Brazil
Rio de Janeiro
"Rio is a global city with strong business opportunities: energy, healthcare, biotech, IT and creative economy. Investments in innovation districts such as Maravalley and hosting global events drive our ambition to be the capital of Innovation in LATAM ."
Highlights
Internationally known for its beautiful beaches and thriving cultural scene, Rio de Janeiro is also an important business hub and the home of a rapidly growing startup scene. While Rio de Janeiro’s startup ecosystem may still be smaller than the scene in buzzing São Paulo, local authorities have made huge efforts to make the city attractive to digital nomads and tech-savvy talent, improving both security and infrastructure in recent years. Porto MaraValley is a redeveloped port area that is now a technology hub, with the city offering tax breaks to businesses participating in the project.
The first edition of Web Summit Rio took place in May 2023, further confirming the ecosystem’s growing reputation as a startup hub. Web Summit returned in April 2024, and the city will also host the G20 Summit in November 2024, bringing together representatives from the countries with the largest economies in the world. Rio de Janeiro boasts a highly diversified economy and many national and international companies, including Petrobrás and the National Economic and Social Development Bank, which have their headquarters in the city. Owing to its port, many of Brazil’s export-import companies are also headquartered here. Rio2C 2024 gathered creative industry professionals in June and Rio Innovation Week takes place in October.
Universidade Federal do Rio de Janeiro ranked #8 in the QS Latin America University Rankings 2024, providing a stream of educated talent to the ecosystem. The Federal University of Rio de Janeiro is the largest federal university in Brazil and is also well regarded for its teaching and research.
Ecosystem by the Numbers
Sub-Sector Strengths
Blockchain
In 2022, Brazil passed a crypto-regulation bill that includes creating a virtual service provider license for digital asset companies, including exchanges. Shortly after, Rio de Janeiro-based Crypto.com became the first crypto exchange to receive approval for its EMI license in Brazil. Hashtown in Rio houses companies and investors from the international crypto community, including Valor Capital, NFT company W3block, and Blockchain infrastructure firm Parfin.
AI, Big Data & Analytics
In February 2023, researchers from the Centre for Data and Knowledge Integration for Health and the Federal University of Rio de Janeiro unveiled an AI-powered early warning system for new disease outbreaks. Marine AI company TideWise raised $2 million in an October 2023 Series A round.
Cleantech
Rio de Janeiro’s 50-year Neutral Carbon Rio Strategy sets a goal for the city to achieve carbon neutrality by 2065. In January 2023, regional entrepreneurship acceleration Program MIT Reap held a workshop in Rio de Janeiro with the aim of transforming the city into a “Silicon Valley for sustainability.” MIT Reap Rio will invest $60 million in training, acceleration, and other support measures for Cleantech startups.
Reasons to Move Your Startup to Rio de Janeiro
Government Support
Brazil’s Legal Framework for Start-ups bill encourages investment in startups and improves the business environment in the country. The law enables regulatory bodies to grant special authorization to startups to test new technologies and business models for a fixed period of time and with a restricted number of consumers.
International-Friendly Environment
Brazil’s digital nomad visa allows foreign remote workers and self-employed individuals to live in the country for one year with the possibility of extension. Brazil boasts one of the world’s most diverse cultures due to a history of various waves of colonization and immigration and Rio de Janeiro is the nation’s cultural center, known for its lively festivals.
Wide Range of Industries
Rio de Janeiro is home to a well-established and highly diversified economy, providing large-scale employment in both heavy and light industry, manufacturing, commerce, finance, trade, and other service sectors. Combined with the strong import and export opportunities provided by the port, there is much opportunity for startups to collaborate with existing companies and to spot opportunities for innovation in established industries.
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