Capital raising services in Colombia
Colombia's VC market has matured rapidly since Rappi's landmark fundraises, establishing Bogotá and Medellín as credible destinations for growth-stage venture capital from US, European and Latin American funds.
The ecosystem has produced a string of scaled companies - Habi, La Haus, Frubana, Bold, Treble and Yummy - attracting Kaszek, Andreessen Horowitz, SoftBank and Tiger Global alongside regional specialists such as NXTP Ventures and Magma Partners.
Flow works with Colombian founders raising mid- to late-stage growth capital, running end-to-end VC fundraising processes: investor targeting across our extensive network, pitch deck and narrative shaping, operating and financial model build, and process management from first LP conversation to close on the best available terms.
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VC rounds raised in the last 12 months in Colombia
$68M
Median VC valuation (across all stages) in Colombia
6.1x
Median VC revenue multiple (across all stages) in Colombia
$40M
Largest VC round raised in Colombia in the last 12 months
Raising venture capital in Colombia
Colombia's VC market is the third-largest in Latin America by capital deployed, with Bogotá and Medellín as the centres. Most material rounds at Series A and later involve an offshore holding structure for international investor familiarity.
Documentation conventions
Most venture-backed Colombian rounds use offshore-parent (Delaware) NVCA-aligned documentation. Pure-Colombian rounds adapt to S.A.S. (Sociedad por Acciones Simplificada) mechanics - S.A.S. is the most startup-friendly Colombian corporate form.
SAFEs and Colombian convertibles
Y Combinator SAFEs are widely used in Colombian seed and Series A rounds with a Delaware parent. Colombian-law convertible instruments are used in pure-Colombian structures.
Holding structure choice
Most venture-backed Colombian companies operate via an offshore holding entity (Delaware) over Colombian operating subsidiaries. Provides US investor familiarity, cleaner ESOPs and exit mechanics; pure-Colombian structures preserve domestic iNNpulsa and tax incentives.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is increasingly standard. Colombian S.A.S. structure supports venture-stage rounds well.
Foreign investment registration
Foreign investment into Colombian entities requires registration with Banco de la República for FX and remittance purposes. The registration affects future remittance of dividends and capital - material structuring item for cross-border rounds.
Closing mechanics
Closings vary by structure - offshore-parent closings follow international conventions. Colombian-domestic closings involve Chamber of Commerce filings and notarial procedures.
Largest private tech companies in Colombia
Rappi valued at $5.4B is the largest still privately-owned company in Colombia.
See all large tech companies in Colombia| Logo | HQ | Description | ||||
|---|---|---|---|---|---|---|
Rappi | | Rappi is a leading on-demand delivery platform operating across Latin America, including Colombia, Mexico, Brazil, and Argentina. Customers use its mobile app to order groceries, meals, pharmaceuticals, pet supplies, and gifts, with options like Turbo for rapid service and integrated digital wallets for payments. Founded in 2015 and headquartered in Bogota, Rappi also facilitates travel bookings and cash delivery, serving millions through hyperlocal logistics networks. | Sep-25 | $25M | $5.4B |
Startups who recently raised money in Colombia
Largest VC round raised recently in Colombia was a $4.0M Seed of Refurbi in January 2026.
See all VC rounds in Colombia| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Jan-26 | Refurbi | | Refurbi is a Colombian circular-economy company that refurbishes pre-owned consumer electronics—primarily smartphones, alongside tablets, laptops, smartwatches, and audio devices—and sells them through its own marketplace and partner retail channels. Founded in 2018 in Bogotá by Sebastián Jiménez and Danilo Zúñiga Cano, the company operates a refurbishment facility in Funza, Cundinamarca, and is positioned as Colombia's leading mobile-device refurbisher, distributing products through major retailers and telecom operators such as Cencosud, Telefónica, Panamericana, and Celsia. Beyond direct sales, the platform combines trade-in programs, specialized lifecycle-management software, financing, and insurance solutions for retailers, manufacturers, telcos, and insurers. Refurbi has raised funding from investors including Latin Leap, the Inter-American Development Bank, Banco Itaú, Bridge Latam, Inca Ventures, PSM Impact Ventures, Epic Angels, Colectivo Jaguara, Irie Investment, and Pygma. | Banco ItauEpic Angels+3 | $4.0M | - | Seed | |
Nov-25 | Unergy | | Unergy is a platform connecting solar project developers with retail investors in the U.S. market. It facilitates crowdfunding for commercial installations, offering equity shares yielding fixed returns backed by power purchase agreements. Projects range from 100kW rooftops to 5MW ground-mounts, integrated with monitoring via Enphase and SolarEdge inverters. Unergy verifies developers through credit checks and has funded over $10 million in systems across California and Texas. | - | $4.0M | - | Seed | |
