Hernán Kazah, an economist who graduated with honors from the University of Buenos Aires, is one of the cofounders of MercadoLibre alongside Marcos Galperín and is currently the leader of Kaszek, one of the most important venture capital funds in Latin America, which has already invested in more than 175 startups.
Kazah spent over twelve years at MercadoLibre, holding key positions. In 2011, he chose to forge his own path with Nicolás Szekazy, also from MercadoLibre, and Kaszek was born. With over USD 100 million raised—well above initial expectations—the venture capital fund expanded rapidly across South America.
“We have raised a total of USD 3 billion, which we invest across the entire region,” stated the economist at the launch of the fund. In an interview, Kazah clarified that his departure from MercadoLibre was not due to any internal issue, but simply to “build something of my own” within the “technology ecosystem.”
Venture capital funds are closely linked to early-stage startups that need momentum to grow. These funds identify the most promising projects and invest during the initial phases. Kazah and Szekazy noted the rapid acceleration of venture investment in Latin America.
How does the business model work? The Kazah-Szekazy fund invests in a startup’s early stage in exchange for a percentage of equity. If the company grows, the value of those shares increases, and the fund later benefits by selling them at a higher price.
Where does Kaszek focus its investments?
Unsurprisingly, Kazah’s focus is on technology companies. Having always been connected to the tech ecosystem, Kaszek primarily invests in Latin American tech startups. In an interview with Forbes Argentina, he explained that they maintain significant exposure to fintech due to the abundant opportunities in the sector.
Both investors have stated that their projects are long-term, typically ranging from five to fifteen years. How has the fund performed so far? Kazah noted that they maintain a diversified investment portfolio in which “two or three companies do extremely well” while others do not.
A notable example is “Nubank”: Kaszek invested USD 1 million when the company was valued at USD 8 million (10%), and today it is valued at nearly USD 60 billion. They also confirmed investments in crypto-related ventures and other well-performing companies.
Kazah has stated that the biggest milestone is still to come. In another interview, he predicted that “in Latin America, by the end of 2025 there will be a new wave of startups ready to go public, and this trend will be even stronger in 2026.” He has recently invested in companies from Brazil, Mexico and the United States, including firms listed on the New York Stock Exchange.
Public education and Argentina’s future
Kazah highlights two defining moments in his career: leaving MercadoLibre and launching his own venture capital fund. He also recalls his academic path and emphasizes that he “always studied in public schools—primary, secondary, and the University of Buenos Aires.”
He later studied at Stanford University, where he initially struggled to adapt but eventually succeeded. During that period he met Marcos Galperín, the main figure behind MercadoLibre.
Regarding Argentina’s future, Kazah has expressed optimism about the long term, highlighting emerging sectors such as agriculture, technology, lithium and Vaca Muerta. He also believes that the healthcare sector will experience major transformation: “I think the health sector will change significantly in the coming years.”
Kazah never left the technology ecosystem, and his most important investments today remain centered on fintech in Latin America. He has invested in more than 150 startups from various countries in the region. After leaving MercadoLibre, he focused on creating “something of his own” and raised more than double the expected amount during the fund’s first round.
Kazah and his partner founded the venture capital firm, which now stands as one of the leading funds in Latin America.
