Viktoriya Tigipko is one of the most recognized names in the Eastern European VC community and is a native of Ukraine.
She runs TA Ventures, a pre-seed and seed stage VC, since 2010. Additionally she founded iClub (an angel network), WTech (a community for women in tech), and is Chair of the Board at the Ukrainian Startup Fund.
Guest Author: Viktoriya Tigipko
While the United States continues to dominate global stock markets with a staggering 70% share (up from 30% in the 1980s), something fascinating caught our attention at TA Ventures.
This market concentration significantly exceeds America’s 24.6% share of global GDP, suggesting both opportunity and risk in the current investment landscape.
The numbers tell an intriguing story. The U.S. and China together account for roughly 42% of the world’s $100.56 trillion GDP, but there’s a whole world of untapped potential beyond these giants.
This disconnect between economic output and stock market representation became our catalyst for change.
The Hidden Opportunity in Market Inefficiencies
Let’s talk about what everyone misses when looking at the global investment landscape.
While most venture capital still flows to the U.S. due to its mature ecosystem and proven exits, we’re seeing a pretty powerful arbitrage opportunity.
The U.S. stock market’s 70% global share versus its 24.6% GDP contribution suggests potential overvaluation in certain sectors.
As experienced investors, we know that the best opportunities often lie where others aren’t looking.
Southeast Asia: The Perfect Storm of Growth
Some of you may be thinking…why Southeast Asia?
Well, the math is compelling.
The region’s rapid GDP growth of around 5% the past few years, coupled with high technology adoption rates, creates a perfect storm for venture returns.
What particularly excites us is the underrepresentation of these markets in global stock market capitalization relative to their economic output and growth trajectory. SE Asia is around just 2 – 2.5% of the global stock market capitalization in 2024 and this is miniscule.
The opportunity in Southeast Asia isn’t just about numbers – it’s about timing. We’re seeing the emergence of robust fintech, edtech, and e-commerce ecosystems, supported by a growing middle class that’s increasingly tech-savvy.
The valuations here are often 20-40% lower than comparable US counterparts, allowing us to secure better terms for potentially similar or higher returns.
MENA: Where Traditional Wealth Meets Modern Innovation
The MENA region represents another compelling opportunity in our diversification strategy.
With an expected 3.9% GDP growth for the region in 2024 coupled with strong government and capital support for startup ecosystems, we’re seeing the emergence of a unique innovation landscape.
The MENA region experienced a 30% year-over-year increase in the total number of investors in the first half of 2024, with international investor participation growing by 75%.
The region’s focus on fintech, healthtech, and clean energy aligns perfectly with global trends, but with the advantage of less competitive deal flows.
The region’s governments are actively supporting startup ecosystems through grants, tax incentives, and incubation programs. This creates a fertile ground for technology adoption and scale-up potential that’s often overlooked by global investors.
LATAM: The Undervalued Giant
Latin America might be the most underappreciated opportunity in the global venture landscape.
With significant GDP contributions from countries like Brazil and Mexico, but relatively small stock market representation of just ~2% of the global market, we’re seeing classic signs of an undervalued market.
The region’s focus on fintech, logistics, and healthtech solutions addresses real pain points in large, underserved markets.
The beauty of LATAM lies in its market dynamics. High smartphone penetration, growing middle class, and underserved populations create perfect conditions for technology adoption.
We’re seeing startups solving real problems at scale, often with more attractive valuations than their U.S. counterparts. And this is why since 2020 the LATAM region has added over $60 billion in digital market capitalization.
And probably why LATAM VC funds are overrepresented in the top 5% of global returns.
The TA Ventures Approach: Balanced Diversification
Our investment strategy isn’t about abandoning traditional markets – it’s about intelligent diversification.
We typically allocate ~50% to U.S. investments, maintaining exposure to the world’s most mature ecosystem.
The remaining portion is then strategically positioned 20% to Europe, 20% to SEA, and the final 10% split between MENA & LATAM.
This balanced approach allows us to capture multiple growth vectors:
- Market inefficiencies and valuation arbitrage opportunities
- Early access to rapidly growing ecosystems
- Exposure to unique regional solutions with global potential
- Portfolio diversification against market-specific risks
Looking Ahead: The Next Decade of Growth
The global investment landscape is evolving rapidly.
While the U.S. will likely maintain its position as a leading market, we believe the next decade’s biggest opportunities lie in these emerging ecosystems.
The combination of strong GDP growth, technological leapfrogging, and attractive valuations creates a compelling case for early movers.
At TA Ventures, we’re not just following trends – we’re positioning ourselves ahead of them.
What is unique about TAV?
- Started with 100% our own capital and have made 11x so far.
- We started operating with traditional LP fund structures since 2021.
- We’re on our 3rd fund, 2nd institutional vintage now.
- >90% of the capital in our business at the moment is our own and we will always be the largest check in our fund.
- Our geographic investment split is roughly: 50% US, 30% Europe, 20% SEA & MENA.
- Thematically we focus on FinTech, Healthcare, the more complex parts of the Enterprise stack (incl. Infra, Cybersec, etc.), and D2C brands.
- We review 3000+ deals annually to do 20-ish new checks.
Remember, in venture capital, the biggest returns often come from being early in emerging trends. Our diversification into Southeast Asia, MENA, and LATAM isn’t just a strategy – it’s our conviction about where the next wave of innovation and value creation will emerge.
Do you want to work with us?
There are a variety of ways of working with us. The easiest way is if you are considering angel investing then have a look at iclub.vc.
And join the 1,000+ angels that are already in our club.
iClub is backed by TA Ventures and is a great place to start for first time angel investors.
There is a simple form to fill out on the site and after being qualified you will have access to our exclusive deal flow.
If you’re interested in TA Ventures than you can see our team here and you can reach out to the person that you feel is most appropriate to your inquiry: https://taventures.vc/team/.
