg was with Dominique Rosenberg, founder and Executive VP of DBS, one of Chile's leading beauty retailers with over $100 million in annual revenue and more than 70 physical stores, now expanding into Peru. The lesson from Dominique's journey was clear: choose investors who align with your direction, not just your valuation. Direction matters more than dollars.
Mexico: The Philippines of Latin America
Landing in Mexico, Ronald felt immediately at home. With 130 million people and a market energy that mirrored the Philippines in ways he hadn't anticipated, Mexico validated much of the mirror markets thesis in real time. Endeavor México's stunning office, housed in a converted historic mansion in the city, served as the backdrop for several of the trip's most valuable conversations.
Ronald Robins, Sigma Ventures General Partner with Javier Okhuysen, Managing Director of the Investment Team at GIP (Blackrock subsidiary)
Global Infrastructure Partners (GIP) / BlackRock — Ronald met with Javier Okhuysen, Managing Director of the Investment Team at GIP — a BlackRock subsidiary acquired for $12.5 billion in 2024 — at the iconic Torre Virreyes in CDMX. The conversation centered on the founder-to-funder journey and the importance of operational experience in making better investment decisions. Javier also shared a candid insight: for funds like Sigma Ventures to attract international capital, years of track record and credibility are essential.
Cubbo — Josu Gurtubay, co-founder and COO of Cubbo, a tech-enabled fulfillment and logistics platform operating across Mexico and Brazil, left a lasting impression. Quiet, humble, and relentlessly execution-focused, Josu's framework for building a defensible business came down to three things: knowing your stakeholders extremely well, understanding how each one adds value, and building a strong moat around the business.
Granolín — The final Mexico meeting was with Flavia Torrent, founder and CEO of Granolín, a functional food company bringing granola products to Latin America, now expanding into Mexico and Central America with Walmart's support. Though Chilean by origin, Flavia is based in Mexico to lead the expansion personally. Her story — from hustling through jobs overseas to building a purpose-driven food brand — was a reminder of what early-stage entrepreneurship looks like at its most authentic.
Brazil: Where the Mirror Markets Thesis Came Full Circle
Brazil brought the trip to a powerful close. With one of Endeavor's largest and most active offices in the world serving as a base, São Paulo delivered meetings that went beyond business — they felt historic.
Ronald Robins, Sigma Ventures General Partner with Stelleo Tolda, Mercado Libre board director and former COO.
Stelleo Tolda / Mercado Libre — The person who first inspired Ronald to make this journey across Latin America, Stelleo Tolda, former COO and current board member of Mercado Libre, met Ronald for dinner in São Paulo at the legendary Figueira restaurant. After numerous mentorship sessions through Endeavor, meeting in person felt inevitable. As Sigma Ventures builds its e-commerce portfolio in the Philippines, having Stelleo's guidance feels, in Ronald's own words, like a "Back to the Future" moment — what Sigma is building today, Stelleo has already seen play out at scale.
Inventa — Fernando Carrasco, co-founder of Inventa, a B2B marketplace connecting retailers directly with suppliers, shared a memorable story about leading his team through AI adoption. Faced with internal resistance, Fernando ran a simple challenge: two people using AI against five working without it. The two finished in under a month. The five took over three months. He led by example, and from that point on, there was no turning back.
MadeiraMadeira — The Brazil leg closed with a visit to the team behind MadeiraMadeira, Brazil's leading home goods and furniture e-commerce platform — over 2.5 million product listings, 10,000+ sellers, and the country's first unicorn of 2021, having grown at an average of 80% per year. Ronald first crossed paths with co-founder Marcelo Scandian at an Endeavor yacht event in San Francisco in 2022. Years later, he finally sat down in São Paulo with co-founder Robson Privado. The conversation was a masterclass in marketplace scaling.
The Bigger Picture: Mirror Markets Nobody Is Connecting
The trip crystallized a strategic conviction for Sigma Ventures. SEA and LATAM share similar consumer segments, similar growth stages, and similar cultural dynamics around business relationships. Yet almost no one is deliberately building the bridge between them. Companies in SEA expand inward, then toward India and China. Companies in LATAM look to neighboring markets, then the US. The cross-regional opportunity sitting in that gap remains largely untapped — and Sigma Ventures intends to explore it seriously.
Ronald returned home with new relationships, validated hypotheses, and a deepened appreciation for what Latin America represents — not just as a region to learn from, but as a genuine strategic partner for the businesses Sigma Ventures is building in Southeast Asia.
