Here are Latin America’s biggest startups based on valuation

Summary

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 U.S. Yet, there is a broader cohort of Latin American scale-ups that deserve attention; many in fintech, but not exclusively. Other important sectors include e-commerce, health tech, logistics, proptech, and SaaS. Some homegrown unicorns may currently hold “paper valuations” from rounds that were raised during the 2021 peak, but the point still stands: They are worth knowing, and many could recover alongside the market, as VC investment in Latin America demonstrated resilience in 2024. As a group, these unicorns also reflect Latin America’s multiple startup hubs. While Brazil and Mexico remain leaders in numbers, unicorns have also 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 — although the oldest price tags often need to be taken with a grain of salt. Rappi (2015): Valued at $5.25 billion in July 2021 Coming 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. But its $5.25 billion valuation was attached to the round of more than $500 million it secured in July 2021. Since then, Rappi has operated 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...