Columbia
Bogotá
"We aim to make Bogotá the landmark of entrepreneurship and innovation in Latin America. We invite the international ecosystem to connect and witness our potential at Gofest, held in Bogotá from August 28-30."
Highlights
Bogotá continues to strengthen its position as one of the top startup hubs in Latin America, boasting startup-friendly policies, strong funding rounds, and events attracting ecosystem leaders from around the world.
In 2023, Colombia launched the Digital Nomad Visa, allowing entrepreneurs to live and work in the country for up to two years. The newly-launched Creditó Peso a Peso is a digital interface aimed at financial inclusion where startups and small businesses can apply for formal loans, something not available in the region previously. The ICC and Bogotá Chamber Centre of Entrepreneurship supports, connects, and mobilizes the next generation of entrepreneurs. Made in Bogotá Market is an initiative of the Ministry of Economic Development to raise the visibility of the ecosystem’s entrepreneurs. The platform Hecho en Bogotá Market enables businesses to showcase their products to users worldwide.
The Bogotá Chamber of Commerce, Corferias, and the District Department of Economic Development affirmed their plan to begin construction on the $300 million Bogotá Science, Technology and Innovation District in 2024 to position Bogotá as an international hub for innovation. In 2023, Fundación Ventanas, Fundación Aprender a Quererte, and PROtalento joined forces to award 40 scholarships in tech education to young people from Bogotá to assist low-income youth in developing sought-after skills and entering the tech industry.
In 2024, Bogotá will host the FinTech Unconference to gather leaders in the sub-sector and ESOMAR, an event that celebrates innovative ideas, cutting-edge approaches, and thought leadership in the region.
Ecosystem by the Numbers
Sub-Sector Strengths
Fintech
Bogotá startups are supported by the Colombian Fintech Regulatory Sandbox, which allows the live testing of innovative products and services in a controlled environment. Digital financial solutions company Avista raised $30 million in a September 2023 round. Fintech FinMaq raised $23.5 million in a July 2023 round. Trade financing platform Finkargo raised $20 million in November 2023. The Blockchain Summit Latam 2023 took place in October, attracting 1,500 attendees to discuss the latest Fintech developments in the region.
E-commerce
The seventh edition of eSummit, held in November 2023, focused on sustainability, Artificial Intelligence, and new payment alternatives in Ecommerce. Discussions were held on economic and political perspectives on eRetail in the face of economic uncertainty. Online retailer Farmalisto raised $4.3 million in June 2023 . B2B financial marketplace Seeri raised $2.7 million in a May 2023 seed round. Payment processing software startup Wihom raised $700,000 in an October 2023 round.
Proptech
The second edition of the Colombia Proptech Forum, held in Bogotá in November 2023, launched the Proptech Map 2023-2024, a tool that highlights the innovative Proptech companies that are transforming the real estate and construction landscape in Colombia. Bogota-based Proptech startup La Haus raised $62 million in a June 2023 Series C. Proptech company Habi raised $50 million in a June 2023 round.
Reasons to Move Your Startup to Bogotá
Strategic Location
Bogotá is positioned strategically for international business. Only five hours from the U.S., it is a convenient base for cross-border trade and a desirable location for U.S. businesses looking to nearsource to a stable economy. El Dorado airport in Bogotá ranks among the best in Latin America, and ports throughout Bogotá provide access to markets in North America, Europe, and the Asia-Pacific region.
Skilled Talent
In the last ten years, Bogotá has attracted more than 1,000 companies with many citing the city’s highly-qualified talent as a significant reason for selecting it as a location to establish business. Bogotá’s education system, including Universidad de Los Andes and the Universidad Nacional de Colombia, prioritizes quality and accessibility, making the city an attractive option for industries seeking innovative and knowledgeable professionals.
Dedicated Incentives
Winner of the International Fintech Ecosystem Catalyst award at Fintech Unconference 2023, Invest in Bogota promotes the city to companies looking to expand in Latin America for operations in English and Spanish. The Inter-American Development Bank covers the costs of companies moving operations from Asia to Latin America.
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