Colombia
Bogotá
In Colombia we work to articulate the entrepreneurial and innovative ecosystem, to democratize it and generate economic and productive development through the alliance of the state, community, business, and academia.
Highlights
Bogotá continues to consolidate its position as one of Latin America’s top startup hubs. Colombia’s capital is home to at least 800 venture-funded startups, and 74% of Colombian startups that have raised capital are located in the ecosystem.
ICC and Bogotá Chamber launched the Centre of Entrepreneurship in February 2022 to support, connect, and mobilize the next generation of entrepreneurs. Made in Bogotá Market is an initiative of the Ministry of Economic Development to raise the visibility of the ecosystem’s entrepreneurs. SENA and SheWorks! launched the Land of Unicorns initiative to strengthen high-growth ventures led by women. Launched in November 2022, the platform Hecho en Bogotá Market enables businesses to showcase their products to users worldwide.
In 2022 the Bogotá Chamber of Commerce, Corferias, and the District Department of Economic Development announced the creation of a Bogotá Science, Technology and Innovation District in order to position Bogotá as an international hub of innovation. An investment of $300 million is planned. A Center of Excellence and Simulation in Cybersecurity, developed by the National Learning Service and Mnemo was launched in July 2022.
Bogotá-based VC fund Marathon Ventures closed its first $26 million fund in February 2022. The fund is used to invest in B2B platforms in Fintech, SaaS, and marketplaces. The 2023 World Business Forum Bogota will take place in November 2023.
Ecosystem by the Numbers
Sub-Sector Strengths
Fintech
Bogotá is one of Latin America’s leading Fintech hubs, supported by the Colombian Fintech Regulatory Sandbox, which allows the live testing of innovative products and services in a controlled environment. Import finance platform Finkargo has raised $82.5 million over two rounds. Digital ledger Treinta has raised a total of $60.8 million over three rounds. KLYM has raised $228.7 million over five rounds, including a $27 million January 2023 Series A.
Ecommerce
At the sixth edition of eSummit, in November 2022, an alliance between Google and the Colombian Chamber of Electronic Commerce announced the platform eXporta.online, a space for Colombian SMEs to sell online. Ecommerce startup Tul has raised $212.8 million over nine rounds. Online delivery company Rappi has raised $2.3 billion over 14 rounds. Frubana, a B2B marketplace for restaurants, has raised $277.1 million over six rounds, including a $75 million Series C in June 2022.
Proptech
The first edition of the Colombia Proptech Forum was held in Bogotá in October 2022. The 39th International Symposium on Automation and Robotics in Construction was held here in July 2022. Proptech company Habi has raised a total of $390.5 million over five rounds. Property financing startup Castia has raised a total of $38.8 million over three rounds.
Reasons to Move Your Startup to Bogotá
Strategic Location
Bogotá, Colombia’s biggest startup hub, is only five hours from the U.S., making it a convenient base for cross-border trade. El Dorado airport in Bogotá ranks among the best in Latin America. Colombia also boasts ports serving both the Atlantic and Pacific, providing access to markets in North America, Europe, and Asia-Pacific. Colombia’s stable economy makes the country desirable for U.S. businesses looking to outsource nearshore.
Skilled Talent
Bogotá is home to 25% of Colombia’s labor force, and more than 70% of the country’s population is bilingual. Bogotá’s Universidad de Los Andes and the Universidad Nacional de Colombia are among the 10 best universities in Latin America. Approximately 40% of Forbes’ list of entrepreneurs in Colombia are Andes grads, while a report from KPMG found 60% of tech companies in Colombia are led by alumni from the university.
Dedicated Incentives
Invest in Bogota actively promotes the city to companies looking to expand in Latin America for operations in English and Spanish. The Inter-American Development Bank (IDB) covers the costs of companies moving operations from Asia to Latin America. In 2021, the Social Investment Law established programs to increase employment through government incentives to employers.
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