The Latin American boom has caught the eye of some of the biggest names in private equity and venture capital with the rise of tech 'unicorns' worth over $1B. - NBCLatino
The rise of Latin American unicorns — private firms worth at least $1 billion — is being driven by a once-in-a-generation internet boom that has accelerated under pandemic lockdowns as more shoppers move online, bankers and deals lawyers say.
Smartphone-savvy consumers in the region have become increasingly comfortable with digital wallets and even starting to make virtual doctor appointments with smartphone apps. “And a number of those high-growth startups from those countries are betting on big global markets like the United States,” he said.
“I see multiples for startups in Brazil and Mexico as very similar to those elsewhere, if the company has global growth aspirations,” said Martin Escobari, co-president at U.S. growth investor General Atlantic, which has a dozen Latin American startups in its portfolio. Other factors such political and economic instability are also making investors more cautious when looking for businesses they believe will be resilient.
“Tech companies first emerged in the region roughly 20 years ago, but only now all the building blocks are in place: infrastructure, entrepreneurs, venture capital investors and capital markets,” said General Atlantic’s Escobari.Startups focused on financial technology, or fintech, are mopping up much of the funding with a 40% share of the overall pot in 2020, according to LAVCA, the association for private equity in Latin America.
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