Latin America’s Next Big Exits
In 2021, regional start-ups experienced the largest and fastest increase in exits on record, growing 134% from 97 in 2020 to 227 (+130). However, a number of the most well-known and well-funded start-ups have not yet exited. Based on Ventara’s own investment and exit data, we predict the region’s next big exits will come from:
Rappi. Rappi is an on-demand ‘superapp’ and almost certainly Colombia’s best-known start-up. In addition to the more common food and grocery delivery services, Rappi also offers delivery of cash and dog-walking services. The firm has raised a total of $2.2 billion since it was founded in 2015, with backers including Andreessen Horowitz, SoftBank, and Y Combinator. Delivery Hero, one of the world’s largest delivery services providers and acquirer of Uruguay’s PedidosYa, participated in at least two and led at least one of Rappi’s fundraisings.
Kavak. Kavak is an online used car marketplace from Mexico. Founded in 2016, the company has raised $1.6 billion in the ensuring five years, backed by General Catalyst, Mountain Nazca, Kaszek, and Tiger Global, among others. While the firm was valued at $1.15 billion in 2020, it raised more than that figure in funding in 2021 alone, resulting in an $8.7 billion valuation. It also has the distinction of raising the largest funding round by a Mexican start-up on record.
Loft. Loft is a Brazilian real estate marketplace founded in 2018. In less than a year from founding, the company had achieved a valuation of $370 million and had revenues of $150 million on an annualized basis in its first full year of operations. With $788 million in total funding, Loft was most recently valued at $2.2 billion. Its backers include Andreessen Horowitz, monashees, and Vulcan Capital.
QuintoAndar. Another Brazilian real estate marketplace, QuintoAndar has raised $755 million since its founding in 2012. At the end of 2021, the company had more than 150,000 properties and $50 billion in assets under management, operating in over 40 Brazilian cities. Backers include General Atlantic, Kaszek, Qualcomm Ventures, and SoftBank, among others.
Konfío. Konfío is an online B2B lending and financial services firm from Mexico. Since its founding in 2013, the firm has raised a total of $696 million from investors including Google, Jaguar Ventures, Kaszek, and the IFC, with credit line financing from Goldman Sachs. Konfío itself has been relatively acquisitive, gobbling up Hey Astro, Gestionix, and Sr. Pago, and has publicly stated it plans to acquire further companies in 2022.
Tiendanube/Nuvemshop. This Argentinian/Brazilian e-commerce enablement platform was founded in 2010 and has raised a total of $590 million. Valued at $3.1 billion, its backers include Accel, Kaszek, and NXTP Ventures, among others. In 2021, Tiendanube launched its version of a ‘Slack Fund’, committing $10 million to invest in companies that leverage its platform.