10 Latin American Startups to Watch in 2023

Latin America has become a hotbed for innovation and entrepreneurship. In recent years, we've seen the emergence of LATAM unicorns like Nubank, Rappi, Gympass, Clara and CargoX. In their shadow have emerged hundreds of leading startups, attracting top-tier executive talent and raising capital from leading investors from around the world. From fintech to e-commerce, healthcare to logistics, Latin American startups are shaking up traditional industries and driving growth in the region. Companies with innovative business models and cutting-edge technologies that have positioned themselves at the forefront of their industries.

We analyzed 350+ companies and identified 10 Latin American startups to keep your eye on in 2023:

1. Mecanizou

This startup is shaking things up in the auto parts world starting in Brazil. The S?o Paulo-based startup is using data intelligence to create a database connecting mechanic shops and resellers to automotive parts suppliers. The company started in 2020 and raised $14M this past March after a year that saw 10x revenue increase and 70% Month over Month customer growth. Mecanizou is also acquiring talent, growing its team by 173% over the past 12 months.?

2. Nexu

Playing the auto sector from the FinTech angle is this Mexican startup Nexu, a Y Combinator alumni that allows Mexicans to get a loan on the spot when buying or leasing a car at a dealership. The company was founded in 2018 and was part of Y Combinator's Winter 2020 batch. It raised $50M in January of 2022 from investors including Y Combinator, Altos Ventures, FJ Labs, Soma Capital, Outbound Ventures and grew its staff by 31% over the past 12 months.??

3. R2

This Mexican company helps platforms to seamlessly offer financing to their SMB users in Latin America. Not only did it raise $20M in November from investors including General Catalyst, Y Combinator, Magma Partners, Gradient Ventures and PayU, but it solidified its position with a $100M lending facility to enable payment processors, point of sale (POS) systems and marketplaces to finance small and medium businesses in Latin America. The company has used its fresh capital to grow its team by 107% in the past 12 months.?

4. Henry

This Argentine company is transforming the world of developer education. Henry trains software developers and data scientists for free in LatAm and helps them find a job remotely in exchange for a share of their future income. It’s the Lamda School of Latin America.? It raised $10M in May of 2022 from investors including Y Combinator, Accion, Norte Ventures, DILA Capital, and Accion Venture Lab and grew its team by 17% over the past 12 months.?

5. Eureciclo

This Brazilian company is doing its share to create a more sustainable world by connecting consumer goods brands with recyclers, promoting recycling with social responsibility. It raised a $19M Series B from investors including Google for Startups, Scale-Up Ventures, Gr?o, Oria Capital and Rise Ventures proving that you can do well and do good at the same time. Eureciclo grew its team by 21% over the past year.

6. Nowports

This Mexican logistics company joined the unicorn club with its digital freight forwarding platform that automates the supply chain process of companies using artificial intelligence, big data and IoT to improve the entire import and export chain. It raised a whopping $150M The Series C funding round was led by SoftBank Latin America Fund, Tiger Global, Foundation Capital, Monashees, Soma Capital, Broadhaven Ventures, Mouro Capital, Tencent, and Base10 Partners. The capital infusion helped fuel the rapid growth of its team by 90% and is helping the company expand across markets, especially Brazil.

7. NotCo?

This Chilean company is making waves by reinventing the food industry. The company is is transforming the world’s biggest brands—including Starbucks, Dunkin’, Burger King, Kraft Heinz, and more—with its AI-powered vegan food technology.

NotCo uses artificial intelligence to create food from plants including NotBurger and the recently launched NotCreme — a plant-based milk cream crafted from chickpeas. The company raised a $70M Series D from investors IndieBio, General Catalyst, L Catterton, Tiger Global Management, and Bossanova Investimentos and grew its team by 24% in the past 12 months.?

8. Neon

One of the behemoths of FinTech, this 7 year old Brazilian company is a digital bank that offers credit cards, personal loans, and investment products, among other services. The company raised a gargantuan $306M Series D from General Atlantic, PayPal Ventures, Quona Capital, Monashees and Flourish Ventures securing its unicorn status.? Neon is focused on medium- and low-income users and small and medium-sized companies. Neon's product portfolio includes checking accounts, debit and credit cards, and payroll loans, among other services.?

9. Merama

This Mexican company is building a portfolio of leading online brands in the rapidly expanding Latin American e-commerce market. Merama partners with e-commerce companies to accelerate growth and profit by investing millions of dollars in working capital, alongside a line of experts who aid in strategic and functional knowledge and proprietary technology to take businesses to the next level. The company raised a $60M Series B at a $1.2B valuation just 12 months after incorporation from SoftBank, Advent International, Monashees, Bienville Capital and Concentric and grew its team by 53% over the last 12 months.?

10. Osana

This Argentina based company was founded just before the pandemic in 2019 and isi transforming Healthcare in LATAM with its API-connected infrastructure. The company is powering patient-centric healthcare experiences and has secured contracts with health insurance firms and providers that collectively serve more than 6 million patients in the region. Osana raised $27M in August of 2021 from investors including Edward Lando, General Catalyst, Pareto Holdings, FJ Labs and Quiet Capital and grew its team by 32% over the past 12 months.?

Explore the full list of innovative Latin American Startups here.?

PEOPLE TO WATCH

Alongside their cutting-edge technology and innovative business models, the success of these Latin American startups is attributed to their ability to attract top executive talent. These companies have attracted some of the brightest minds in the industry to lead their teams and drive their growth strategies.

Here are some notable hires:?

Eureciclo hired Marcelo Lopes, former CFO of South Latam a KKR Company, as COO and CFO.

Mecanizou recently hired Marcos Sterenkrantz, former Head of Innovation at XP Ventures, as their VP Strategy

Merama hired Sergio Samuel Furlaneto, former CTO at Consulta Remédios as CTO, Juan Ricardo C. former eCommerce Growth Director at Walmart eCommerce as VP, Channel Sales, Elena Manna, former eCommerce Country Head for Rappi as VP Marketing and Ricardo Kolteniuk, former Director of Finance at Izzi as VP Global Comptroller.?

Neon hired André Madeira, former Director of Engineering at Coinbase as CTO.???

NotCo hired Fernando Mechado, former CMO at Activision Blizzard as CMO, David Del Pozo, former SVP at Ferrero as VP of R&D N. America, Shelly Huang, former VP Marketing at Triplemint as VP of Marketing and Taylor Burroughs, former VP Finance at ZX Ventures as CFO.

Nowports hired Virginia B. Woolworth, former Partner at The People Collective as Global VP of Operations.

Osana hired Lios Paulo M. Souza, former Partner Head of Consulting for Health Science and Wellness Latin America South at EY as VP, Brazil and Juan Bottinelli, former Head of Engineering Traveling at Rappi as VP of Engineering.

R2 hired Guillermo Bravo, former Head of Technical Product Management and Data Science - B2B Payments Credit Systems at Amazon as VP Product and Nimit Sharma, former VP Head of Innovation Data Models and Credit Review at Capital One as Chief Risk Officer.

Explore the full list of notable hires here.?

THE FUTURE LOOKS BRIGHT

Latin American startups are helping to transform the region’s economy, as they continue to grow and expand their operations. With their cutting-edge technology, creative business models, and talented executives, these startups have positioned themselves not only to thrive regionally but emerge as key players in the global digital economy.?

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