Despite the many financial hurdles the Argentine economy has endured in recent decades, or perhaps because of it,
in Latin America. Once termed the region's 'dot com' hub, Buenos Aires has asserted itself as the heart of
. The country's capital, reckoned by some to be the Latin American metropolis with the most 'European' flavor, has been the founding home to major entrepreneurial successes, such as
, the first Latin American software company to initiate a public offering on the New York Stock Exchange.
A diverse entrepreneurial ecosystem
From artificial intelligence to government technology, entrepreneurial diversity can indicate some of the core strengths of Argentina's growing startup environment.
Fintech startups range across nine different sectors in Argentina, with 24 percent focused on digital payments and 22 percent concentrated on lending activities. Most notably, Ualá, a personal finance management app, accumulated nearly 200 million U.S. dollars in investments as of December 2020, making it one of the
most successful startups at fundraising in Latin America. Similarly, Agrofy, an agricultural e-commerce platform, has attracted approximately 26 million U.S. dollars, the third-largest
funding collected by leading agricultural technology startups in the region. And these are just two examples of how the Argentine startup economy is emerging as a robust competitor in the South American market.
The Argentine approach towards venture capitalism
Venture capitalist investors remain vigilant yet optimistic about the innovative potential of Argentine startups. In fact, the country’s long-lasting economic crisis does not seem to impede the founding of domestic venture capital firms. In July 2020, NXTP Ventures, a venture capital (VC) firm headquartered in Buenos Aires, was one of the
largest startup investors with a management portfolio of at least 130 investments. Kaszek Ventures, another Argentine VC firm with offices in São Paulo and Montevideo,
manages five funds and a total of 70 investments as of mid-2020. Ultimately, as Argentina's economic environment becomes increasingly hospitable for entrepreneurs, the conditions for
developing startups are supported by an eager and growing investor market.
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