The notion of Latin America producing prominent public tech companies was once considered unlikely, with Mercado Libre being a rare exception. However, the region is now home to numerous startups that have achieved billion-dollar valuations.
Certain startups have gained recognition outside their home countries due to cross-border expansion, with Nubank being a notable example after going public in the U.S.
Beyond these well-known startups, there exists a larger group of scale-ups in Latin America that deserve attention, encompassing not only fintech but also e-commerce, health tech, logistics, proptech, and SaaS.
Some of these homegrown unicorns may currently have “paper valuations” from funding rounds raised during the 2021 peak, but they remain noteworthy, and many could recover alongside the market, as evidenced by the resilience of VC investment in Latin America in 2024.
These unicorns also reflect the diversity of startup hubs across Latin America. While Brazil and Mexico lead in numbers, unicorns have emerged from Argentina, Colombia, Chile, and Uruguay, further strengthening these ecosystems.
Let’s take a closer look at the top Latin American unicorns by valuation, keeping in mind that older valuations may need to be viewed with some skepticism.
Rappi (2015): Valued at $5.25 billion in July 2021
Originating from Colombia, Rappi is an on-demand delivery platform that evolved into a super app and expanded into multiple countries.
Its ascent was solidified before the pandemic, with a notable $1 billion investment from SoftBank in 2019. The $5.25 billion valuation was assigned during a $500 million funding round in July 2021.
Since then, Rappi has navigated challenging conditions, including multiple rounds of layoffs and changes in gig economy legislation in Mexico. The company plans to invest $110 million in its Mexican operations and still aims to go public, having hired a CFO for this purpose and achieved break-even for the first time in late 2023.
QuintoAndar (2012): Valued at $5.1 billion in August 2021
QuintoAndar is a Brazilian proptech company focused on residential real estate rental and sales, operating in six Latin American countries and maintaining a tech hub in Europe.
In 2021, the startup was active in fundraising, first securing a $300 million Series E at a $4 billion valuation, followed by an additional $120 million at a $5.1 billion valuation. Its investors include Kaszek, General Atlantic, SoftBank, and Tencent, with a total of $755 million raised.
Creditas (2012): Valued at $4.8 billion in January 2022
Creditas is a Brazilian fintech specializing in consumer credit and loans.
Its most recent funding was a $260 million Series F in January 2022, valuing the lender at $4.8 billion, a significant increase from its $1.75 billion valuation in December 2020.
The Series F round was led by Fidelity, with participation from new and existing investors, including Kaszek Ventures, QED Investors, and SoftBank. This round was extended in July 2022 at the same valuation, enabling Creditas to acquire the Brazilian license of Andbank for $93 million.
Nuvemshop (2011): Valued at $3.1 billion in August 2021
Known as Tiendanube in Spanish-speaking markets, Nuvemshop is a Brazilian e-commerce platform designed for SMEs and entrepreneurs, often referred to as “Latin America’s answer to Shopify.”
Its latest known valuation of $3.1 billion stems from a $500 million Series E round co-led by Insight Partners and Tiger Global Management in August 2021, shortly after its $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 cofounded by Victor Lazarte, who is also a general partner at Benchmark.
It was valued at nearly $3 billion after a Series B round, less than a year after its $60 million Series A led by Benchmark at a $1.3 billion valuation.
In a conversation at Slush 2023, Lazarte reflected that raising too much capital too quickly was a “mistake.” The company subsequently underwent a restructuring, including the appointment of a new CEO and
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