Colombia, on the innovation podium: Private investment, international vocation and fintech strength
Colombia in the ranking | Colombia takes bronze in the ranking of the most entrepreneurial countries in Hispanic America*. Bogotá, first city | Bogotá is the first city in the country, the second in South America and the 65th in the world in terms of the weight of its innovation ecosystem. Second best unicorn | Colombia’s Rappi is the second most valued unicorn in Latin America.
Startup overview
Colombia’s entrepreneurial ecosystem was the only one in Latin America to show a positive trend in 2022.
- +1,300 startups in Colombia in 2023
- 60% located in Bogotá
- 15.3% of startups are fintech, the leading sector
Investment overview
Foreign venture capital investment has been one of the main drivers of Colombian entrepreneurship, and the slowdown has been less noticeable than in other countries such as Mexico.
Colombia is strategically located
- Shares multiple borders |Colombia shares land borders with five other countries.
- Privileged maritime connection | The Pacific and Atlantic Oceans border Colombia’s coasts.
- Regional presence |Colombia is a Member of the OECD, the OAS, the Andean Community and the Pacific Alliance, and an associate member of Mercosur.
Symbols of Colombian startups
- Wax palm | Durability and resilience
- Condor of the Andes | Idealism to fly high
- Cattleya orchid | Uniqueness and attractiveness
Profile of entrepreneurs in Colombia
The founders and co-founders of startups in Colombia are mostly men with higher education.
Entrepreneur Radar
There are already three unicorns in Colombia:
- Rappi | Delivery and e-commerce | Home delivery platform. Valuation | 5,525 MUSD
- LifeMiles | Consumer & retail | Frequent flyer loyalty programme. 1,150 MUSD
Other companies that stand out
In addition to its three unicorns, Colombia also has several startups that, although not in this category, stand out in the ecosystem.
- Addi | Fintech | Banking and credit solutions. 377 MUSD
- Tul | E-commerce | Online shopping for hardware and building materials. 236 MUSD
- Frubana | E-commerce | Digital commerce for restaurants. 203 MUSD
- La Haus | Proptech | Digital housing marketplace. 159 MUSD
- Merqueo | E-commerce | Online supermarket and home delivery. 116 MUSD
- Platzi | Edtech| Online educational platform. 79 MUSD
- Truora | ID Tech | User authentication. 75 MUSD
- Bold | Fintech |Digital cash collection solutions. 70 MUSD
A connected network
From private and public organisations to laws that encourage the creation of startups, Colombia’s fertile ecosystem is dotted with support from…
Government
- Organisations and programmes | Fondo Emprender, Innpulsa Colombia, APPS.CO, Colombia Productiva
- Regional aid | Bogotá Local (Bogotá), Ruta N (Medellín)
- Legal initiatives: Entrepreneurship Law, Orange Law, Youth Entrepreneurship Law, Visa V Digital Nomads
Public and private initiatives
- Platforms and communities | Endeavor Colombia, ANDI del Futuro, Colombia Fintech, Connect Bogotá
- Hubs and incubators | Incubar Colombia, ILAB Digital TIC, Créame, Centro Javeriano de Emprendimiento, The Rebel School, Corporación Innovation Hub
- Universities: CDEE (Icesi), Park E (University of Antioquia), CDE (UPB), CEIDEUL (Free University of Colombia), On.going (EAFIT), Entrepreneurship Centre (University of the Andes)
Ways of raising capital
- Public funding: Seed capital lines from the Entrepreneur Fund, credit guarantees from the National Guarantee Fund, credit lines and other solutions from Bancóldex
- Crowdfunding platforms | A2censo, Agrapp, VAKI, Bloom
- Financial allies | BBVA Spark Colombia, ColCapital, Invest in Bogotá, Chambers of Commerce
- Accelerators | HubBOG, Pantera Makers, BICTIA, Punto Estratégico, InsituBg, EF Ventures
- International accelerators | Vertical Labs LATAM, ScaleUp Latam, Founder Institute, Rockstart LATAM, Wayra Hispam, Pygma
- Venture capital | Polymath Ventures, Cube Ventures, EWA Capital, SIMMA Capital, InQLABS, New Ventures Capital, COMETA, Dalus Capital
The DNA of the Colombian entrepreneur
60.5% of Colombians between the ages of 18 and 64 are potential entrepreneurs, according to GEM Colombia…
They are able to see business opportunities, are confident in their abilities, and are not afraid of failure.
From relevant events such as Go Fest, Startco, Colombia 4.0, OI Summit or the Latam Fintech Market to awards such as the Innova Award…
Many initiatives are helping to fuel the entrepreneurial fire in Colombians.
Already ranked as the fourth most vibrant ecosystem in Latin America and the Caribbean, and 40th globally, Colombian entrepreneurship has its sights set high.
Sources: StartupBlink, BBVA Spark, CB Insights, Colombia Tech Report 2022-2023, Soounicorns Club, Dealroom, TechCrunch, BBVA, Ministry of Commerce, Industry and Tourism of Colombia, Invest in Bogotá, GEM Colombia, Señal Colombia
