In this episode of our CVC series, Andreas Munk Holm talks with Bruno Moraes, Managing Director at Wayra, Telefónica’s corporate venture capital arm. With nearly 15 years of experience, Wayra stands out for its focus on driving strategic business value by connecting startups with Telefónica’s core operations across Europe and Latin America.
Here’s what’s covered:
03:40 Investment Strategies and Goals
04:51 Fund Management and Structure
06:32 Geographical and Vertical Focus
08:28 Team Structure and Operations
19:54 Evolution and Growth of WRA
22:56 Incentives and Compensation in CVC
Watch it here or add it to your episodes on Apple or Spotify 🎧, with chapters for easy navigation available on the Spotify/Apple episode.
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✍️ Show notes
Global Focus, Local Roots
Wayra invests globally but stays rooted in Telefónica’s operational geographies. Their investment model centers on finding companies ready—or nearly ready—to work with Telefónica across its core markets. Startups need to either be present in or willing to expand into those regions. This strategic alignment ensures the relationship can be activated commercially, not just financially.
Wayra has established local investment teams across relevant countries to make this model work. Bruno emphasized the importance of local teams in building relationships with business units and identifying the right companies. Investing remotely is not enough; deep integration with Telefónica’s commercial teams requires boots on the ground. That local engagement is a key part of Wayra’s strategy to turn investment into measurable business value.
Fund Structure & Strategy
Wayra operates with a hybrid fund structure that includes on-balance sheet investments and LP (Limited Partner) models. Their primary vehicle is the Wayra Fund, which is budget-based and funded directly by Telefónica. However, they've expanded over time by launching separate funds for Telefónica’s regional brands like Vivo (Brazil) and other business units, like an InsurTech-focused fund in Spain. These funds operate under distinct brand names to resonate with the local market and align more closely with local corporate objectives.
Bruno explained that this decentralized brand strategy allows each fund to be more targeted and effective in its region. At the same time, all of them benefit from Wayra’s central experience and infrastructure. This mixed model has allowed Wayra to maintain operational flexibility and deepen collaboration with various Telefónica divisions, while slowly transitioning into a more independent, fund-oriented entity that can eventually seek third-party capital beyond the Telefónica group.
Investment Focus & Business Impact
Wayra primarily targets startups from late seed to Series B, with Series A being their sweet spot. Bruno noted that while they started investing in earlier stages, they learned it was too difficult to create commercial impact with startups that weren’t yet mature. Younger startups often pivoted or weren't operationally ready to engage with a giant like Telefónica. The shift to slightly later stages ensures the startups are more likely to deliver tangible business outcomes.
Wayra aims to generate €1 billion in revenue for Telefónica by the end of 2024 through its startup partnerships. This isn’t theoretical, Bruno explained, as they are already tracking toward that number. Roughly half of that revenue comes from Telefónica reselling startup products or developing new offerings. The other half includes indirect impact, such as procurement and partnerships, although they focus primarily on measuring the revenue generated, not the money Telefónica spends.
Founder & Co-Investor Experience
Wayra is designed to be founder-friendly and hands-off when it comes to control. Bruno stressed that they never lead funding rounds and rarely take board seats to avoid conflicts of interest—especially since many of their portfolio startups go on to work with Telefónica’s competitors in other markets. Their goal is to support founders, not limit them.
From a co-investor perspective, Wayra brings strong operational value without crowding the table. Their value creation teams act like internal sales channels to Telefónica, opening doors for startups and helping them navigate the telco’s vast network. Co-investors benefit from the credibility and commercial access that Wayra provides, without dealing with overreach or competitive tension.
Key Learnings From Bruno
Bruno shared three big takeaways from his experience:
Having been a founder himself, he deeply values understanding the startup perspective.
Understanding the telco industry helps surface real, scalable problems worth solving.
The importance of setting ego aside—both with founders and within the corporate setting. This humility has helped Wayra earn trust on both sides.
Internally, Wayra empowers champions within Telefónica by letting them take credit for wins. Rather than hoarding recognition, Bruno believes success lies in supporting founders and internal stakeholders to shine. This approach avoids friction and creates a culture of collaboration, making it easier to integrate startup solutions into a large, complex organization.
Future Disruptions – Starlink & Satellite Internet?
When asked whether satellite networks like Starlink will disrupt traditional telcos, Bruno’s answer was thoughtful: not anytime soon. While he acknowledged the innovation, he pointed out that telcos continue to scale their infrastructure to meet growing bandwidth, speed, and low latency demands—things satellites are not yet equipped to deliver at mass scale.
He likened the disruption to the arrival of smartphones, which changed how customers interact with telcos and shifted control to device makers. Satellite tech, while promising, doesn't pose the same level of threat, at least not yet. Bruno believes connectivity needs will continue to outpace what satellites alone can offer, making them a complement rather than a replacement.
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