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1、Latin AmericaOutlook for 2024:An emerging tech frontier in its pivotal momentMarch 2024Latin AmericaA startup and venture frontier1 The rise of LatAm2 2024 outlook3 Public markets4 About usPage/3 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH

2、TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Dealroom.co|Data as of Mar 20242017Cohorts 2015-now 2010-2015 2005-2010 2000-20051995-2000Share in 202310%12%30%26%x4x2x4x17Combined EV of LatAm-based startups by launch year view onlineThe LatAm ecosystem is worth$526B,4.5 times what it was worth 5 years a

3、go.Kavak,Rappi,DlocalNubank,iFood,AoxlabXP Investimentos,Credivalores,QualiMadeiraMadeira,HealthAtom,Expressvpn4.5x22%x52018 to 2023 growthYear founded:By comparison:LSE=$4.2T(up 73%in 10 yrs)FTSE 100=$2.5T(up 20%in 10 yrs)Ibovespa=$800B(up 90%in 10 yrs)Nasdaq Composite=$19T(up 4x)Page/4 Source:LOGO

4、S SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONStartups in Latin America raised$3.9B in 2023,down from an all-time-high of$20.1B in 2021.The drop was biggest at breakout and late-stage rounds of$15M+.Dealroom.co

5、Venture capital investment by stage$250m+$100250m$40100m(series C)$1540m(series B)$415m(series A)$14m(seed)$01m(pre-seed)LateBreakoutEarlyLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONPage/5 Mariela RerdanoskiCo-founderE

6、XPERT VIEWWhats the origin of Ohana?Initially,Ohana was envisioned as something similar to a financial marketplace,but at that time,there werent enough developed tools to execute the idea,at least in Argentina,and the business model wasnt optimal.In the search for a solution,we started positioning O

7、hana as a fintech super app,where users could conduct all their financial activities in a single application.How do you navigate a difficult regulatory environment as a fintech firm?From the beginning,we have worked extensively to build a robust legal and compliance team.They actively collaborate wi

8、th our internal teams to ensure that both products and communication comply with the necessary standards to always stay within regulations.Simultaneously,in collaboration with the product team,we design functionalities so that in case of regulatory changes,we can quickly adapt without any setbacks.W

9、hats the underlying big vision for Ohana?We see that there is a very large gap in understanding finance.We want to offer a product that stands out for its simplicity,where both users with large investment portfolios and those who have not had much saving capacity can manage their finances in a simpl

10、e and reliable way.And not only in Argentina but also in other Latin American countries,where although regulations vary,the basic needs are the same.How do you believe tech ecosystem in Argentina will evolve?Argentina is increasingly involved in the Latin Americas tech ecosystem.The success of numer

11、ous national tech companies in recent years has been crucial,inspiring many others to create new startups with similar ambitions.Argentina is a breeding ground for entrepreneurs and successful business people,known for their ability to reinvent themselves,resilience,creativity and a strong desire fo

12、r learning,which bodes well for the industry.I believe it will continue on this path,with many of the current challenges in LatAm being addressed by Argentinian startups.Page/6 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SO

13、URCES/INSPIRATIONSource:Dealroom.co$415m(series A)$14m(seed)$01m(pre-seed)Late-stage investment fell to under$1B for the first time in six years$40100m(series C)$1540m(series B)Breakout stage 2023 investment was the third highest annual totalEarly-stage LatAm investment is up 15%on pre-pandemic leve

14、lsMain message is large drops in breakout and late stage VC investment in region against highs of 2021&2022.Replace$100250m$250m+Page/7 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Fintech was the m

15、ost funded sector in Latin America in 2023,as it has been every year for the last five years.Customize data Dealroom.co$1.6BLatAm VC investment by industry,2023Page/8 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTER

16、GRAPH 1GRAPH 2Banking-as-a-Service startup QI Tech raised the biggest funding round in Latin America in the last year.BankingBrazilBankingMexicoReal EstateBrazilLegal TechBrazilMediaChilePayment SolutionsMexicoClean mobilityMexicoBlockchainCayman IslandsEducation PlatformMexicoData analyticsColombia

17、Mobile PaymentsColombiaPaymentsBrazilGrowth Equity VC$120MLate VC$100MEarly VC$86MSeries B$60MLate VC$60MSeries B$60MSeries B$55MSeries B$53MCompanyCountrySectorRound LabelAmountDateQI TechBrazilFintechSERIES B$200MOct/2023BankaoolMexicoFintechGROWTH EQUITY VC$120MMar/2023LoftBrazilReal EstateLATE V

18、C$100MAug/2023JusBrasilBrazilLegal TechEARLY VC$86MNov/2023Fz SportsChileMediaLATE VC$74MJun/2023FlashbotsCayman IslandsBlockchainSERIES B$60MJul/2023ClaraMexicoFintechSERIES B$60MApr/2023TalisisMexicoEducationLATE VC$56MJul/2023NomadBrazilFintechSERIES B$53MAug/2023Dealroom.coSee all rounds Late VC

