Impressions of a Two-Week Immersion in the Colombian Tech Scene

Despite political uncertainty, the positive mindset that is characteristic of Colombians commands the pulse of the tech scene

We had the opportunity to spend a couple of weeks in Bogotá, meeting with founders, investors, and allies in the booming Colombian tech industry. Our main goals were to meet with early-stage founders and to spend time with the five portfolio companies based out of Colombia in our current fund: Cluvi, Duppla, Hunty, Kala, and Simetrik.

A key impression we gathered is that despite political uncertainty reflected in inflation/exchange rates and upcoming reform discussions, such as the pension funds and the public health systems, the positive mindset characteristic of Colombians commands the pulse of the tech scene. As a result, the industry is thriving, and it's exciting to see how Colombian entrepreneurs are embracing the challenges and opportunities presented to them.

The founders we met and the portfolio companies we visited are representative of the diverse business models built out of the country. Interestingly, many of these organizations are international from the get-go: as evidenced by the 13 nationalities represented at Simetrik's off-site held throughout the weekend. It's inspiring to see how the Colombian tech industry breaks down geographical barriers and attracts worldwide software talent.

Organizations such as Bancóldex, Endeavor, and ColCapital introduced us to some of the most impressive founders we met while there; these hubs are as active as ever, providing invaluable resources to startups and investors alike.

Regarding fundraising activity in the country, we met with local managers such as Marathon and H20, which have raised flagship funds to co-invest alongside regional firms. In addition, the funding gap in earlier stages is being filled by players such as SIMMA Capital and several angel investors.

As evident as it may sound, we saw first-hand how the alumni of Rappi, Frubana, and other later-stage companies are building the next generation of Colombian startups; these companies' successes have created a ripple effect across the talent pool.

Finally, we were pleased to host a networking happy hour in a warm environment, which brought together the 80+ stakeholders we met during the two weeks there. Our good friends at AWS and Dentons Cardenas & Cardenas made this event possible; we're incredibly grateful for their support.

In conclusion, this trip to Bogotá left us as bullish as ever. We were lucky to meet with the new wave of Colombian software companies and look forward to our next visit, which will surely come sooner than expected.