Executive: Lilianne Brunstein
Member Name: Organización Corona VC
Year Founded: 2022
Offices: Bogotá, Medellín

LAVCA: Organización Corona VC has become one of the most active CVC initiatives in Colombia. How did the program begin?

Lilianne Brunstein: Around 2016, we were wondering how to strengthen our open innovation program. At that time, we had relationships with universities, innovation labs, and external partners, but we believed we could attract new allies by connecting directly with startups and the entrepreneurial ecosystem.

We were inspired by Y Combinator, but we knew we couldn’t simply transplant the Silicon Valley model into a company with more than 17,000 employees. We also closely studied Techstars and visited several of its corporate innovation programs to understand how large organizations successfully collaborated with startups.

We explored a range of open innovation models — from startup scouting and hackathons to accelerators and corporate venture capital funds. Ultimately, we chose to launch a startup accelerator program, which has since evolved into our Venture Client model. This approach enabled us to identify the company’s most pressing strategic challenges, launch open calls for startups, select the most promising solutions and work collaboratively with entrepreneurs to develop and implement them.

We developed our own version of the model in partnership with organizations such as Estratek and Endeavor. Over the next three years, we organized a series of innovation challenges designed to address specific business needs while helping participating startups scale.

Our objective was never purely financial. Instead, we sought to build mutually beneficial strategic relationships with startups, challenge our own culture to learn how to collaborate effectively with entrepreneurs, adopt new ways of working, expand our network within the innovation ecosystem and solve business problems through fresh perspectives.

Each cycle concluded with a demo day, where participating startups presented their solutions and results to our internal teams and the broader open innovation ecosystem. The experience was truly transformative. It demonstrated the speed, creativity and organizational learning that can be unlocked by working closely with entrepreneurs. That was our starting point — and over time, we’ve continued to refine and evolve the model.

How did that evolution lead to the creation of Organización Corona VC?

Through our work with startups, we realized that collaborating with them to address specific challenges and investing in them are two very different things. One focuses on solving a business challenge through a pilot project or a commercial relationship. The other focuses on assessing growth potential and making investment decisions.

We also recognized that we were missing investment opportunities. We worked closely with innovative startups, but we didn’t have a mechanism in place to participate when these companies sought funding.

This led us to create a second vehicle that could coexist with our innovation efforts. Today, we operate both a venture capital client model and a corporate venture capital platform. The venture capital client model helps business units identify challenges, seek out startups, and implement solutions together. The corporate venture capital model allows us to invest with a specialized investor mindset.

We deliberately established this separate investment vehicle to broaden our relationship with startups and invest in venture capital funds and experienced startups.

Corona VC invests both in venture funds and directly in startups. Why pursue both approaches?

We believe both approaches are complementary. Today, our portfolio includes 11 investments: six venture funds and five direct startup investments.

Through our fund relationships, we gain visibility into emerging technologies, connect with other investors, stay on top of new industry trends and engage with startups that have already gone through rigorous selection processes. We often help portfolio companies from those funds connect with opportunities inside Organización Corona business units, creating value for everyone involved.

We invest in a mix of generalist and sector-focused funds. Some provide regional and global exposure across Latin America, the United States and Europe, while others specialize in areas such as construction technology and logistics.

At the same time, we are now increasing our focus on direct investments. We currently have five direct startup investments and would like to increase that number to between 15 and 20 over time.

How do you measure success? Is the objective primarily strategic or financial?

Financial returns are important. Every investment vehicle needs to generate returns to be sustainable, but the main reason we created Organización Corona VC is strategic.

We firmly believe that companies advance faster when they are connected to innovation ecosystems. Through startups, venture capital funds and entrepreneurs, we gain access to new technologies, new business models and new ways of thinking. This allows us to be part of the innovation process instead of simply reacting to disruption once it occurs.

For us, strategic value is significant. Organización Corona VC helps incorporate new ideas into the organization, fosters cultural change and exposes our teams to different approaches and speeds for solving problems. Sometimes, the most valuable outcome is not the investment itself, but the conversations, partnerships and learning that arise from those relationships.

Can you share examples of startups that have successfully integrated with Corona’s businesses?

We are incredibly proud of our portfolio companies because each one demonstrates a different aspect of strategic value creation.

Melonn is a great example. Logistics is a critical capability for retail and construction businesses, and working with Melonn has allowed us to explore new approaches and solutions while supporting the company’s growth across Colombia and Mexico. The relationship has involved everything from pilot design to operational collaboration and knowledge sharing.

Another example is Lizit, a Colombian software platform that powers rental services across Homecenter stores. Today, customers interact with the platform throughout our 42 stores in 26 cities, and it has become a core part of the rental experience.

We also work with Jelp, a Mexican company that provides after-sales and installation management solutions. The company supports operations in both Colombia and Mexico and has helped strengthen services capabilities across multiple business units.

TopSort has helped us explore opportunities in retail media, an area that is transforming the retail industry globally. Their expertise has introduced new ways of driving growth and monetization.

Finally, Aquí Tu Reforma, based in Barcelona, has brought valuable international perspectives on home remodeling and digitization. Their experience across multiple markets has provided useful benchmarks and helped us explore new business models.

All these experiences have enriched us; we grow together with startups and create value for both sides. We seek strategic relationships that support long-term growth and an open process of co-creation.

What advice would you give founders considering a corporate venture capital investor?

The first question I would recommend founders ask themselves is what they are looking for with the capital they are raising.

If they are looking for strategic conversations, business opportunities, access to customers and industry expertise, a corporate investor can be invaluable. A corporate investor can help validate solutions, accelerate scalability and growth of deals and provide real-world business environments to test and improve products.

There are several options for raising capital; it all depends on what you are looking for, what kind of long-term relationship you want and what the investor can offer you.

Working with corporations requires patience. Decision-making processes are often more complex, and business deals can take longer to finalize, but founders who successfully navigate these dynamics can access significant growth opportunities and strategic alliances.

Looking ahead, what excites you most about the future of Organización Corona VC?

Innovation has always been part of Corona’s DNA. Our company has a long history of reinvention, and we see venture capital and open innovation as natural extensions of that tradition.

The rise of artificial intelligence and other emerging technologies makes it even more important to stay connected with entrepreneurs and innovation ecosystems. Companies need to act faster, experiment more frequently and be open to new ideas.

We see Corona VC continuing to grow as a platform for developing new businesses and connecting with innovative talent and companies worldwide. We want to strengthen our relationships with startups, increase our direct investment activity and continue collaborating with venture capital funds, corporate partners and the ecosystem.

Ultimately, we believe that innovation doesn’t happen in isolation. It happens when startups, investors, corporations and ecosystem builders work together. Our goal is to be an active participant in that ecosystem.