LATAM tech in 2023

VC investment in Latin America (LATAM) experienced a significant decline in 2023 compared to its highs in 2021 and 2022, with the total amount raised dropping by 60% compared to the previous year.

The below acts as a summary of the key numbers to note in 2023 for the Latin American startup ecosystem.

$3.4B raised by LATAM startups in 2023 – the lowest level of VC investment since 2017

  • Across LATAM, there's been a 60% drop in VC investment compared to 2022, primarily due to the sharp decline in megarounds and foreign investment.
  • Brazil remains the leading country in LATAM for VC investment, with its startups raising $1.7B in 2023. However, the near complete disappearance of megarounds with only 2 in 2023 compared to 10 in 2022 has contributed to the 60% decline in VC investment on 2022.
  • Mexican startups raised $811M in 2023, a 43% fall on the previous year. 2023 saw some notable funding rounds in fintech startups such as Bankaool & Clara as well as emerging EdTech platform Talisis based in Monterrey.
  • Chile overtook Colombia to become the third most invested in country in LATAM, raising $320M in 2023.
  • Chile showed the greatest degree of resilience with VC investment in LATAM, falling only by 32% on the previous year compared to the regional average of 60%, thanks to some breakout sized funding rounds going into Galgo, FZ Sports and Buk.
  • Explore venture capital investment data on a quarterly and annual basis into Latin America here on the Dealroom platform.

VC investment falls by an average of 60% across LATAM compared to 2022.

  • Growth compared to 2022: Guatemala, Costa Rica and Guadeloupe.
  • Decline compared to 2022: Brazil, Mexico, Bolivia, Chile, Panama and Uruguay.
  • Rapid decline compared to 2022: Ecuador, Colombia, Venezuela, Honduras and Belize.
  • Limited VC data: Paraguay, Guyana, Nicaragua, Dominican Republic, Cuba and Suriname.


Fintech remains top vertical by VC investment, accounting for 40% of VC investment in 2023.

  • Fintech startups raised three of the four total megarounds into LATAM in 2023. Despite continuing to be the most invested vertical in the region, fintech investment in LATAM in 2023 fell by 66% compared to 2022.
  • Notable startups that raised breakout funding in 2023, breaking the fintech trend, included the likes of mobility startup Mottu (Brazil) and proptech startup Loft (Brazil).
  • Explore the VC investment by industry and segments in LATAM here on the Dealroom platform.

In LATAM, SaaS startups now raise two-thirds of total VC investment, up 3x from 2019.

  • SaaS startups in LATAM raised $3.9B, matching 2019 levels of VC investment though down 60% compared to 2022.
  • Notable SaaS startup investment rounds in 2023 included the likes of Fintech startups of QI Tech (Brazil), Bankaool (Mexico) and prop tech startup Loft (Brazil).
  • Explore the VC investment by business model in LATAM here on the Dealroom platform.

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Related Content

  • LATAM guide: Explore our interactive guide to the Latin American startup ecosystem which provides the need to know stats and trends in technology, innovation and entrepreneurship across the region.
  • LATAM startups: Top 100 LATAM startups to watch based on the Dealroom Signal.
  • Reports: Dealroom research reports benchmarking LATAM ecosystems against global counterparts amongst others.