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Building a Global Angel Investing Community of Hispanic and Latinx ventures – David Olivencia
David Olivencia is a renowned global technology executive, and author, recognized for his strategic leadership and innovative approach. As the CEO and Co-founder of Angeles Investors, he spearheads one of the fastest-growing investment groups in the USA. His extensive experience includes senior executive roles at major firms like NTT, Ford, Oracle, and Accenture. David's influence as a thought leader and energetic team coach is evident in his successful business outcomes and impactful board contributions across various sectors.
He is a prolific early-stage investor, with over 70 companies in his portfolio, including three unicorns. An esteemed speaker, David shares insights on technology disruption, AI, investing, and leadership at prominent venues like the U.S. Congress and NASDAQ. Honored by Crain’s and Hispanic Business Magazine, he also serves on numerous boards, such as Schurz Communications and the National Museum of Mexican Art. David holds an electrical engineering degree from Rose-Hulman, an MBA from Notre Dame, and an honorary doctorate from Bentley University. In his personal time, he enjoys running, fishing, and family activities.
This month, we had the pleasure of interviewing David and took a deep dive into Angeles Investors, a platform dedicated to finding, funding, and growing promising Hispanic and Latinx ventures. In a wide-ranging conversation, David shared insights into Angeles's remarkable growth and its impact on the landscape of venture capital.
Angeles, in just four and a half years, has become a significant force. As David explained, "Angeles is a platform with a mission to find, fund, and grow the most promising Hispanic and Latinx ventures. We have one of the largest and fastest-growing angel investing groups in the USA, maybe the world." Their success is undeniable: they've invested in approximately 23 companies with a combined valuation exceeding $1 billion. This success, however, is set against a backdrop of significant underfunding of the Hispanic and Latinx community.
David highlighted the disparity: "Although we make up 20% of the population, we're getting less than 2% of the funding. Roughly every year, the last five years, about $200 billion has been invested in US venture capital; we're getting like two to three billion of that." This underscores the crucial role Angeles plays in addressing this imbalance.
Angeles invests across diverse sectors, as David noted: "We are industry agnostic, but we like the seed stage... we like a lot of fintech, we like media. We've done B2C. And really diverse industries, everything from...hardcore tech, to AI services." The Angeles investment strategy involves a multi-pronged approach to sourcing deals, from online applications to member referrals and partnerships with organizations like Y Combinator and Techstars.
David shared inspiring success stories, highlighting the transformative impact of Angeles's investments. He recounted the journey of Canela Media: "When Founder and CEO Isabel Rafferty came to us, she was doing about 3 million in revenue...she was told no, like hundreds of times...we invested in her. Fast forward the next year, she went from 3 million to roughly 20 million in revenue. Then she led this large Series A round...roughly 30 million...she's roughly going to do about 100 million this year." Another compelling example was Maspanadas, an empanada company: " Founder and CEO Margarita Womack was already at roughly a million in revenue when Angeles invested...fast forward and today she's in Costco and Whole Foods, Trader Joe's, Myers, and a bunch of others top distributors." These examples showcase Angeles’s ability to identify and support high-growth potential, even in seemingly unconventional sectors.
Looking towards the future, David shared his vision for Angeles’s evolution: "We have a venture fund now. It's seed focused...But we're going to raise this successful fund, and then we'll have multiple funds after this one. And quite possibly we will be the largest angel investing group in the world." He stressed the importance of partnerships, citing the Hispanic Wealth Project as an example of a synergistic collaboration. He underscored the philosophy behind Angeles's approach: "Partnerships are key and we want more of them. We want to be a value-added partner...amazing things happen when you get them right.”
David shared his insightful reflections on wealth. He offered a nuanced perspective: "Financially, wealth is your net worth...It's also like a mental model and how you think about financial decisions… it's definitely not just the money. It's about instilling the habits and philosophies of wealth." Finally, he articulated his vision for his legacy: "My family came here with nothing from Puerto Rico...I took action...helping our community...building competency, and growing professionally...wealth is my family, my community, my colleagues. I want them to be the best form of themselves, live to their full potential and I want to be able to be a part of that."