Mar-26 | Sybol | | Sybol enables companies to securely connect and exchange verifiable information. | Bolboreta Innova GroupChromata Invest+5 | $1.2M | - | Seed | |
Mar-26 | Cifrato | | Cifrato is an AI-powered automation platform for mid-market accounting firms handling bookkeeping, bank reconciliations, payment processing, tax filings, and financial insights. Deployed in the US and UK, it integrates with QuickBooks and Xero to streamline workflows for firms managing 50 to 500 clients. | DeceleraFen Ventures+2 | $1.0M | - | Seed | |
Feb-26 | Signa | | Signa is a B2B SaaS platform employing artificial intelligence to detect and eliminate counterfeit products and misleading claims on social networks, marketplaces, and search engines. Targeting pharmaceutical and beauty industries, it aids businesses, law firms, and authorities in the US, Colombia, and Mexico to safeguard brands and recover revenue. Launched in 2023, the Tel Aviv-headquartered company collaborates on digital and physical anti-counterfeiting efforts. | AngelHub VCFen Ventures+2 | $1.0M | - | Seed | |
Feb-26 | Quipu Bank | | Quipu Bank is a fintech developing the first digital bank for Latin America's informal economy microbusinesses. It employs proprietary AI analyzing over 80,000 alternative data points for credit assessments, delivering working capital loans via supply chain financing at wholesale prices for supplies and materials. The platform advances an uncollateralized loan protocol to expand financial access region-wide. | ComfamaCorteza Capital+3 | $300K | - | Undisclosed stage | |
Apr-26 | Payments Way Solutions | | Payments Way Solutions SAS is a fintech company founded in 2017 that delivers payment gateways, mobile applications, and POS terminals. Businesses rely on these tools for transactions. The firm employs 50 people. | Coltefinanciera | - | - | Strategic investment | |
Mar-26 | Tpaga | | Tpaga is a Bogota-based fintech delivering mobile wallets, neobanking, WhatsApp banking, and soft POS solutions across Colombia and Latin America. The company launched the region's first neobank in North LatAm and introduced agentic AI for financial services. Tpaga processes millions of transactions monthly for unbanked populations, partnering with mobile operators and merchants in Colombia, Peru, and Mexico. Founded in 2013, it holds licenses from the Superintendencia Financiera de Colombia. | Banco Serfinanza | - | - | Strategic investment | |
Feb-26 | Ettos | | Ettos is a Latin America-based e-commerce platform offering a wide selection of beauty products to bridge online access gaps in the region. | LvlUp Ventures | - | - | Seed | |
Feb-26 | TuBanc | | TuBanc is a Colombia-based fintech application delivering digital credit solutions tailored for car and motorcycle purchases. | Carbono3 | - | - | Seed | |
Jan-26 | ClosetUp | | ClosetUp is a Latin America-focused sustainable fashion platform that extends garment lifecycles via e-commerce, process automation, rental-as-a-service, and AI tools. Pioneering the resale cycle in the region, ClosetUp addresses environmental impact from its base targeting countries like those in South America. | - | - | - | Seed |
Top VCs and strategic investors in Colombia
Fen Ventures, Orbit Startups, Newtopia VC and Decelera funded the most startups in Colombia in the last 12 months.
See all VCs in Colombia| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Orbit Startups |  | Orbit Startups is a venture capital firm targeting tech companies digitizing traditional industries in emerging markets. The Singapore-headquartered investor supports startups in e-commerce, fintech, media, healthcare, education, and logistics through initial investments, follow-on funding, and lifetime programs for partnerships and growth. Orbit operates across Asia, Latin America, and Africa. | SignaPlatamJelt+1 | 4 | Seed | |
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | CifratoMejorCDTTrebol+2 | 4 | Seed | |
QED Investors | | QED Investors is a global venture capital firm focused on fintech, providing early- and growth-stage capital to companies across banking, lending, payments, insurance, real estate technology, and B2B financial software. Founded in 2007 by Nigel Morris, co-founder of Capital One, and Frank Rotman, the firm is headquartered in Alexandria, Virginia and invests across the United States, Latin America, Europe, the United Kingdom, Southeast Asia, and Africa. QED has backed many of the sector's most prominent companies, including Nubank, Credit Karma, SoFi, Klarna, Remitly, Avant, Kavak, Bitso, Konfío, Creditas, ClearScore, and Flutterwave, and is widely recognized as one of the most active specialist fintech investors globally. | HUNTYFinkargoCobre+2 | 4 | Series A | |
Kuiper | | Kuiper is a venture capital firm targeting pre-seed and seed-stage technology companies. Operating from kuipervc.com, it supports early-stage startups in software, hardware, and emerging tech sectors across North America and Europe. | CifratoKarrotCeles+1 | 4 | Seed | |
