Since the turn of the century, Argentinian seed firms have been internationalizing their operations, focusing on neighbouring countries, specially Brazil. A 'flex crop' such as soybean has constituted a central focus for their investment. This article analyses investment opportunities and different intellectual property rights as key drivers of internationalization, and examines the ability of firms to develop networks that are both 'inward' and 'outward' in their orientation, as well as the tensions involved. The analysis points to the emergence of South-South flows of capital that aim to strengthen their position within key components of agri-food chains, and the formation of transnational elites grounded in global circuits of accumulation.