The primary objective of this study is to identify and discuss the different postinvestment trajectories of Latin American young technology-based firms not only at the firm but also at the regional level. Differences found in post-investment trajectories are mainly related to the role played by local resources in the emerging organizational configuration, including the role of the founders. The match between entrepreneurs’ skills and vision, the growing demands of the firm after the investment, and the level of development of the local ecosystem, constitute the main determinants of the different routes followed by the studied firms (i.e.: from early trade sale to sustained growth until becoming large global firms (multilatinas). Foreign VC could play an important role in this regard by accelerating the pace of growth and internationalization faced by these firms. As well, this also could imply entrepreneurs ‘exit. However, our results show that an assessment of the effects of these trajectories at the regional level should include what happens with the entrepreneurs after the investment, recalling the ‘entrepreneurial recycling’ concept suggested by Mason and Harrison (2006).