▼ Summary
– Latin America now has numerous startups with billion-dollar valuations, expanding beyond Mercado Libre, particularly in fintech, e-commerce, health tech, logistics, proptech, and SaaS.
– Some unicorns have inflated valuations from 2021 but remain significant, with venture capital investment in the region showing resilience in 2024.
– Brazil and Mexico lead in the number of unicorns, but notable startups also come from Argentina, Colombia, Chile, and Uruguay.
– Key unicorns include Rappi ($5.25B), QuintoAndar ($5.1B), Creditas ($4.8B), Nuvemshop ($3.1B), and Wildlife Studios (~$3B).
– These startups have faced challenges like layoffs and market fluctuations but continue to grow, with some preparing for IPOs and achieving profitability.
The notion of public tech companies emerging from Latin America once seemed improbable, with Mercado Libre standing out as a rare example. Today, the region boasts numerous startups with billion-dollar valuations.
Several of these startups have gained recognition beyond their home countries due to cross-border expansion, such as Nubank, which went public in the U.S. However, there are many other notable Latin American scale-ups, particularly in fintech, but also in sectors like e-commerce, health tech, logistics, proptech, and SaaS.
While some of these unicorns may currently have inflated “paper valuations” from rounds raised during the 2021 peak, they remain important players worth watching. Many could rebound as venture capital investment in Latin America showed resilience in 2024.
These unicorns also highlight the diverse startup hubs across Latin America. Brazil and Mexico lead in numbers, but unicorns have also emerged from Argentina, Colombia, Chile, and Uruguay, strengthening these ecosystems.
Here is a closer look at the top Latin American unicorns by valuation:
Rappi (2015): Valued at $5.25 billion in July 2021
Rappi, hailing from Colombia, is an on-demand delivery platform that evolved into a super app, expanding across multiple countries. Its rise was solidified before the pandemic with a $1 billion investment from SoftBank in 2019. The company was valued at $5.25 billion after securing over $500 million in July 2021. Despite facing a challenging environment and conducting layoffs, Rappi aims to IPO and hired a CFO to prepare for this after reaching break-even in late 2023.
QuintoAndar (2012): Valued at $5.1 billion in August 2021
QuintoAndar is a Brazilian proptech company focused on residential real estate. Operating in six Latin American countries and having a tech hub in Europe, it has grown significantly, acquiring several companies and employing over 3,500 people. In 2021, it raised $420 million at a $5.1 billion valuation. Its cap table includes major investors like Kaszek, General Atlantic, SoftBank, and Tencent.
Creditas (2012): Valued at $4.8 billion in January 2022
Creditas, a Brazilian fintech specializing in loans, was valued at $4.8 billion after a $260 million Series F in January 2022. This round, led by Fidelity, included participation from both new and existing investors like Kaszek Ventures, QED Investors, and SoftBank. The funds enabled Creditas to acquire the Brazilian license of Andorran bank Andbank for $93 million.
Nuvemshop (2011): Valued at $3.1 billion in August 2021
Nuvemshop, known as Tiendanube in Spanish-speaking markets, is a Brazilian e-commerce platform for SMEs and entrepreneurs. Its latest valuation of $3.1 billion stems from a $500 million Series E mega-round co-led by Insight Partners and Tiger Global Management in August 2021, following a $90 million Series D led by Accel.
Wildlife Studios (2011): Valued at ~$3 billion in August 2020
Wildlife Studios is a Brazilian mobile gaming company. Co-founded by Victor Lazarte, now a general partner at Benchmark, the company raised $60 million in a Series A in 2019 at a $1.3 billion valuation, and nearly $3 billion from its Series B less than a year later. Despite challenges and multiple rounds of layoffs, Wildlife Studios continues to evolve, with Peter Hill replacing Lazarte as CEO in 2023.
Loft (2018): Valued at $2.9 billion in April 2021
Loft, a Brazilian proptech, has been supported by prominent Silicon Valley investors since its inception. It raised $175 million in a Series C co-led by a16z and Vulcan Capital in 2020, followed by a $425 million Series D in March 2021, valuing the company at $2.9 billion. Despite market challenges and layoffs, Loft reached break-even in 2023 after securing fresh funding from a Middle Eastern sovereign fund.
Unico (2007): Valued at $2.6 billion in April 2022
Unico is a Brazilian ID tech startup and one of Latin America’s largest SaaS companies. Its $2.6 billion valuation came from a $100 million Series D in April 2022, led by Goldman Sachs with participation from existing investors General Atlantic and SoftBank Latin America Fund.
C6 Bank (2018): Valued at $2.28 billion in December 2020
C6 Bank is a Brazilian digital bank with over 35 million clients. Valued at $2.28 billion in December 2020, JPMorgan Chase acquired 40% of the neobank in 2021, later increasing its stake to 46%. C6 Bank had its first profitable year in 2024.
Kavak (2016): Valued at $2.2 billion in April 2025
Kavak, an e-commerce platform from Mexico for buying and selling used cars, was once valued at $8.7 billion. Following expansion difficulties and layoffs, its valuation dropped to $2.2 billion. In March 2025, Kavak raised $127 million in equity and secured $400 million in debt facilities, aiming for a potential IPO within three to five years.
Bitso (2014): Valued at $2.2 billion in May 2021
Bitso is a Latin American cryptocurrency exchange facilitating cross-border payments. It secured a $250 million Series C round in May 2021, valuing the company at $2.2 billion, co-led by Tiger Global and Coatue with participation from Kaszek and QED.
CloudWalk (2013): Valued at $2.15 billion in November 2021
CloudWalk, known for InfinitePay and Jim.com brands, is a Brazilian payment infrastructure company. Its $2.15 billion valuation came from a $150 million Series C led by Coatue in November 2021. CloudWalk achieved profitability in 2023 and closed 2024 with $497 million in revenue.
Clip (2012): Valued at $2 billion in June 2024
Clip, a Latin American fintech with POS devices and solutions for businesses, became a unicorn in 2021 after raising $250 million. Its $2 billion valuation was confirmed by a $100 million round in June 2024, as the company neared profitability.
Loggi (2013): Valued at ~$2 billion in March 2021
Loggi, a Brazilian logistics company specializing in last-mile delivery, has backers including Monashees, Qualcomm Ventures, and SoftBank. Its latest funding round in March 2021 valued the company near $2 billion.
The rankings of top startups in Latin America may change, and new unicorns could emerge, so stay tuned for updates.
(Source: TechCrunch)
