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Latin America Riding the Technology Tsunami

For the first time in history, Latin America is creating technology companies at scale. Over the past months we’ve been scanning thousands of these companies in the region. After a thorough analysis, we identified 124 Tecnolatinas that are already worth over US$25M and that have a collective worth of over US$38 B.

Our Radar, introduced for the rst time in this Report, is a comprehensive list that presents all the Tecnolatinas -as indicated, private, technology-based companies born and based in LatAm- we were able to identify in the region with a minimum estimated value of more than US$25M. This report is based on all public sources available and on the collective perspective of over 20 experts from different countries in the region (see Methodology Box). To estimate the value of each company, we multiplied the capital raised in the last round as publicly announced by the companies to the press by a multiple that is consistent with perceived industry practices. Rather than creating a ranking, we segmented the companies in broad valuation ranges to acknowledge the inherent uncertainty in their value. Companies in each value range are presented in alphabetical order. Companies in each value range are presented in alphabetical order.


To identify the Tecnolatinas we consulted multiple sources including Crunchbase, LAVCA, Angel List, DealBook and others. We then asked over 20 experts and investors from around the region to identify the most valuable companies in their personal radars. A comprehensive press search was then conducted to obtain public information about the last known nancing round or valuation of each company.

To estimate the value of each company, the total capital raised in their last equity round made public to the press was factored by a multiple that was dependent on the stage of development of the companies (latter series involved a higher multiple as they typically involve less equity). When revenue was available we used market revenue multiples consistent with the sector of the company. The companies were grouped in ve broad segments (US$25M-50M, US$50-100M, US$100M-500M, US$500M-US$1B and Over US$1B) and the list was shared with over a dozen experts from the region for validation. The place of origin or country assigned in the Radar list, was based on whether the company has its headquarter in a country of the region and / or its founders originate in Latin America.


We are aware that some valuable companies were probably left out of our rst Radar. Information in the LatAm startup ecosystem is often scarce. As a result of a culture of secrecy, many companies and investment funds withhold information about valuations and funding rounds, making our task more Also some companies never go through a venture capital round.

It must be pointed out though, that the Radar may underestimate the true dimension of the Tecnolatinas ecosystem. Some companies may be beyond our detection capacity. Others may have seen their value grow signi cantly since the last round. And yet others may have conducted private rounds, thus leaving us without reliable data to trace their valuation.

Finally, we chose to focus our rst Radar on the digital Tecnolatinas, leaving out many valuable players with different pro les, because we believe they represent the bulk of the ecosystem. But we believe this rst picture of the Radar already provides valuable insights and the best available overall outlook of the players in the regional ecosystem.

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