19、$74MLate VC$56MSeries B$200MSeries B$55MPage/9 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSource:Over the past decade,theres been a significant shift of VC investment going from Marketplace startups to S

20、aaS startupsDealroom.coVC investment by business modelCustomize data Top 10 Global rising start startup ecosystemsPage/10 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSource:Dealroom.coThree of the top 10

21、rising star ecosystems are based in LatAm:ecosystems with strong talent and early-stage investment,but currently lacking late-stage capital and scale.Discover the ranking Top 10 Global rising start startup ecosystemsPage/11 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1

22、GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSource:Dealroom.co.*Based on the number of investments in the last since 2023(number one investor indexed to 100).The most active current investors into LatAm startups are based in Brazil and the US.LOGOS SPACINGYEAR/EXTRA LABELTITLEGRA

23、PH TITLEGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONPage/12 Continued on Dealroom EXPERT VIEWHow did you get the idea for Awto and what made you start the business?Awto emerged from the need to address traffic problems,congestion,and emissions of polluting gasses

24、 in urban areas.These solutions also aimed to provide more accessible and economical transportation options for people,allowing them to use vehicles only for the time they truly needed them.The Kaufmann Group,a leader in the automotive industry in Latin America,seeking exceptional mobility services,

25、decided to partner with a group of entrepreneurs to bring this startup to life in the year 2016.How does Awtos platform concept differ in business model from simple car sharing competitors?Awtos business model is based on offering users temporary access to vehicles that can be reserved and used acco

26、rding to their needs.This model focuses on providing a flexible and sustainable alternative to fleet usage by maximizing the vehicles usage time(private vehicles are stationary 95%of the time),minimizing parked time as much as possible.Today,we are creating a truly mobility ecosystem,investing in su

27、bscription models,corporate services,and mobility as a service,among other things.Profitability has always been a pain point in mobility.Where are you on the road to the positive bottom-line?Awto achieved profitability in Chile for the first time in May 2021 and was profitable the whole 2021 and 202

28、2.Now,we have been investing a lot in order to create the installed capacity for the operation in Brazil plus selling fewer vehicles to increase our presence in the Chilean market;therefore achieving profitability in some months(but not in all of them)during 2023.The objective is to achieve break-ev

29、en in whole Awto Latam(including Awto Brazil where it started operations in December of 2022)by the beginning of 2026(considering the execution of a Series B fundraise in the first semester of 2024 and that additional horizontal expansion be done as budgets allow).Continues in the next page Francisc

30、o Loehnert Co-founder&CEOEXPERT VIEWHow did you get the idea for Awto and what made you start the business?Awto emerged from the need to address traffic problems,congestion,and emissions of polluting gasses in urban areas.These solutions also aimed to provide more accessible and economical transport

31、ation options for people,allowing them to use vehicles only for the time they truly needed them.The Kaufmann Group,a leader in the automotive industry in Latin America,seeking exceptional mobility services,decided to partner with a group of entrepreneurs to bring this startup to life in the year 201

32、6.How does Awtos platform concept differ in business model from simple car sharing competitors?Awtos business model is based on offering users temporary access to vehicles that can be reserved and used according to their needs.This model focuses on providing a flexible and sustainable alternative to

33、 fleet usage by maximizing the vehicles usage time(private vehicles are stationary 95%of the time),minimizing parked time as much as possible.Today,we are creating a truly mobility ecosystem,investing in subscription models,corporate services,and mobility as a service,among other things.Profitabilit

34、y has always been a pain point in mobility.Where are you on the road to the positive bottom-line?Awto achieved profitability in Chile for the first time in May 2021 and was profitable the whole 2021 and 2022.Now,we have been investing a lot in order to create the installed capacity for the operation

35、 in Brazil plus selling fewer vehicles to increase our presence in the Chilean market;therefore achieving profitability in some months(but not in all of them)during 2023.The objective is to achieve break-even in whole Awto Latam(including Awto Brazil where it started operations in December of 2022)b

36、y the beginning of 2026(considering the execution of a Series B fundraise in the first semester of 2024 and that additional horizontal expansion be done as budgets allow).Continues in the next page LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CON

37、TENT/SOURCES/INSPIRATIONPage/13 EXPERT VIEWAwto started in Chile and grew there for six years before expanding abroad.How has Chilean tech ecosystem evolved during those years?The Chilean government has implemented various initiatives and programs to support entrepreneurship and innovation.Availabil

38、ity of VC in Chile has also increased,enabling startups to secure funding.The ecosystem has seen the emergence of successful startups and notable exits,contributing to a more mature and robust environment.You chose Brazil as your first international expansion.Why Brazil instead of other Spanish-spea

