Most of what we hear (and tell) about Mexico and Latin America are stories of violence, corruption and self-inflicted wounds. Those stories matter and deserve attention — but they are only part of the whole picture. As host of the It’s More Than Grit podcast, I have met founders, funders and ecosystem builders who, over the last two decades have witnessed another, quieter revolution: entrepreneurs across the region borrowing and adapting proven technologies, infusing them with local ingenuity, and adapting them to local realities on the ground have shaken the stillness of the region. They have built great businesses that scale across borders — and in the process, generated outsized returns, challenged entrenched oligopolies, and improved millions of lives.
These success stories rarely make U.S. headlines but savvy investors — both national and international — have noticed. In fact, a recent report by Endeavor and Glisco Partners found venture capital invested in Latin American startups grew 26% in 2024 to US $2.85 billion. That is more than triple Europe’s growth rate (7%) and a sharp contrast to Southeast Asia where new investment shrank by 34% percent. Last year, Latin America was home to 32 unicorns (startups valued at $1 billion or more), bringing their total valuation to a staggering $71.8 billion. This figure is remarkable given how organized “entrepreneurship” is new to the region.
When organizations like Endeavor began their work nearly 30 years ago, the idea or even the word “entrepreneur” was largely absent from the Spanish or Portuguese vocabularies. Linda Rottenberg, CEO of Endeavor, told me that the prevailing assumption back then was that only the well-connected top families could start companies because most people lacked capital, networks and role models. That has changed radically. Today, a first generation of founders from Mexico, Brazil, Colombia, Chile and Uruguay have become real household heroes.
These battle-tested entrepreneurs succeeded in spite of the unfair competition, unstable environments, limited infrastructure, and scarce resources to create companies like Clip (Mexico), which allowed street vendors, corner stores and small merchants to accept cards, increase sales and access digital financial services. Kavak (Mexico) eliminated the uncertainty and opacity of buying a pre-owned vehicle for millions of people in a region where their first car becomes their most important asset. Rappi’s (Colombia) urban customers saved time but also got greater access to a wide variety of goods and services. Clara (Mexico), reduced the time spent on bookkeeping to allow business owners to focus on other aspects of the business. Nubank (Brazil) replaced slow, opaque branch-centric processes with faster, cheaper, more transparent and more convenient banking. And, QuintoAndar (Brazil) transformed the way renters and landlords transact by removing paperwork, risks, and other hassles. The list goes on, from fintech to logistics to marketplaces, proving that Latin American startups are worth noting.
Nu México grows 52% in 1 year; credit card holders reach 6.6 million
Even more exciting is the second generation of founders, collaborating in a mature ecosystem and using off-the-shelf machine-learning models, generative Al, computer vision and other digital tools to tackle problems uniquely Latin American: precision farming under climate stress, education in Spanish and Portuguese, healthcare delivery outside major hospitals, financial inclusion for informal workers and smarter urban mobility. These teams could put the region at the forefront of the most important technological revolution of our era and generate enormous economic benefits.
Still, the region faces structural headwinds. By comparison, Southeast Asia — also a region with young populations, attractive demographics and rising middle classes driving consumption and digital adoption — produced dozens of unicorns in recent years. (Estimates generally put the numbers at around 50 to 70, with a combined valuation of roughly US $150-$300 billion range.) Several factors have given Southeast Asia an edge over Latin America. It has higher mobile and e-commerce adoption curves; deeper pools of late-stage capital (including heavy strategic investment from China); more visible public exits; regional champions such as Sea, Grab, and Gojek/GoTo; stronger logistics and digital payments infrastructure; greater English proficiency in the tech workforce; and stable policy environments in hubs like Singapore that actively attract talent and capital. Those advantages lower the friction of scaling and exiting — both of which matter!
That said, the main obstacles are quite familiar but they are not destiny: thin capital markets, inconsistent regulatory regimes across countries, fewer reliable exit channels, macroeconomic volatility, gaps in infrastructure and STEM education, and uneven rule of law. These raise costs and risks for founders and investors, but are not deal breakers.
Of course, it takes more than just grit to succeed. But as Adolfo Babatz, CEO of Clip, once told me, “The difference between a good and a great entrepreneur is that only the great fall in love with a problem, and refuse to give up until they find the solution.” This grit, combined with patient capital and effective government support could deliver the headline stories that rewrite the narrative of Latin America.
We have heroes too. It’s time they take the stage they deserve.
Mariana Campero hosts the podcasts Mexico Matters and It’s More Than Grit for the Center for Strategic and International Studies (CSIS). She is the former CEO of the Mexican Council on Foreign Relations (COMEXI).