Fen Ventures | | Fen Ventures is a Mexico City-headquartered early-stage venture capital firm targeting tech startups transforming Latin America. The fund invests in fintech, edtech, healthtech, and logistics companies from pre-seed to Series A rounds. Backed by limited partners from banking and telecom sectors, Fen Ventures has deployed capital into over 20 portfolio firms since 2018, including neobanks and e-commerce platforms operating in Mexico, Brazil, and Colombia. The team provides hands-on support in product scaling and regulatory navigation across the region. | CifratoSignaLoto Latam+1 | 3 | Seed | |
Newtopia VC | | Newtopia VC is a venture capital firm based in Buenos Aires, Argentina, that invests in Latin American startups at pre-seed and seed stages with hands-on support. It targets technology companies in fintech, e-commerce, and software, providing strategic mentorship from a community of unicorn founders including those from Mercado Libre and Globant. The firm hosts fireside chats, trainings, and networking events with elite athletes like NBA champion Manu Ginóbili. Newtopia VC maintains an active portfolio across Argentina, Brazil, and Mexico. | CreditopHUNTYYuno+2 | 3 | Seed | |
MatterScale Ventures | | MatterScale Ventures is a Mexico City-based venture capital firm targeting seed-stage startups founded by Latin American entrepreneurs. The fund bridges early financing gaps in sectors including fintech, healthtech, and edtech, with investments in companies like Clara and Mendel. MatterScale provides operational support alongside capital, drawing from its team's experience at Endeavor. It manages a portfolio across Mexico, Brazil, and Colombia, focusing on scalable businesses addressing regional challenges. | HUNTYCelesNumia+1 | 3 | Seed | |
Amador Holdings | | Amador Holdings is a Panama City-headquartered investment firm providing growth capital to small and medium enterprises targeting Latin America's urban middle class. It focuses on consumer goods, fintech, and retail sectors in Colombia and Central America. Founded in 2020, the holding company supports portfolio businesses with operational improvements and market expansion strategies. | CreditopKarrotBold+1 | 3 | Seed | |
Decelera | | Decelera is a Menorca-based startup accelerator launched in 2018 that applies a deceleration methodology to foster sustainable growth for early-stage companies. Located on Balearic Islands, it hosts four-month programs for founders in tech and wellness sectors, emphasizing work-life balance and long-term viability over rapid scaling. Decelera supports over 50 startups through mentorship from investors and executives, with alumni including ventures in edtech and sustainability. The program runs residential retreats at Finca Aldeia, attracting participants from Europe and Latin America. | CifratoQuipu BankWebel | 2 | Seed | |
Flourish Ventures | | Flourish Ventures is an early-stage venture capital firm investing in fintech startups promoting financial inclusion for individuals and small businesses. San Francisco-headquartered with offices in India and Southeast Asia, it supports founders in payments, lending, and digital banking across emerging markets. Founded in 2018 by PayPal alumni, Flourish has backed companies like Tala and Cred, fostering partnerships with regulators in 15 countries. | AkuaStreamCauridor+2 | 2 | Seed |
What if not VC? Non-equity funding in Colombia
Colombia's non-dilutive funding stack is moderate by Latin American standards - between iNNpulsa, Bancóldex, the R&D tax credit and EU and US bilateral programmes, Colombian startups have multiple paths to extend runway.
iNNpulsa Colombia
iNNpulsa provides grants, acceleration support and credit guarantees for Colombian startups. The main public-sector capital source for early-stage Colombian tech.
Bancóldex lending
Bancóldex provides subsidised lending and guarantees for Colombian SMEs and exporters. Often used alongside private bank lending for working capital and growth.
Colombian R&D tax credit
25% income tax credit on qualifying R&D expenditure, subject to Minciencias certification. Less generous than Brazilian Lei do Bem but material for R&D-heavy Colombian tech companies.
Colombian angel ecosystem
Rappi, Habi, Frubana, Truora and other Colombian tech alumni anchor a growing angel scene. Capitalia, HubBOG Investments and dedicated networks coordinate structured investment.
Free trade access
Colombia's free trade agreement network (US, EU, Pacific Alliance, Mercosur) creates market access advantages for export-oriented Colombian tech businesses. Not a direct funding source but materially shapes market economics.
Cross-border venture debt
Cross-border providers (Sympatico Capital, Partners for Growth) operate in Colombia alongside Bancóldex-backed lending. Typically deployed against ARR or contracted revenue from Series A onwards.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Colombia and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Colombia.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
Got questions?
Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
More services
We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Colombia
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A in Colombia
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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Schedule a call to get a health check on your business and see how we could help.
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