Carao Ventures

Carao Ventures, established in 2012 in San José, Costa Rica, is a pioneering venture capital firm led by Allan Boruchowicz. It specializes in investing in early-stage startups across various industries, including software, biotech, healthtech, fintech, AI, and construction tech, primarily in small and medium-sized countries in Latin America. Carao's unique approach combines elements of early-stage VC, venture-building, and startup accelerators, providing value to both promising startups and investors interested in frontier markets. The firm manages Carao Ventures Fund I, a $35 million VC vehicle focused on Latin America, with a primary focus on Central America, the North Andean region, and the Dominican Republic. The fund invests in technology-based sectors, with a preference for information technology and AI & machine learning, typically ranging from $0.5 million to $7.5 million per investment.

Allan Boruchowicz

Founder and Managing Partner

Mario Peña

Investment Associate

Past deals in Mexico

Aviva

Seed Round in 2024
Aviva operates an AI-powered digital bank aimed at providing financial services to underbanked communities in Latin America, particularly targeting unsecured credit products for individuals and nano-businesses in Mexico. The company focuses on reaching the over 40 million underbanked Mexicans, many of whom reside in small and medium-sized towns, through physical onboarding kiosks. These nano-branches facilitate a documentless onboarding process via a three-minute video that leverages AI technology, including natural language processing, to streamline credit applications. By transforming speech to text and assessing customers' emotions and personality through video, Aviva enhances its ability to score thin-file customers effectively. This innovative approach allows Aviva to offer competitive interest rates and meet the financial needs of underserved populations.

MegaBite Food

Pre Seed Round in 2021
MegaBite is a multibrand cloud kitchen restaurant that specializes in offering premium gastronomic brands at midrange prices targeted at the middle class in Latin America. The company operates exclusively through digital channels, utilizing integrated kitchen software and hardware to facilitate efficient order processing. MegaBite runs its operations from rented dark kitchens, which allows for a modular growth model that enhances scalability. This innovative approach enables the opening of new kitchens with significantly lower capital expenditure and much faster timelines compared to traditional restaurants. Operating in Mexico and Peru, MegaBite has achieved impressive growth, averaging 30% month-over-month since its inception. The platform provides customers with access to a variety of virtual restaurant brands, enhancing their culinary choices while ensuring a seamless online ordering and delivery experience.

Moons

Moons is a healthcare technology company based in Mexico City that specializes in orthodontic and dental hygiene products. Founded in 2019, the company offers innovative dental services, including the creation of personalized invisible aligners designed for each patient. Customers can visit Moons Studios for an initial consultation, where their teeth are scanned to develop a tailored treatment plan. Moons then manufactures and mails a set of 3D-printed aligners, allowing clients to straighten and whiten their teeth without the use of traditional braces. This process typically enables patients to achieve their desired smile in approximately six months, making orthodontic care more accessible and convenient.

MegaBite Food

MegaBite is a multibrand cloud kitchen restaurant that specializes in offering premium gastronomic brands at midrange prices targeted at the middle class in Latin America. The company operates exclusively through digital channels, utilizing integrated kitchen software and hardware to facilitate efficient order processing. MegaBite runs its operations from rented dark kitchens, which allows for a modular growth model that enhances scalability. This innovative approach enables the opening of new kitchens with significantly lower capital expenditure and much faster timelines compared to traditional restaurants. Operating in Mexico and Peru, MegaBite has achieved impressive growth, averaging 30% month-over-month since its inception. The platform provides customers with access to a variety of virtual restaurant brands, enhancing their culinary choices while ensuring a seamless online ordering and delivery experience.

MegaBite Food

MegaBite is a multibrand cloud kitchen restaurant that specializes in offering premium gastronomic brands at midrange prices targeted at the middle class in Latin America. The company operates exclusively through digital channels, utilizing integrated kitchen software and hardware to facilitate efficient order processing. MegaBite runs its operations from rented dark kitchens, which allows for a modular growth model that enhances scalability. This innovative approach enables the opening of new kitchens with significantly lower capital expenditure and much faster timelines compared to traditional restaurants. Operating in Mexico and Peru, MegaBite has achieved impressive growth, averaging 30% month-over-month since its inception. The platform provides customers with access to a variety of virtual restaurant brands, enhancing their culinary choices while ensuring a seamless online ordering and delivery experience.

Aviva

Aviva operates an AI-powered digital bank aimed at providing financial services to underbanked communities in Latin America, particularly targeting unsecured credit products for individuals and nano-businesses in Mexico. The company focuses on reaching the over 40 million underbanked Mexicans, many of whom reside in small and medium-sized towns, through physical onboarding kiosks. These nano-branches facilitate a documentless onboarding process via a three-minute video that leverages AI technology, including natural language processing, to streamline credit applications. By transforming speech to text and assessing customers' emotions and personality through video, Aviva enhances its ability to score thin-file customers effectively. This innovative approach allows Aviva to offer competitive interest rates and meet the financial needs of underserved populations.
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