39、king LatAm,and how different Brazil is from the rest of the region?Brazil itself is almost a continent that also has great economic stability in the region.We conducted a market attractiveness model in Latin America with different variables.Through this,we visited more than 20 cities.We realized tha

40、t in Brazil,it was essential to do business with a local team.As a result,we decided to join forces with two serial entrepreneurs with experience in shared mobility,which was a key factor in making the decision.Where do you see Awto in 5 and 10 years?What is your final vision?We see an optimistic fu

41、ture,with a less polluted and less congested Santiago,Buenos Aires,So Paulo etc.;we want to contribute our grain of sand to achieve this.Each Awto is already taking 6-7 private vehicles off the roads,and there are four essential trends that will continue to happen,and we want to compete in all of th

42、em:car sharing,vehicle connectivity,electromobility,and autonomous driving.Our purpose is that sharing is the KEY in a growing society,on a planet that remains the same size.Francisco Loehnert Co-founder&CEOContinued on Dealroom EXPERT VIEWAwto started in Chile and grew there for six years before ex

43、panding abroad.How has Chilean tech ecosystem evolved during those years?The Chilean government has implemented various initiatives and programs to support entrepreneurship and innovation.Availability of VC in Chile has also increased,enabling startups to secure funding.The ecosystem has seen the em

44、ergence of successful startups and notable exits,contributing to a more mature and robust environment.You chose Brazil as your first international expansion.Why Brazil instead of other Spanish-speaking LatAm,and how different Brazil is from the rest of the region?Brazil itself is almost a continent

45、that also has great economic stability in the region.We conducted a market attractiveness model in Latin America with different variables.Through this,we visited more than 20 cities.We realized that in Brazil,it was essential to do business with a local team.As a result,we decided to join forces wit

46、h two serial entrepreneurs with experience in shared mobility,which was a key factor in making the decision.Where do you see Awto in 5 and 10 years?What is your final vision?We see an optimistic future,with a less polluted and less congested Santiago,Buenos Aires,So Paulo etc.;we want to contribute

47、our grain of sand to achieve this.Each Awto is already taking 6-7 private vehicles off the roads,and there are four essential trends that will continue to happen,and we want to compete in all of them:car sharing,vehicle connectivity,electromobility,and autonomous driving.Our purpose is that sharing

48、is the KEY in a growing society,on a planet that remains the same size.EXPERT VIEWAwto started in Chile and grew there for six years before expanding abroad.How has Chilean tech ecosystem evolved during those years?The Chilean government has implemented various initiatives and programs to support en

49、trepreneurship and innovation.Availability of VC in Chile has also increased,enabling startups to secure funding.The ecosystem has seen the emergence of successful startups and notable exits,contributing to a more mature and robust environment.You chose Brazil as your first international expansion.W

50、hy Brazil instead of other Spanish-speaking LatAm,and how different Brazil is from the rest of the region?Brazil itself is almost a continent that also has great economic stability in the region.We conducted a market attractiveness model in Latin America with different variables.Through this,we visi

51、ted more than 20 cities.We realized that in Brazil,it was essential to do business with a local team.As a result,we decided to join forces with two serial entrepreneurs with experience in shared mobility,which was a key factor in making the decision.Where do you see Awto in 5 and 10 years?What is yo

52、ur final vision?We see an optimistic future,with a less polluted and less congested Santiago,Buenos Aires,So Paulo etc.;we want to contribute our grain of sand to achieve this.Each Awto is already taking 6-7 private vehicles off the roads,and there are four essential trends that will continue to hap

53、pen,and we want to compete in all of them:car sharing,vehicle connectivity,electromobility,and autonomous driving.Our purpose is that sharing is the KEY in a growing society,on a planet that remains the same size.1 The rise of LatAm2 2024 outlook3 Public markets4 About usPage/15 LOGOS SPACINGYEAR/EX

54、TRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSource:Funding vs.ValuationLatin American startups have frequently proved to be more capital efficient than global peers in generating value versus investment raise.In part this is

55、 borne out of necessity due to to a lack of later-stage funding compared to more mature startup ecosystems.Dealroom.coGreat 10 x+Explore live viz Good 3-10 xOk 1-3xBad 1xPage/16 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CO

56、NTENT/SOURCES/INSPIRATIONLatAm startups scale at a similar rate as those in Europe,still behind the USA.Dealroom.co.Note:Note that these are not conversion rates between rounds.Some startups also skip the(pre)seed stage and go straight to Series A.LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/M

57、AIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONPage/17 Continued on Dealroom EXPERT VIEWHow did you get the idea for Awto and what made you start the business?Awto emerged from the need to address traffic problems,congestion,and emissions of polluting gasses in urban areas

