Liquidity is at the center of strategies for the growth of Brazilian entrepreneurs. According to the study Founder Liquidity in Brazillaunched by Endeavor, 79% of the founders of technology companies They expect some liquidity event in the next two years.
The study will be presented during the Annual Gathering of Scale-Up Ventures, event of the Endeavor Venture Capital Fund, and will be accompanied by a series of videos with 10 testimonials from large entrepreneurs who have lived liquidity events such as Eric Santos, RD Station, Stelleo Tolda, Free Market and Sergio Furio.
For Endeavor’s Juan Perroni, the finding plays light on an ecosystem that matured after turbulent years. “We see that some entrepreneurs seek short -term liquidity through secondary transactions, others, medium term, via M&S and a smaller group prepares for 5 to 7 years. This shows that the ecosystem is active and planning in advance, especially in front of an increasingly distant IPOS window,” he says.
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The survey, which listened to 118 entrepreneurs and was supported by Google Cloud, Prosus and Peers Consulting, indicates that mergers and acquisitions (M&S) and secondary sales should lead this movement, while IPOS are more distant, with projections of resuming only from 2028 in the US and in Brazil after 2030.
“The Brazilian entrepreneur is more pragmatic. IPO is still a dream, but it is no longer the only successful symbol. Today, secondary and M&S are seen as legitimate strategies to strengthen the business. It’s a way to recharge the batteries for the long run,” says Vinicius Furlan from Skyp Ventures.
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For the founder of XP, Guilherme Benchimol, who participated in the study, the opening of capital needs to be treated as “plan Z”. “Open capital has many good things and some not so much. You access capital, gain visibility, have a net currency and improve your governance. But at the same time, your company stops flying below radar. Your information becomes public, competitors get to know more about the business and everything you do is much more scrutinated. It is better to look for private investors, ”he says.
Still for Benchimol, Secondary Sales and M&S only make sense when they strengthen the company. “I always wanted to build something built to last (Made to last). Liquidity for me came from dividends, not the sale of shares. But I understand the importance of giving the founder access to some capital for a more balanced life. The problem is when liquidity becomes ultimate goal. Anyone who remains committed after a round or M&A can take advantage of the power of compound interest and build extraordinary long -term companies. ”
Sem taboo
The survey shows that most acquisitions occur to Serie B, when valuations are still attractive. From Series C, the high price expectation reduces the number of buyers.
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Nevertheless, 32.2% of founders still see IPO as the most aligned path to their personal values, even recognizing the high operating and cultural costs of this decision. The case of VTEx, which has prepared for five years before opening capital in New York, is cited as an example of successful long-term strategy.
Endeavor’s Perroni recalls that secondary operations can go beyond financial relief. “The secondary can be strategic to clean Cap table, give out to an old partners, or even prepare the company for an IPO. We have cases of founders who used this mechanism years before the opening of capital to better align investors.”
The study also shows how liquidity events feed the ecosystem. After a total exit via M&A, 51.9% of the founders again undertake and 48.1% become investors. In more advanced stages, the practice of philanthropy and giveback: In Serie D, 71.4% of entrepreneurs allocated part of the capital to donations, compared to only 26% in the early stages.
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“Building and perpetuating a business is an huge challenge. Before thinking about starting new business or philanthropy, you need to be 100% focused on your business and make it as resilient and diverse as possible. Everything has its time. The market is cyclical and uncontrollable. What the entrepreneur can control is the consistency and quality of his company,” warns Benchimol.
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What comes ahead
The study also highlights the so-called “multiplier effect of liquidity”, when an output event can generate a wave of new business created by former employees, as was the case of 99, for example.
“This releases talents to undertake again more peacefully. Even small liquidity events for the team are already impacting because they allow people to risk new ideas without the immediate pressure to pay the bills,” says Perroni.
According to Endeavor, the great IPOS of the 2030s are now being prepared – and the survey also shows that the opening of capital remains an ambition, but only for companies with a specific profile.
“The IPO entrepreneur needs to want to continue in the company for many years after the listing. It’s a process that requires at least a decade of preparation, discipline and governance,” says Furlan.
Perroni adds: “The best exits of the next decade are being prepared now. Cases like VTEx show that the discipline begins years earlier. The lesson is clear: IPO should be seen as an option, not as a scheduled date goal.”
