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§ Venture Capital · San Francisco, CA, USA
Early-stage venture capital firm investing in startups and providing resources for founders in Latin America's small and medium markets.
Carao Ventures is an early-stage venture capital firm based in San José, Costa Rica, that invests in startups operating across small and medium markets in Latin America. The firm operates as a sector-agnostic investor, targeting early-stage entrepreneurs throughout Latin America and the Caribbean who require both capital and strategic guidance. Currently, the organization manages exactly one closed venture capital fund to back regional enterprises and scale their operations. Beyond direct financial investments, the firm provides non-cash resources, an expanded regional network, and ongoing operational support to help portfolio companies navigate market challenges and access resources typically found in more developed markets. The firm's investment activities and strategic direction are led by its core management team, which includes Managing Partner Allan Boruchowicz and Partner Edwin Meyers. Carao Ventures was founded in 2012 by Allan Boruchowicz.
Key people at Carao Ventures.
Key people at Carao Ventures.
Carao Ventures has more than 26 tracked investments across 23 companies. The latest tracked deal is $50.0M Series B in Yendo in October 2025.
Carao Ventures is an early-stage venture capital firm based in San José, Costa Rica, founded in 2012 by Allan Boruchowicz and Adrián García. The firm focuses on investing in startups across small and medium-sized Latin American markets, particularly in Spanish-speaking countries such as Central America, the Dominican Republic, Colombia, Ecuador, and Peru. Carao Ventures supports entrepreneurs with strong technical skills and determination to disrupt traditional industries by providing capital, mentorship, and resources. Their investment philosophy is sector-agnostic, targeting diverse industries including biotech, healthtech, fintech, artificial intelligence, construction technology, and education. They emphasize early-stage investments, typically at pre-seed, seed, and pre-Series A stages, aiming to foster innovation and build competitive companies in historically underserved markets[1][2][3][5].
Founded in 2012, Carao Ventures was established to address the lack of smart early-stage venture funding in Latin America’s smaller markets. Allan Boruchowicz and Adrián García, the key partners, envisioned a firm that combines best practices from venture capital, angel networks, venture building, and accelerator programs to create a unique value proposition for startups and investors. The firm has evolved to become a pioneering VC in Central America, launching a $35 million fund in 2021 with backing from the International Finance Corporation (IFC) and the Inter-American Development Bank (IDB), which enabled them to scale their impact and mobilize private capital to the region[1][3].
Carao Ventures rides the wave of increasing interest in Latin America’s emerging tech ecosystems, particularly in smaller markets that have been historically neglected by venture capital. The timing is favorable due to growing entrepreneurial talent, digital transformation, and institutional support from development banks. By focusing on early-stage startups in these frontier markets, Carao Ventures helps catalyze innovation, job creation, and economic growth, influencing the broader Latin American startup ecosystem by demonstrating the viability and potential of these regions for venture investment[1][3][5].
Looking ahead, Carao Ventures is positioned to deepen its influence as Latin America’s startup ecosystem matures and more capital flows into early-stage ventures. Trends such as digitalization, AI adoption, and fintech expansion will likely shape their portfolio and investment focus. The firm’s continued partnership with global development institutions and its unique regional expertise will enable it to identify and nurture the next generation of Latin American tech leaders, further bridging the gap between frontier markets and global venture capital[1][3][5].
