According to the G lobal Startup Ecosystem Report (GSER) 2024, Brazilian startups have raised approximately 61% of all financing rounds during 2023.
During London Technology Week, the Global Startup Ecosystem Report (GSER) 2024 has been launched, in partnership with the Global Entrepreneurship Network. This report provides a comprehensive assessment of the Top 40 Global Ecosystems and the Top 100 Emerging Ecosystems, offering a comprehensive perspective on the health and dynamics of startups around the world.
The most notable findings from the Top 40 Ecosystems ranking highlight consistency in the top three spots since 2020, with Silicon Valley leading the list, closely followed by New York and London, both tied for second place. Seoul, for its part, has experienced a significant rise, moving up three places and securing ninth place in the ranking, thus consolidating itself among the top ten ecosystems this year. In addition, Miami has shown notable progress by reaching number 16, improving its position by seven places compared to the previous year. Finally, Tokyo has entered the Top 10, recording an impressive rise of five places and marking one of the most notable improvements among the major ecosystems.
As for Latin America, the report highlights the value of the São Paulo ecosystem, which tops the list with a valuation of US$ 117 billion between 2021 and 2023. This city, recognized as the largest economic and industrial center in the hemisphere south, stands as an epicenter for startups . The population density of more than 22 million people, coupled with robust economic activity, provides entrepreneurs with a large market and extensive opportunities to establish meaningful connections.
Brazilian startups have raised approximately 61% of all financing rounds in Latin America during 2023. Success stories include companies such as Klabin, producer of renewable materials, which raised US$1.3 billion in two rounds, and Loft, a Proptech platform, which raised US$888 million in seven rounds. Additionally, São Paulo is home to 11 unicorns and serves as regional headquarters for tech giants such as Microsoft, Google, Airbnb, Netflix and Amazon.
"São Paulo represents the strongest innovation ecosystem in Latin America. With a highly qualified workforce, a diverse population and a business-friendly market, new companies have everything they need to succeed," said Jorge Lima, Secretary of Economic Development of the State of São Paulo.
For its part, Mexico City is consolidated as the political, cultural and economic epicenter of Mexico, in addition to being a focal point for startups in the country. The presence of international and local investment firms, along with the availability of capital, contributes to its attractiveness as a destination for entrepreneurs. The city has also attracted digital nomads and technological talent, driving industrial projects and creating an environment conducive to innovation.
"Mexico City attracts global entrepreneurs and investors with its strategic location and vibrant cultural community. Endeavor supports the ecosystem by providing mentorship, access to international networks and capital, strengthening business opportunities," said Vicente Esperanza, General Director, Endeavor México ; Regional Advisor, Endeavor LATAM.
Colombia, on the other hand, has implemented initiatives such as the Digital Nomad Visa and the Peso to Peso Credit, aimed at promoting the attraction of talent and the growth of new companies in the country. Bogotá, its capital, has stood out for its commitment to technological development, as demonstrated by the construction of the US$300 million Science, Technology and Innovation District. This city will also host important events such as the FinTech Unconference and ESOMAR.
"We seek to make Bogotá the benchmark for entrepreneurship and innovation in Latin America. We invite the international ecosystem to connect and witness our potential at Gofest, which will take place in Bogotá from August 28 to 30," said Ovidio Claros. Polanco, Executive President, Bogotá Chamber of Commerce.
Finally, Rio de Janeiro is emerging as an important business and startup center in Brazil. With events such as Web Summit Rio and the G20 Summit scheduled for November 2024, the city strengthens its reputation as an entrepreneurship and technology hub . Furthermore, its renowned university, the Universidade Federal do Rio de Janeiro, provides a constant flow of educated talent to the ecosystem.
"Rio is a global city with strong business opportunities: energy, healthcare, biotechnology, IT and creative economy. Investments in innovation districts like Maravalley and the hosting of global events drive our ambition to be the innovation capital of LATAM "concluded Alexandre Vermeuten, President of Invest.Rio.
