When it comes to Latin American startup hubs, Brazil takes the first prize. Ranking among the top five economies with the highest
in the past decade. The South American country is also home to eight unicorn companies – privately held startups valued at one billion U.S. dollars or more. In fact, Brazil is the only Latin American nation listed in the
Unicorns made in Brazil
Nubank, a neobank headquartered in São Paulo, is currently the
highest valued unicorn in Latin America, at a staggering 25 billion U.S. dollars. This worth also makes it the only decacorn in the region to date. In 2020, the digital banking platform amassed a
revenue of almost 4.6 billion Brazilian reals (approximately 811 million U.S. dollars as of December 3, 2021 exchange rates). Another 11 unicorn companies from Brazil rank among the most valued in Latin America. These thriving businesses include São Paulo-based mobile gaming giant Wildlife Studios, delivery app iFood, and digital real estate platforms QuintoAndar and Loft.
A startup galore?
It is no coincidence that some of the most successful Brazilian tech companies are based in São Paulo. In 2021, this
city harbored the highest number of startups in the country: around 2,700 in total, followed by Rio de Janeiro with 700. Most
Brazilian startups have adopted a business-to-business strategy. But as robust as the
startup industry in Brazil may be, the impact of the COVID-19 outbreak is expected to cause some turbulence. A recent survey among Brazilian startup executives indicates that companies experienced changes in revenue and therefore started to reduce costs as soon as the crisis set in.
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