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Carao Ventures is an early-stage venture capital firm founded in 2012 and headquartered in San Jose, Costa Rica. As the first VC firm in Central America, it plays a pioneering role in supporting small and medium-sized markets throughout Latin America. The firm focuses on entrepreneurs who possess the technical skills and determination necessary to disrupt traditional industries. Carao Ventures has established itself as a key player in the region, with institutional backing from the International Finance Corporation (IFC) and the Inter-American Development Bank (IDB).
Currently, Carao Ventures manages a fund size of $35 million, which was first closed in July 2021. The firm primarily invests in Pre-Seed, Seed, and Series A stages, targeting companies across various sectors, including biotech, fintech, AI, and construction technology. The firm emphasizes innovation in uncompetitive sectors, aiming to drive growth and development in Latin America's diverse markets.
With a team that includes experienced professionals from various backgrounds, Carao Ventures is well-positioned to provide hands-on support and resources to its portfolio companies. The firm operates across all Spanish-speaking countries in Latin America, with a particular focus on Central America, the Dominican Republic, Colombia, Ecuador, and Peru. Notable milestones include its recognition as a key ecosystem player in Costa Rica and its partnerships with prominent family offices and high-net-worth individuals from the region.
Carao Ventures adopts a sector-agnostic investment strategy, focusing on early-stage startups that operate in small and medium markets across Latin America. The firm invests in companies at the Pre-Seed, Seed, and Series A stages, with a strong emphasis on sectors that require innovation, such as biotech, healthtech, fintech, AI, construction technology, and education. The firm is particularly interested in companies that are poised to disrupt traditional industries and drive growth in uncompetitive sectors.
The geographic focus of Carao Ventures includes all Spanish-speaking countries in Latin America, with a specific emphasis on Central America, the Dominican Republic, Colombia, Ecuador, and Peru. The firm is open to investing in companies run by Latin American founders based in the U.S. that have relevant operations in Latin America. Carao Ventures does not invest in industries such as weapons, alcohol, tobacco, and gambling, ensuring that its portfolio aligns with its values and mission.
In terms of deal structure, Carao Ventures combines best practices from venture capital, angel networks, venture building, and accelerator programs. The firm seeks to partner with entrepreneurs who demonstrate technical skills and a strong commitment to their ventures. This approach allows Carao Ventures to provide not only financial support but also valuable non-cash resources and a regional network to help its portfolio companies succeed.
Carao Ventures has built a diverse portfolio of companies across various sectors, reflecting its commitment to innovation and growth in Latin America. Notable portfolio companies include:
Jose Miguel Alfaro: Co-founder and partner at Carao Ventures, Jose Miguel has extensive experience in venture capital and entrepreneurship. He has a background in finance and has been instrumental in building the firm's investment strategy.
Allan Boruchowicz: Co-founder and partner, Allan has a strong track record in supporting early-stage startups. His expertise includes business development and strategic planning.
Tomas Arias: Partner at Carao Ventures, Tomas brings a wealth of knowledge in technology and innovation, focusing on identifying promising startups in the region.
Maria Cristina Oreamuno: A key team member, Maria Cristina specializes in operational support and has a background in business management.
Conrad Kopper: Partner at Carao Ventures, Conrad has experience in investment analysis and portfolio management, contributing to the firm's strategic direction.
Edwin Meyers: A member of the team, Edwin focuses on market research and analysis, helping to identify investment opportunities.
Camila Guardia: Camila is involved in deal sourcing and has a background in entrepreneurship, enhancing the firm's outreach to startups.
Luisana Apestegui: A team member with expertise in finance, Luisana supports the firm's financial operations and investment processes.
Valentina Silva: Valentina is involved in marketing and communications, helping to promote the firm's mission and portfolio companies.
To pitch to Carao Ventures, founders should use warm introductions whenever possible. The firm prefers to receive pitches through personal connections rather than cold outreach. The pitch deck should include essential information such as the business model, market analysis, team background, and financial projections. Founders can expect a response time that varies based on the volume of inquiries, but timely follow-ups are encouraged.
In March 2021, Carao Ventures announced the first close of its $35 million fund, marking a significant milestone for the firm as it continues to support early-stage startups in Latin America. The fund is backed by institutional investors, including the IFC and IDB, which enhances its credibility in the venture capital space.
In 2022, Carao Ventures was featured on Vestbee's list of top VC funds in Latin America, highlighting its growing reputation in the region. The firm has also been recognized as a key player in the Costa Rican startup ecosystem by Costa Rica Life Sciences.
Throughout 2023, Carao Ventures has actively engaged with various startups, expanding its portfolio and reinforcing its commitment to fostering innovation in Latin America's small and medium markets.
What are Carao Ventures' investment criteria?
Carao Ventures invests in early-stage startups at the Pre-Seed, Seed, and Series A stages across various sectors, including biotech, fintech, AI, and construction technology. The firm focuses on companies operating in small and medium markets in Latin America, particularly in Central America, the Dominican Republic, Colombia, Ecuador, and Peru.
How can startups apply or pitch to Carao Ventures?
Founders seeking investment from Carao Ventures are encouraged to reach out via warm introductions. The application form for startups is available on their website. It is advisable to include a clear business model, market analysis, and the team’s background in the pitch deck.
What makes Carao Ventures different from other VC firms?
Carao Ventures is the first VC firm in Central America, which gives it a pioneering role in the region. The firm combines best practices from venture capital, angel networks, venture building, and accelerator programs to support its portfolio companies. Additionally, it provides non-cash resources and hands-on support, leveraging its institutional backing from the IFC and IDB.
What is the geographic scope of Carao Ventures' investments?
The firm invests in every Spanish-speaking country in Latin America, with a particular emphasis on Central America, the Dominican Republic, Colombia, Ecuador, and Peru. Carao Ventures is also open to investing in companies run by Latin American founders based in the U.S. that have relevant operations in Latin America.
What is the fund size and check size range for Carao Ventures?
Carao Ventures manages a fund size of $35 million. The firm typically invests in early-stage companies, but specific check sizes may vary based on the startup's needs and growth potential.
What type of post-investment involvement does Carao Ventures have?
Carao Ventures provides hands-on support to its portfolio companies, including access to a regional network and non-cash resources. The firm is actively involved in helping startups navigate challenges and scale their operations.
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