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With a population of around 640 million inhabitants, and a large number of challenges to overcome, the Latin American and Caribbean region becomes one of the most promising markets for startups by 2024.
However, as always, the region's economy will be marked by challenges. According to a recent report published by the World Economic Forum, the region's economic prospects and challenges next year will be characterized by volatility.
This will be further proof for a region that has proven to be resilient. While the startup ecosystem experienced a decline in initial investments this year, established companies benefited from greater opportunities.
In the case of internationally established startups, the challenges of emerging ventures in raising funds can represent an opportunity to expand their businesses in a market that expects to see more and better technological solutions. Below are some of the international companies that have expansion potential in Latin America by 2024:
Founded in 2021, Prezent.ai is a company dedicated to facilitating the creation of business presentations through an AI-based platform that combines empathy, business and design. With Prezent, team members can save costs and time and showcase their ideas with clear, personalized, business-friendly slides.
In Latin America, the platform has attracted the attention of clients that include large companies in Mexico and other countries in the region, and little by little its solution has expanded to SMEs, expanding its market that mainly included Fortune 2000 companies.
Its founder Rajat Mishra is an entrepreneur and developer trained in one of the most demanding technology schools in India, he wrote code for Microsoft and came to Cisco, where he climbed his career to lead a team of more than 1,000 people, being one of the youngest vice presidents of the company.
The startup Foothold was founded in the United States this year and recently launched with a really interesting proposal that allows any user to invest in vacation properties from only $200 dollars. It debuted with projects in Argentina and next year it will increase its opportunities with properties in the United States and Latin America.
The platform comes as an alternative for all those interested in entering the world of real estate investments through accessible and original options through the modality of crowdfunding .
Their mission is to make the concept of "invest and stay" possible, allowing investors to enjoy the short-term rentals they finance. The platform is open to both accredited and non-accredited investors, and seeks to solve the financing and profitability challenges facing the real estate industry in the region.
Led by Imran Aftab, its co-founder and CEO, 10Pearls is a global digital transformation company that helps businesses create transformative solutions to reimagine, digitize and accelerate their processes.
Although it began in 2004 as a small company created by two brothers, today 10Pearls is a global business with offices in the United States, Costa Rica, Colombia, the United Kingdom, Pakistan and Peru. In 2024, its presence in Latin America will expand after acquiring the Colombian company Oiga Technologies with the aim of enhancing 10Pearls' capabilities in emerging technologies, including artificial intelligence, in the United States and Latin America.
With over 20 years of experience in the technology sector, Imran leads the vision, strategy and growth of 10Pearls, focusing on innovation, culture and social impact.
Crescite is a company founded and led by blockchain and everything that includes the next era of the internet (Web 3.0), Eddie Cullen. Through this rapidly expanding company, a Web 3.0 community is being built for religious institutions and ESG investments.
Before founding Crescite, Cullen was director of the incubator program at Fordham University and a candidate for mayor of New York. He was also a fellow and religious advisor to Biden's presidential campaign.
Finsocial is a Colombian fintech that provides digital loans for payroll, consumption and entrepreneurship, which has highlighted it as one of the most solid companies in its sector.
In 2021 it was sold to a group of international investors advised by Christofferson, Robb & Company (CRC), which has boosted its potential and financial capacity to expand its presence (already throughout Colombia) to other Latin American markets.
The company was founded by Santiago Botero Jaramillo in 2012, who remains CEO; an Agricultural Engineer and MBA, serial entrepreneur and successful businessman also founder of SBO Lab Company Builder, which has created and promoted more than 35 companies, focusing on incubating, accelerating and launching companies in industries such as fintech, insurtech, service-tech, software and communications.
This Biotech and Skincare focused company offers specialized products with globally award-winning formulas that have been developed by a world-leading expert in regenerative medicine, powered by TFC8 to provide health to hair and skin.
According to Deloitte, up to 90% of beauty product launches fail within a year. On the contrary, the skin care brand Augustinus Bader has gone from billing $7 million in 2018 to $70 million in 2020.
Its rapid growth represents a great opportunity to conquer the Latin American market next year.
Raincoat is a startup developing scalable weather insurance solutions. It was born after its founder and CEO, Jonathan González, discovered firsthand how two years after the Hurricane Maria disasters, many of the compensations were still unresolved by insurers, affecting people who had insurance that was supposed to support them against to events like the hurricane.
The company has developed corporate projects in Puerto Rico, Jamaica, Mexico, Colombia, among others, and this year closed an initial investment round of $6.5 million dollars in addition to the $4.5 million dollars it raised last year, money that comes to support the company's expansion into new markets in the region and thus fulfill its objective of providing services similar to FEMA, much faster than existing emergency solutions.
