AI and internationalisation: the drivers of Colombian entrepreneurship

Colombia has established itself as one of the most prominent countries in Latin America in the field of entrepreneurship. Its ecosystem fosters the creation of technology companies with the potential for regional and global expansion.  This trend, which has been evident for several years, continued in 2024: the country reached a total of 2,126 startups, representing a 24% increase over the previous year. This is according to the ‘Colombia Tech Report 2024’, a benchmark report, presented at BBVA’s offices in Colombia, which analyses the evolution of the Colombian entrepreneurial ecosystem.

According to the report, Colombia ranks third in Latin America in terms of capital raising. While Brazil accounts for almost half of regional investment (47.4%) and leads in number of deals with 353, indicating a more mature and diversified market, Mexico and Colombia stand out for their efficiency in  capital usage. Specifically, although Colombia registered only 104 agreements, it managed to capture 12% of total investment, demonstrating an ecosystem with great potential.

On the other hand, progress in entrepreneurship in Colombia has contributed to enhancing the country’s international projection. In fact, according to the Global Startup Ecosystem Index 2025, Colombia has moved up for the fourth consecutive year and, after climbing two positions compared to the previous year, it is now ranked 36th in the world ranking of entrepreneurial ecosystems.

Specifically, in 2024 Bogotá registered 1,074 new companies, representing an increase of 12% over the previous year. This growth highlights the importance of the capital as one of the main centres of technological entrepreneurship in the country, marked by maturity and specialisation. In addition, 89% of the capital raised by Colombian startups in the last year came from companies based in Bogotá.

However, entrepreneurship is not limited to the capital. Medellín is positioned as a rising ecosystem, accounting for 6.2% of capital raised in Colombia in 2024. In particular, the city stands out for its focus on the healthtech sector, an aspect that reflects the importance of having a strong medical infrastructure and universities with outstanding programmes in biomedicine.

In terms of the development stages of Colombian startups, 80% are still in their early years. This represents both a challenge and a great opportunity. Colombia is characterised by a young and constantly evolving ecosystem, where more than 50% of startups have not yet received external investment, either because they opt for their own financing models or they are still in search of capital. At the moment, the ecosystem is working to consolidate new business models and accompany them in their growth to reach the next stage.

Entrepreneurship in the age of artificial intelligence

There is a common factor that cuts across all sectors and that, as seen globally in 2024, also left its mark in Colombia: artificial intelligence. According to a study by the German software company SAP, Colombia is among the three Latin American countries that are investing the most in this technology. In addition, 69% of companies anticipate a significant impact of AI on their industry and 54% plan to increase their investment in these solutions throughout 2025.

In this context, according to the ‘Colombia Tech Report’, AI played a leading role in fundraising by startups around the world, especially those with business models based on software as a service (SaaS): these companies managed to attract venture capital investments totalling 61 billion dollars (around 56 billion euros).

“We are in the age of artificial intelligence and data. Beyond companies that develop technology directly, we believe that all companies, even those that do not have AI at the core of their business today, will be able to use it to substantially improve their productivity. For us, the next 10 years present a huge potential in fintech, especially in the B2B segment,” says Daniel Blandón of venture capital fund Simma Capital.

Other sectors gaining ground

Six sectors account for more than 50% of startups in Colombia. Leading the way is ‘fintech‘, which represents 19% of the companies and is dedicated to innovation in financial services. It is followed by the SaaS (‘software as a service’) model, with 11%, which offers computer applications and services via the internet. Other notable sectors are ‘healthtech’ (6.9%), focused on technology applied to health; ‘edtech‘ (6.3%), oriented towards education; business management (6.3%); and ‘martech’ (5%), which integrates marketing and technology.

This reflects how the most relevant trends continue to be those that have a direct impact on people, especially in areas such as finance, health and education.  This responds to an increasingly clear social demand: innovative solutions that improve the quality of life.

In addition to the sector in which they operate, another key factor for the success of Colombian technology companies is their capacity for internationalisation. Many of them have managed to expand to other markets from very early stages, as shown by emblematic cases such as Rappi, Habi, Simetrik and Yuno. According to BBVA Spark’, s experience the most attractive destinations for the expansion of these companies are Mexico, Peru, Central America, and also countries such as Spain, the United States and Argentina.

However, expanding into other markets requires careful analysis of conditions and opportunities, and should not be done in haste or without a clear strategy. “Internationalisation is key for startups, but it must be managed in a balanced and strategic way, ensuring that resources and capabilities are properly distributed between the local market and international expansion efforts. It is important to plan these processes,” says Eduardo González, Country Manager of BBVA Spark in Colombia and Argentina.

Artificial intelligence, international expansion and wellness-related sectors are three of the drivers of the entrepreneurial ecosystem in Colombia. This context, which has driven the region’s growth in recent years, continues to capture the attention of investors and entrepreneurs. As a result, the country is preparing for a future with great potential, in which it will consolidate its position as a benchmark in innovation.