🐸 Leap Year - Time to "leap" on the trend.
2024 is a leap year and its time to leap into the unknown with all your force so you can make use of it in the best way. Two months are gone, its time to push the accelerator.
Welcome to our newsletter Insights by Pygma where every two weeks you will receive everything you need to stay up to date on LatAm’s startup movement. This Newsletter is a great choice for those looking to understand the landscape better, get deal-flow, get the most relevant articles and books for startups “digested” or simply find useful tools to make your life easier navigating the Latino startup landscape.
TL;DR
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Announcement: Apply now to the future of fintech.
🦄 Dealflow: We are open to hearing about the deals you are seeing in LatAm!
🇺🇾 Country Deep-Dive [Uruguay]: With a foreword from Juan Dominguez from Jelt.
📖 Digest: We read it so you don’t have to.
🔥 Bonus Piece: US VCs are eye-balling LatAm markets for investments.
💰 Prompting VC’s: Q1 2024 Trends by VC Lab.
🛠️ AI Tool Insights: Our good’ol tool segment.
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Announcement: Py5 The Future of Fintech Is Now Open.
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🇺🇾 Uruguay - Country Deep Dive
Foreword by Sebastián Musso - Sky Blue Analytics
The Uruguayan ecosystem has experienced exponential growth since 2018, marking significant strides in various sectors. While it may not match the scale of regional giants, its consistent progress and commitment to quality stand out prominently. Among the notable firms shaping this landscape is dLocal, a well-established player in the fintech space. In addition to dLocal, enterprises like PedidosYa and Bankingly epitomize Uruguay's dynamism in developing cutting-edge technological solutions and scalable business models.
Despite being a small country with a population of just 3 million people, Uruguay's ecosystem fosters a mindset that encourages thinking beyond national boundaries. This preparedness to think big enables Uruguayan businesses to potentially have a more substantial impact across Latin America than ecosystems solely focused on addressing domestic challenges.
The trajectory of the Uruguayan ecosystem underscores its potential for further expansion and influence, offering opportunities for collaboration, innovation, and market penetration beyond its borders. As the ecosystem continues to mature, it will likely attract more attention and investment, contributing to Uruguay's position as a hub for technological innovation and entrepreneurial excellence in the region.
Additionally, Uruguay boasts a national entity called ANII (Agencia Nacional de Investigación y Desarrollo) which plays a pivotal role in nurturing the ecosystem. ANII is dedicated to fostering research and development initiatives, providing critical support and resources to entrepreneurs, innovators, and startups across various sectors. Through its programs and funding opportunities.
Uruguay's tech startup landscape is experiencing significant growth and stability. As of January 2024, there are a total of 931 startups and 1 unicorn in Uruguay, with a total funding of $1.84 billion across all funding stages. The top companies in Uruguay include Dlocal and Bankingly. In 2023, there was a 26.47% rise in funding compared to 2022, with $31.1 million raised in 7 equity funding rounds. Uruguay is also home to 63 fintech enterprises, and it has been described as the "Silicon Valley of South America" due to its favorable banking regulations, skilled workforce, and business-friendly environment
The country's stability, favorable banking regulations, skilled workforce, and business-friendly environment have contributed to its attractiveness for tech startups. Uruguay has also seen investments from major U.S. tech firms, and the government has implemented programs to promote tech entrepreneurship and strengthen the country's engineering and programming capacity
In terms of artificial intelligence (AI) companies, Uruguay is home to several top AI companies, including Rootstrap, CodigoDelSur, Devlane, Pyxis S.A., Krooping, and ALPHALABS - AI
Overall, Uruguay's tech startup landscape is characterized by stability, significant funding, a growing number of startups, and a supportive environment for tech entrepreneurship. The country's focus on fostering its technology sector and attracting investment has positioned it as a prominent player in the Latin American startup ecosystem!
📖 This Week’s Digest: Big Book of Venture Capital
The "Big Book of Venture Capital 2023" provides an extensive overview of the venture capital ecosystem, focusing on several key areas: