Latin America is a land of alternative. That’s how buyers and enterprise capital companies see it, as they proceed to search out fertile floor within the area for companies able to creating world-class services.
Behind this transformation are buyers who’ve positioned their bets on the expansion of the area’s startup ecosystem. Their choices are shaping the way forward for innovation in Latin America.
In keeping with the Venture Capital and Growth Equity in Latin America report by Endeavor Mexico and Glisco Companions, enterprise capital funds are turning their consideration again to the area after a decline in funding rounds between 2020 and 2024.
Throughout that interval, enterprise capital rounds in Latin America dropped by 72%. Nonetheless, the report signifies that within the first half of 2024, funding within the area grew by 30%, reaching $1.1 billion—in comparison with the identical interval in 2023. This, even though the variety of funding rounds fell by 63%, totaling 162.
Even with fewer rounds, the rise in capital raised suggests a stronger focus of investments in later-stage startups and strategic sectors.
The research additionally highlights that, regardless of international financial challenges, funding in Latin America is exhibiting indicators of a sluggish however regular restoration.
One sector that has drawn important investor curiosity—and capital injections—is synthetic intelligence (AI). By way of funding, AI has now surpassed fintech, main with 34% of all funding rounds. Fintech, which beforehand held the highest spot, accounted for simply 17%.
The report underscores the rising maturity of Latin America’s startup ecosystem, which has led 70% of enterprise funds to regulate their analysis standards in comparison with 2021. As an alternative of chasing unicorns, buyers at the moment are specializing in constructing worthwhile and sustainable companies.
So, who’re the buyers driving the startup ecosystem ahead?
These 15 worldwide buyers are making daring bets on the way forward for entrepreneurship in Latin America. Their investments aren’t solely fueling startups but in addition reshaping the area’s technological and enterprise panorama.
Nico Berardi, Founder & Basic Accomplice, ANIMO Ventures
Nico Berardi is the founder and common accomplice of ANIMO Ventures, a enterprise capital agency based in 2018 that focuses on early-stage investments and has backed over 70 firms.
Born and raised in Argentina, Berardi brings a worldwide perspective to his funding method. In his early years, he was a part of the management staff at TECHO.org, the place he performed a key position in increasing the group into the biggest NGO in Latin America.
He then based Miami Angels, an angel investor community, the place he found his ardour for early-stage investing. After spending two years at Resolute Ventures, he determined to launch ANIMO Ventures with the objective of supporting progressive entrepreneurs.
In 2024, ANIMO Ventures participated within the Animo Investor Index 2024, an initiative selling funding in Colombia, Peru, and Chile.
Berardi holds a level in Economics from Universidad Torcuato Di Tella and an MBA from Harvard Enterprise Faculty.
Berardi’s philosophy: In an interview with Startupeable, Nico stated: “If I could make a founder’s journey much less lonely, their life will enhance as a result of their path might be much less remoted and extra pleasurable, which can even profit the corporate”.
Carlos Baradello, Co-Founder & Basic Accomplice, ALAYA Capital Companions
Born in Córdoba, Argentina, Carlos Baradello studied on the Universidad Católica de Córdoba and later earned a grasp’s diploma from the Eindhoven College of Expertise within the Netherlands, adopted by a PhD in Electrical Engineering from Carnegie Mellon College in the USA.
An investor, speaker, company advisor, and college professor, Baradello is a flexible govt with over 30 years of expertise within the telecommunications trade, the place he has held varied govt roles. He was the company vice chairman for Latin America and the Caribbean at Motorola.
In 2010, Carlos co-founded ALAYA Capital Companions, a enterprise capital agency that invests in digital entrepreneurs throughout Latin America. A number of the firms he has funded embody 123Seguro and the CRM platform Escala.
Baradello can also be the founder and managing accomplice of Sausalito Ventures, a agency that helps Latin American firms scale globally.
Baradello’s philosophy: In a blog post, Baradello shares his ideas on the hassle and resilience wanted to realize success: “All of us need success and to succeed each time in each endeavor we undertake, whether or not private or skilled. However the candy success all of us search is most of the time the results of a tortuous path by failures, setbacks, and disappointments.”
Maria Ines De Miranda, Managing Director, The José Cuervo Basis
Maria Inés De Miranda is the Managing Director of The José Cuervo Basis, the philanthropic group from international spirits producer José Cuervo.
The muse drives social accountability initiatives throughout Mexico, and recently partnered with entrepreneur Juan Domingo Beckmann, comic Kevin Coronary heart’s Gran Coramino, and Tecnológico de Monterrey, main Mexican college, to launch an initiative that funds and helps Black and Latino entrepreneurs within the U.S. and Mexico.
The Coramino Fund has supported influence startups in Jalisco, Mexico, together with firms that use microalgae-based expertise to deal with tequila wastewater and one other that converts plastic waste into gasoline.
She holds Grasp’s and Doctorate levels in engineering and financial programs from Stanford College and beforehand held VP and Director roles at Mexican conglomerates together with Grupo Bal and others.
De Miranda’s philosophy: Bridging educational rigor and hands-on management, Maria Inés goals to redefine company philanthropy — guaranteeing that The José Cuervo Basis’s initiatives don’t simply donate assist, however assist to construct self-sustaining ecosystems that empower communities the place they function.
Emanuel Pleitez, Investor & Co-Founder, Cap Desk Coalition
This U.S.-based investor is acknowledged for his management and dedication to range. He has over 15 years of expertise working in excessive performing organizations throughout varied industries, together with non-public fairness, software program, shopper web, tech-enabled companies, funding banking, administration consulting, and the general public sector.
Emanuel Pleitez is the co-founder of East Los Capital, a non-public fairness agency centered on firms within the shopper, healthcare, web, media, companies, and software program sectors. Among the many firms that Pleitez and East Los Capital have funded and that function in Latin America are Sabio, Caylent, and 66degrees.
Pleitez can also be the president of the Hispanic Heritage Basis and co-founder of the Cap Desk Coalition, a company devoted to creating funding alternatives for historically underrepresented buyers. The group has funded manufacturers and tasks resembling Candela Media, Neurable, and ModernTax.
Pleitez’s philosophy: Lately, Emanuel accomplished his twelfth marathon. In a post from his Instagram account, he wrote a number of strains that mirror his method to challenges and life: “I take nothing without any consideration. You by no means know what tomorrow will deliver or if we’ll be there for one another. Thanks to every of you who’ve performed a task in my life and helped form who I’m.”
Andrés Barreto, Managing Director, Techstars NYC
This outstanding Colombian investor and entrepreneur is acknowledged for his management within the funding ecosystem in Colombia and Latin America. He’s presently the Government Director of Techstars NYC, probably the most prestigious accelerators on this planet.
All through his profession, Andres Barreto has co-founded a number of firms, together with Grooveshark and Onswipe, and has been an angel investor in additional than 50 startups, together with Ayenda, Playvox, and Hunty.
Along with his position at Techstars, this 36-year-old govt is a worldwide mentor at Endeavor and the founding father of the Angel Companions Initiative, the primary fund designed to attenuate the chance of angel investments within the area.
Barreto’s philosophy: In an interview printed on the Vidaentrepreneur web site, Andrés shares his perspective on the challenges of entrepreneurship and the significance of resilience: “For me, entrepreneurship is one thing that’s crammed with failures and hard moments. Usually, in entrepreneurship, nearly every part goes mistaken. It’s the few instances when one thing goes proper that may abruptly lead you to success.”
Alex Mendez, Managing Director, Storm Ventures
Acknowledged for his management within the funding ecosystem in each Latin America and the USA, Alex Mendez is a distinguished Argentine-American investor and entrepreneur.
He’s the co-founder and Managing Director of Storm Ventures, a enterprise capital agency centered on early-stage investments in areas resembling SaaS, enterprise infrastructure, cybersecurity, and synthetic intelligence.
All through his profession, Alex has been an investor and CEO/President of Sanera Techniques, an organization later acquired by McData.
He was additionally an investor and board member of Airespace, which was acquired by Cisco.
Among the many startups that Mendez and Storm Ventures have supported are Talview, Logic Hub (acquired), and Aviso.
Mendez’s philosophy: On the Storm Ventures web site, Alex shares what he seems for within the startups the fund invests in (on this specific case, he talks about Logikcull, a authorized knowledge administration platform): “As early-stage buyers, we search for firms which have a compelling worth proposition that intersects with a big market alternative and have an distinctive staff”.
Clocking a powerful profession in expertise and startups, earlier than changing into an investor, Laura González-Estéfani labored at a number of the world’s most recognizable tech companies together with Siemens, eBay and Fb (now Meta), the place she left because the Director of Worldwide Development and Cellular Partnerships.
Initially from Spain, Laura spent a lot of her profession in San Francisco and based TheVentureCity in each Spain and Miami in 2017.
TheVentureCity is a worldwide, early-stage enterprise fund investing in product-centric startups throughout the US, Europe, and LatAm.
The fund’s staff of operators-turned-investors strongly consider in a product-led development method, prioritizing consumer retention over income. They spend money on Seed to Sequence-A stage startups, with tickets starting from $100,000 to $4 million. Some Latin American startups of their portfolio embody Brazilian fintech RecargaPay, Chile’s logistics startup Simpliroute and Mexican fintech Tonder.
Laura has invested in nicely over 100 firms. Along with campuses in Miami and Madrid, TheVentureCity additionally has workplaces in San Francisco and São Paulo.
Decided to rework VC from the within, Laura is an energetic equal rights advocate, passionate about giving founders and innovation leaders the assets and assist they deserve. Laura sits on the board of the European Fee’s Innovation Council, in addition to the Caixabank Funds and Shopper board. In 2022, she was named a Henry Crown fellow on the Aspen Institute to assist mobilize a brand new breed of enterprise leaders.
González-Estéfani’s philosophy: Regardless of having spent a great chunk of her profession in Silicon Valley, Laura is a agency believer that the world doesn’t want one other one. In an op-ed for TechCrunch, the investor wrote: “The way forward for startups is a decentralized, international ecosystem. The place wealth and data isn’t concentrated, however shared and open. The place there aren’t capitals, however networks.”
Leo Arango, Accomplice, One Manner Ventures
This govt is a accomplice at One Manner Ventures, a enterprise capital agency centered on supporting immigrant founders. Initially from Colombia, Leo Arango has constructed a distinguished profession on this planet of investments and expertise.
Earlier than becoming a member of One Manner Ventures, Leo labored as a researcher at Sequoia Capital, was an funding affiliate at Polymath Ventures in Colombia, and served as an investor at Balyasny Asset Administration, the place he centered on late-stage non-public investments.
Arango holds an MBA from Harvard Enterprise Faculty and each a Bachelor’s and Grasp’s diploma in Finance and Worldwide Economics from the College of Virginia.
At One Manner Ventures, Leo focuses on financing tech startups that intention to create higher financial alternatives globally. He has collaborated with rising firms like Claritype, Debbie and Provision.
Moreover, he leads the agency’s enterprise capital community administration and helps fundraising efforts for the portfolio.
Arango’s philosophy: In an interview printed by El Español, Leo discusses the distinction in alternatives between U.S. entrepreneurs and immigrant founders: “I grew up between Colombia and the USA once I was seven. I quickly started to note the numerous variations in alternatives between the 2 nations. In Colombia, there are numerous entrepreneurs, however they will’t obtain the identical issues as others with comparable abilities in the USA as a result of they lack the mandatory alternatives.”
Kosuke Mori, Managing Director, Credit score Saison
At present, Kosuke Mori serves because the Managing Director of Credit Saison, one among Japan’s main monetary establishments, the place he has performed a key position within the firm’s enlargement into Latin America.
His management has been instrumental in Credit score Saison’s worldwide development technique, notably within the area, the place he has recognized important alternatives for creating new monetary merchandise and modernizing conventional companies by expertise.
Beneath his steerage, Credit score Saison has cast strategic partnerships with native firms, specializing in bridging the monetary hole within the area. His method has been centered on offering entry to credit score companies for a shopper base that has traditionally confronted challenges in acquiring conventional banking merchandise.
Mori’s imaginative and prescient is rooted within the digitalization of economic companies and the development of economic inclusion. He has labored intently with native establishments, governments, and tech startups to design services that not solely align with market wants but in addition drive financial development within the area. His progressive method has positioned him as a key chief in fintech funding and growth throughout Latin America.
Mori’s philosophy: Mori believes within the energy of expertise and knowledge to rework the monetary sector, enabling extra people and companies to entry versatile and scalable financing options. His funding philosophy is centered on constructing long-term relationships with visionary founders, supporting them of their journey to create influence and drive sustainable development.
Ravi Mhatre, Managing Director, Lightspeed Enterprise Companions
With over 25 years of expertise in enterprise capital, this prolific investor is a accomplice and co-founder of Lightspeed Enterprise Companions, a number one international expertise funding agency. Over time, Ravi Mhatre has labored intently with quite a few founders, serving to them scale their firms to acquisitions and IPOs.
Earlier than founding Lightspeed, he was an investor at Bessemer Enterprise Companions and beforehand labored at Silicon Graphics as a product supervisor and director of market growth for workstations. In the present day, Mhatre focuses on investments in software program, cloud infrastructure, purposes, and the web, pushed by a powerful perception in supporting passionate entrepreneurs dedicated to groundbreaking concepts that create significant influence.
Lightspeed Enterprise Companions, alongside Mhatre, has backed entrepreneurs resembling Jessica Alba, founding father of The Trustworthy Co., in addition to Latin American startups like Mexican fintech Stori and group buying platform Muni.
Mhatre’s philosophy: In a recent interview with Inspirery, Ravi shared his perspective:
“You might be your greatest promoting instrument. You can not rely solely on referrals and your current community and anticipate to develop what you are promoting. You must do the work. This trade is constructed on networking. If you wish to faucet into a brand new sector however don’t have the connections, do your analysis, establish key gamers, and study them.”
Monica Model Engel is a co-founder and accomplice at Quona Capital, an funding fund centered on fintech startups in rising markets, together with Latin America.
With over 20 years of expertise supporting the expansion of the fintech sector, this investor and entrepreneur is acknowledged for her deal with monetary inclusion and her constructive influence on historically underserved communities.
Quona Capital has been a key participant within the Latin American entrepreneurial ecosystem, investing in startups which might be remodeling sectors resembling digital funds, various lending, and options for small and medium-sized companies.
Among the many firms it has supported are Konfío, a digital funds platform; Creditas, probably the most related fintechs within the area; and Kueski, a pacesetter in on-line microloans.
Model Engel’s imaginative and prescient has been important in selling enterprise fashions that mix technological innovation with social influence. Her work has helped broaden entry to monetary companies for thousands and thousands of individuals within the area, particularly in unbanked sectors.
Model Engel’s philosophy: In her profile on Quona Capital’s official web site, Monica explains: “There has by no means been a extra thrilling time to be a part of the monetary inclusion ecosystem in rising markets.”
Nigel Morris, Managing Accomplice, QED Buyers
Nigel Morris is the Managing Accomplice and co-founder of QED Investors, a enterprise capital agency with a deal with fintech. Based in 2007, QED has turn into one of many main international buyers in monetary expertise, with a key presence in Latin America.
Earlier than launching QED, Nigel was co-founder and president of Capital One, the place he reworked the bank card trade by innovation in knowledge analytics.
In Latin America, QED Buyers has supported a number of the most outstanding startups within the fintech sector, backing firms which might be redefining entry to monetary companies within the area.
Among the many firms they’ve supported are: Nubank, the biggest digital financial institution on this planet by variety of clients outdoors of Asia, which has revolutionized the banking market in Brazil; Clip, one of many main cellular cost platforms in Mexico, which makes it simple for small and medium-sized companies to simply accept credit score and debit card funds; and Finaktiva, a platform offering financing options to startups and SMEs to assist them scale their operations.
Morris has been a powerful advocate for monetary innovation as a driver to scale back inequality and create financial alternatives.
Morris’ philosophy: In an interview printed on QED Buyers’ blog, Nigel explains: “We keenly deal with expertise. To construct conviction round an funding, the corporate will need to have superb management. Which means that administration is balanced and clear, open to recommendation, and centered on unit economics. In any case, fintech is difficult, and we try to work with CEOs who innately perceive this. Founders who assume they know all of the solutions are topic to stumble. We deal with firms who’re unrelenting. Fintechs must push by fixed challenges with the intention to be true disruptors.”
Meyer Malka, Founder, Ribbit Capital
Meyer Malka is the founding father of Ribbit Capital, a enterprise capital fund centered on fintech, which has performed a key position in driving monetary innovation globally.
Ribbit has been acknowledged for backing firms which might be altering the best way shoppers and companies work together with monetary companies. Its influence has been notably noticeable in Latin America, the place it has invested in startups addressing monetary challenges by disruptive expertise.
With a long-term imaginative and prescient and a deal with worth creation, Meyer has been a powerful advocate for startups that not solely search to rework the monetary sector but in addition intention to create inclusive and accessible options for the unbanked.
Among the many main firms Ribbit Capital has backed within the area are QuintoAndar, a property rental platform that simplifies the search and contracting of leases in a completely digital method, and Ualá, a fintech providing a pay as you go card and an app for managing cash, centered on the unbanked market.
Malka’s philosophy: In an interview with Vintage, Meyer said: “In lots of elements of the world, monetary companies are inaccessible, unaffordable, or just insufficient. We’re seeing an unimaginable alternative to unravel these issues and supply extra individuals with higher monetary entry.” (Picture credit score: https://ribbitcap.com/staff/)
Bill Ford, Chairman & CEO, Basic Atlantic
Invoice Ford is the Chairman and CEO of Basic Atlantic, a worldwide funding agency that focuses on supporting growth-stage expertise firms.
Based in 1980, Basic Atlantic has turn into a key participant within the non-public fairness trade, specializing in firms which might be remodeling sectors resembling expertise, monetary companies, healthcare, and shopper tech, amongst others.
Beneath Ford’s management, Basic Atlantic has expanded its presence in Latin America, investing in firms which might be innovating throughout varied fields.
Among the many startups supported within the area are the digital funds platform dLocal, which facilitates funds in rising markets, and LiveMode, a distribution, content material manufacturing, and income era platform for sports activities entities.
Ford’s philosophy: The Milken Institute’s web site highlights a quote that displays Invoice’s imaginative and prescient on entrepreneurs and the position they play on this planet: “Entrepreneurship, innovation, and globalization could be highly effective forces for good on this planet, and I’m optimistic in regards to the capability of expertise to drive inclusive development.”
Adeyemi Ajao, Managing Accomplice, Base10 Companions
He’s the Managing Accomplice of Base10 Companions, a enterprise capital fund centered on expertise and making a constructive influence on the economic system.
Adeyemi Ajao has a transparent imaginative and prescient of how capital can remodel the enterprise and tech panorama, aiming to empower firms main innovation in varied sectors, notably these associated to monetary inclusion and sustainability.
Base10 Companions has been key in supporting startups seeking to change the sport, particularly in rising markets.
In Latin America, they’ve backed firms resembling Buk, a fintech that provides options for individuals administration, and Nowports, a platform that enables companies within the area to automate their worldwide logistics processes by digitally reserving, delivery, and receiving ocean and air freight containers.
Ajao’s philosophy: In a put up on his Medium page, Adeyemi writes: “Let’s face it: Nobody desires to lose their job to a robotic. Nonetheless, everybody desires to be nice at what they do. Expertise can assist, however we’d like the proper of automation, led by the proper of founder.”
Clifford Sobel, Founding Accomplice, Valor Capital Group
Clifford Sobel is the founding accomplice and CEO of Valor Capital Group, a development capital and enterprise capital agency centered on cross-border alternatives between the USA, Brazil, and Latin America.
Earlier than founding Valor in 2011, Sobel served because the U.S. Ambassador to the Netherlands and Brazil throughout the administrations of George W. Bush and Barack Obama.
Over time, Valor Capital Group has supported varied startups within the Americas together with Nextdoor, a social networking platform centered on connecting neighbors and native communities; Rocket.Chat, an open-source staff communication platform; and Satellogic, a satellite tv for pc firm that gives high-resolution pictures of our planet.
Sobel’s philosophy: Though there isn’t any particular direct quote out there, his observe report and the investments of Valor Capital Group show a dedication to innovation and financial growth in Latin America. (Picture credit score: https://www.valorcapitalgroup.com/staff/amb-clifford-sobel)
Picture credit: All pictures by way of LinkedIn except in any other case famous.
Disclosure: This text mentions shoppers of an Espacio portfolio firm.