58、.These solutions also aimed to provide more accessible and economical transportation options for people,allowing them to use vehicles only for the time they truly needed them.The Kaufmann Group,a leader in the automotive industry in Latin America,seeking exceptional mobility services,decided to part

59、ner with a group of entrepreneurs to bring this startup to life in the year 2016.How does Awtos platform concept differ in business model from simple car sharing competitors?Awtos business model is based on offering users temporary access to vehicles that can be reserved and used according to their

60、needs.This model focuses on providing a flexible and sustainable alternative to fleet usage by maximizing the vehicles usage time(private vehicles are stationary 95%of the time),minimizing parked time as much as possible.Today,we are creating a truly mobility ecosystem,investing in subscription mode

61、ls,corporate services,and mobility as a service,among other things.Profitability has always been a pain point in mobility.Where are you on the road to the positive bottom-line?Awto achieved profitability in Chile for the first time in May 2021 and was profitable the whole 2021 and 2022.Now,we have b

62、een investing a lot in order to create the installed capacity for the operation in Brazil plus selling fewer vehicles to increase our presence in the Chilean market;therefore achieving profitability in some months(but not in all of them)during 2023.The objective is to achieve break-even in whole Awt

63、o Latam(including Awto Brazil where it started operations in December of 2022)by the beginning of 2026(considering the execution of a Series B fundraise in the first semester of 2024 and that additional horizontal expansion be done as budgets allow).Continues in the next page Stefano AngeliFounder&C

64、EOEXPERT VIEW What inspired you to start Reba?In 2015 we acquired the smallest financial institution in Argentina.After finding what was happening in the world with the first versions of neobanks being born,I realized that I could transform what at the moment were consider weaknesses(lack of technol

65、ogy,revenues,clients,employees and branches)into a huge asset:having the chance to build a neobank from scratch on top of an own banking license and without any legacy.That motivated the development of Reba.Was navigating Argentinian regulatory environment difficult as a fintech firm?Yes it was,most

66、ly because regulators werent used to our business model.But also having our own license and direct communication with regulators gave us huge advantage compared to other fintechs.Reba is one of the few profitable neobanks in LatAm.What was your secret sauce?Operating with an own license(not through

67、sponsor banks)was the key.That allowed us to do proper“financial intermediation”from our first days,increase margins and have full autonomy.Whats your ultimate vision for Reba?Be a top digital bank in the region,by solving all everyday financial needs for both our retail and corporate clients.How do

68、 you believe tech ecosystem in Argentina will evolve?Its going to thrive,given the lack of infrastructure and under-banked population that still exist,while having a high penetration of internet and smartphones in addition to huge tech related talent at the same time.Page/18 Source:EXTRA CONTENTALIG

69、N HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Hi Ventures,Dealroom,LinkedIn,LAVCA.Alumni of Rappi created dozens of new companiesPage/19 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXT

70、RA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSource:The Rappi“mafia”has grown bigger and quicker than many US and Latin American unicorns.Hi Ventures,Forbes.Great 10 x+Good 3-10 xOk 1-3xBad 50 people),grownups(500 people)and result in big companies.Only companies founded since 1990 are incl

71、uded in this report.What is a unicorn?Unicorns are(former)startups that reached US1B valuation or exit at one point in time.What is a startup?What is a Unicorn?Underlying DataDealrooms proprietary database and software aggregate data from multiple sources:harvesting public information,user-submitted

72、 data verified by Dealroom,data engineering.All data is verified and curated with an extensive manual process.The data on which this report builds is available via app.dealroom.co.For more info please visit dealroom.co or contact supportdealroom.co.Venture Capital,InvestorsDomestic investors refer t

73、o Latin American investors.Europe investors includes the entire European continent,the UK and Russia,but excludes Turkey and Portugal.Investment are referred to by their round labels such as Seed,Series A,B,C,late stage,and growth equity.VC investments exclude debt,non-equity funding,lending capital

74、 and grants.Regional BreakdownIn this report,the countries that were included as part of our study into Latin America include:Mexico,Belize,Costa Rica,El Salvador,Guatemala,Honduras,Nicaragua,Panama,Argentina,Bolivia,Brazil,Chile,Colombia,Ecuador,French Guiana,Guyana,Paraguay,Peru,Suriname,Uruguay,V

75、enezuela,Cuba and Dominican Republic.While many startups founded in the Latin America relocate beyond their borders,most maintain business-critical ties to their homelands.In order to take this reality into account,this report includes both LATAM-based startups,which maintain their main center of bu

76、siness(HQ)in their country of origin,and LATAM-founded startups,which relocated their HQ outside of the LATAM.LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONPage/41 For more live info on global startup ecosystems,visit dealroom.co/guidesUSA GuideEurope GuideGlobal GuideLatin America GuidePage/42 Create a free account on dealroom.co for more intelligence on startups and ecosystems.