INSUBCONTINENT EXCLUSIVE:
Not so long ago, the idea of public tech companies emerging from Latin America seemed far-fetched, and Mercado Libre once appeared as rare
and mythical as a true unicorn
Today, however, the region is home to several startups that have reached billion-dollar valuations.Some of these startups, propelled into
the spotlight by cross-border expansion, are now recognized beyond their home countries, with Nubank notably going public in the United
alongside the market, as VC investment in Latin America demonstrated resilience in 2024.As a group, these unicorns also reflect Latin
While Brazil and Mexico remain leaders in numbers, unicorns have also emerged from Argentina, Colombia, Chile, and Uruguay, further
often need to be taken with a grain of salt.Rappi (2015): Valued at $5.25 billion in July 2021Coming out of Colombia, Rappi is an on-demand
delivery platform that became a super app and expanded into multiple countries.Its rise solidified before the pandemic: In 2019, it raised a
$1 billion investment from SoftBank
in a more challenging environment, conducting multiple rounds of layoffs and facing changing gig economy legislation in Mexico, where it now
plans to invest $110 million to boost its operations
However, the company still very much hopes to IPO and hired a CFO to prepare for that endeavor after reaching break-even for the first time
in late 2023.QuintoAndar (2012): Valued at $5.1 billion in August 2021QuintoAndar is a Brazilian proptech company focused on the rental and
sale of residential real estate
With commercial activities in six Latin American countries and a tech hub in Europe, it made several acquisitions and grew into a group with
a headcount of more than 3,500 people.In 2021, the startup was busy on the fundraising front: Less than three months after announcing a $300
million Series E at a $4 billion valuation, QuintoAndar raised an additional $120 million at a $5.1 billion valuation
With $755 million raised to date, its cap table includes Kaszek, General Atlantic, SoftBank, and Tencent.Creditas (2012): Valued at $4.8
billion in January 2022Creditas is a Brazilian fintech player specializing in loans, including consumer credit.Its latest round of funding
F was led by Fidelity, with participation from new and existing backers, including Kaszek Ventures, QED Investors, and SoftBank
It was extended in July 2022 at the same valuation, allowing Creditas to buy the Brazilian license of Andorran bank Andbank for some $93
million.Nuvemshop (2011): Valued at $3.1 billion in August 2021Branded as Tiendanube in Spanish-speaking markets, Nuvemshop is a Brazilian
Global Management that it raised in August 2021, only a few months after its Accel-led $90 million Series D.Wildlife Studios (2011): Valued
at ~$3 billion in August 2020Wildlife Studios is a Brazilian mobile gaming company.It was co-founded by Victor Lazarte, now also a general
Less than a year later, the startup reached a nearly $3 billion valuation from its Series B round.In a candid conversation onstage at Slush
announced that former Amazon executive Peter Hill would replace Lazarte as CEO
It also conducted several rounds of layoffs.Loft (2018): Valued at $2.9 billion in April 2021Loft is a Brazilian proptech company supported
A $425 million Series D led by New York-based D1 Capital Partners followed in March 2021, and its extension in April 2021 valued the company
It conducted two rounds of layoffs in 2022 but denied having raised a down round in November 2022
to have reached break-even.Unico (2007): Valued at $2.6 billion in April 2022Unico is a Brazilian ID tech startup, and one of Latin
It came from the $100 million Series D the company raised in April 2022
The round was 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 2020C6 Bank is a Brazilian digital bank
December 2020, six months before JPMorgan Chase acquired 40% ownership of the neobank in 2021
After increasing its stake in 2023, it now owns 46% of C6, which had its first-ever profitable year in 2024.Kavak (2016): Valued at $2.2
billion in April 2025With backers including General Catalyst and SoftBank, Kavak is a Mexico-based e-commerce platform to buy and sell used
billion following expansion difficulties and layoffs
After raising a $127 million equity round and securing two $200 million debt facilities in March 2025, the company aims to position itself
for a potential IPO within the next three to five years.Bitso (2014): Valued at $2.2 billion in May 2021Bitso is a Latin American
cryptocurrency exchange that also facilitates cross-border payments.In May 2021, it secured a $250 million Series C round valuing the
company at $2.2 billion and co-led by Tiger Global and Coatue, with participation from new and existing investors, including Kaszek and
QED.CloudWalk (2013): Valued at $2.15 billion in November 2021Known for its InfinitePay and Jim.com brands, CloudWalk is a Brazilian payment
valuation resulted from a $150 million Series C led by Coatue in November 2021
Since then, CloudWalk achieved its first full year of profitability in 2023 and closed 2024 with $497 million in revenue.Clip (2012): Valued
at $2 billion in June 2024Briefly known as BlitzPay and founded by former PayPal employees, Clip is the Square of Latin America, with POS
devices and fintech solutions for businesses.Clip became a unicorn in 2021 following a $250 million round led by SoftBank and Viking, and
maintained this status since then
told Bloomberg.Loggi (2013): Valued at ~$2 billion in March 2021Loggi is a Brazil-based logistics company known for its focus on last-mile
delivery.Its backers include Monashees, Qualcomm Ventures, and SoftBank
Its latest funding round was a $205 million Series F led by CapSur Capital in March 2021 at a valuation close to $2 billion.Bets are still