David's commitment to fostering growth within the Hispanic and Latinx communities is truly inspiring.
He is a prolific early-stage investor, with over 70 companies in his portfolio, including three unicorns. An esteemed speaker, David shares insights on technology disruption, AI, investing, and leadership at prominent venues like the U.S. Congress and NASDAQ. Honored by Crain’s and Hispanic Business Magazine, he also serves on numerous boards, such as Schurz Communications and the National Museum of Mexican Art. David holds an electrical engineering degree from Rose-Hulman, an MBA from Notre Dame, and an honorary doctorate from Bentley University. In his personal time, he enjoys running, fishing, and family activities.
This month, we had the pleasure of interviewing David and took a deep dive into Angeles Investors, a platform dedicated to finding, funding, and growing promising Hispanic and Latinx ventures. In a wide-ranging conversation, David shared insights into Angeles's remarkable growth and its impact on the landscape of venture capital.
Angeles, in just four and a half years, has become a significant force. As David explained, "Angeles is a platform with a mission to find, fund, and grow the most promising Hispanic and Latinx ventures. We have one of the largest and fastest-growing angel investing groups in the USA, maybe the world." Their success is undeniable: they've invested in approximately 23 companies with a combined valuation exceeding $1 billion. This success, however, is set against a backdrop of significant underfunding of the Hispanic and Latinx community.
David highlighted the disparity: "Although we make up 20% of the population, we're getting less than 2% of the funding. Roughly every year, the last five years, about $200 billion has been invested in US venture capital; we're getting like two to three billion of that." This underscores the crucial role Angeles plays in addressing this imbalance.
Angeles invests across diverse sectors, as David noted: "We are industry agnostic, but we like the seed stage... we like a lot of fintech, we like media. We've done B2C. And really diverse industries, everything from...hardcore tech, to AI services." The Angeles investment strategy involves a multi-pronged approach to sourcing deals, from online applications to member referrals and partnerships with organizations like Y Combinator and Techstars.
David shared inspiring success stories, highlighting the transformative impact of Angeles's investments. He recounted the journey of Canela Media: "When Founder and CEO Isabel Rafferty came to us, she was doing about 3 million in revenue...she was told no, like hundreds of times...we invested in her. Fast forward the next year, she went from 3 million to roughly 20 million in revenue. Then she led this large Series A round...roughly 30 million...she's roughly going to do about 100 million this year." Another compelling example was Maspanadas, an empanada company: " Founder and CEO Margarita Womack was already at roughly a million in revenue when Angeles invested...fast forward and today she's in Costco and Whole Foods, Trader Joe's, Myers, and a bunch of others top distributors." These examples showcase Angeles’s ability to identify and support high-growth potential, even in seemingly unconventional sectors.
Looking towards the future, David shared his vision for Angeles’s evolution: "We have a venture fund now. It's seed focused...But we're going to raise this successful fund, and then we'll have multiple funds after this one. And quite possibly we will be the largest angel investing group in the world." He stressed the importance of partnerships, citing the Hispanic Wealth Project as an example of a synergistic collaboration. He underscored the philosophy behind Angeles's approach: "Partnerships are key and we want more of them. We want to be a value-added partner...amazing things happen when you get them right.”
David shared his insightful reflections on wealth. He offered a nuanced perspective: "Financially, wealth is your net worth...It's also like a mental model and how you think about financial decisions… it's definitely not just the money. It's about instilling the habits and philosophies of wealth." Finally, he articulated his vision for his legacy: "My family came here with nothing from Puerto Rico...I took action...helping our community...building competency, and growing professionally...wealth is my family, my community, my colleagues. I want them to be the best form of themselves, live to their full potential and I want to be able to be a part of that."
David's commitment to fostering growth within the Hispanic and Latinx communities is truly inspiring.
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Disclosure: Please note that the information provided in this article is for educational and informational purposes only and should not be construed as financial advice.
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