Parrots Parrots Inc. is a healthtech and medical device company that creates intelligent and inclusive platforms for people with physical, mental and communication challenges using artificial intelligence.
Among its key products is Polly, an AI-enhanced assistance platform that helps people with neurological and physical conditions improve their communication, cognition, and access to healthcare. It also supports the caregivers who assist them. Parrots' mission is to empower these people to achieve their unlimited potential with the help of innovative technology.
He recently graduated from the eleventh generation of the P18 acceleration program based in Puerto Rico, which has opened the doors to the Latin American market in its future expansion.
This startup founded in the United States saves millions of trees a year that are wasted for paper production and saves the cost generated in printing paper receipts.
The company offers a simple, innovative and scalable solution that automates the creation and collection of digital receipts for all credit and debit card transactions, eliminating the need for paper receipts.
The solution is ideal for all those businesses looking to solve the problem of paper receipts, opting for digital receipts that are sent directly to customers' phone or email.
In addition to contributing to the protection of the environment. Digital receipts allow you to easily access your transactions, manage your expenses, and return your purchases without hassle.
Upview Ventures is a Colombo Arab accelerator that, through a free ten-week acceleration program, supports startups and emerging companies in their growth.
This firm plans to continue growing next year in Colombia, where it already has some success stories of companies that grew exponentially after participating in its acceleration program thanks to the different alliances that facilitate the possibility of foreign investment and export and other benefits it offers. Upview Ventures as access to resources such as expert mentoring, international contacts, exposure at events and physical coworking spaces .
Among its team is Maria Paula Charry, Marketing Manager and communication mentor of the accelerator, who is also a strategic partner of some of its companies.
Auth0 is a platform that makes it easy for application developers to manage user identity and access. With Auth0, you don't need to be a security expert to implement robust and customized solutions, since the same platform offers the possibility of integrating different authentication providers, such as Google, Facebook or the application's own database, and using the OAuth 2.0 standards and other additional services.
The platform saves time and resources by taking care of the entire login process and generating a token that allows users to verify their identity and permissions. In 2021 it was acquired by Okta and has become one of the main options for developers in Latin America in the region, where it is expected that during 2024 the number of technology-based startups will continue to grow, but which at the same time continues to be one of the most attractive regions for cybercriminals.
Boku is a global network of mobile-based local payment solutions that offers a secure, easy and modern system for e-commerce and physical points of sale.
The digitization of most services has generated an increase in the popularity of local payments via mobile phone, which has undoubtedly completely transformed the world of virtual payments. To compete in this new future, the world's largest technology brands are choosing to use an established, robust and secure payment network, and this is where Boku is gaining ground.
Boku's payment network has a large selection of local payment methods, which is why more and more companies are adopting its system (it processes more than $9 billion for its customers each year). In the case of Latin America, Mercadopago, AT&T México and Bancolombia are some of the companies that are already using the Boku network and it is expected that next year its adoption in the region will continue to grow.
DriveWealth is a visionary technology company that enables more than 100 partners around the world, including Grupo Bursátil Mexicano (GBM), to engage their clients with investments by putting the markets in the palm of their hands.
APIs are of great importance for many companies to develop their products or services. In the case of DriveWealth, the platform has become a key piece of global financial technology investment and a pioneer in fractional investing.
Following its rapid global expansion, customer growth and product innovation, the company has positioned itself in Latin America through its key alliance with Sproutfi to expand affordable access to investment in the region, while expanding its global presence with offices in Singapore, London, Dublin, Lithuania and Brazil to support partners and retail investors around the world.
The Spanish fintech Fintonic provides a mobile and web application that works as a financial aggregator that allows you to manage the finances of all your banks and cards in one place.
It emerged as an app that revolutionized the management of personal finances and later became the first Spanish fintech to obtain authorization from the Bank of Spain to simultaneously provide payment initiation and account aggregation services regulated by PSD2.
Currently its portfolio includes the management of personal finances, savings accounts, online loans and insurance and in Latin America it already operates in Mexico and Chile, so it is undoubtedly a fintech to take into account next year, since in the middle of its expansion has the potential to succeed in other countries in the region.
Doctoralia is a platform that facilitates users' access to health, connecting them with the appropriate professionals through an online platform.
The platform offers technological solutions to improve management and access to private health services, giving patients a space to ask questions, give their opinion and find the health professional that best suits their needs.
Its mission is to transform and humanize the relationship between patients and health professionals, providing a space where they can communicate, give their opinions and book appointments easily and quickly. In Latin America it operates in Mexico, Chile, Brazil, Argentina, Peru and Colombia, countries where it has little by little consolidated itself in the telemedicine market and expects to continue growing in 2024.