Carao Ventures
Carao Ventures is a Costa Rica-based early-stage venture capital firm founded in 2012 that invests $25,000 to $1,750,000 tickets at Pre-Seed through Pre-Series A stages into 35+ technology startups across Spanish-speaking Latin America, with emphasis on Central America, Dominican Republic, Colombia, Ecuador, and Peru.
- Company typePrivate
- Founded2012
- HeadquartersSan José, Costa Rica
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Carao Ventures does
Carao Ventures is an early-stage venture capital firm founded in 2012 by Allan Boruchowicz and headquartered in San José, Costa Rica, operating under the legal entity Carao Ventures S.A. The firm targets Pre-Seed, Seed, and Pre-Series A stage technology companies across Spanish-speaking Latin America, with particular geographic emphasis on Central America, the Dominican Republic, Colombia, Ecuador, and Peru, and is structured around a single disclosed fund, Carao Ventures Fund I, holding 35+ portfolio companies across fintech, insurtech, logistics, healthtech, agritech, and enterprise software. Investment tickets range from $25,000 to $100,000 at Pre-Seed, $250,000 to $1,000,000 at Seed, and $500,000 to $1,750,000 at Pre-Series A/Series A, with deal sourcing driven primarily by warm introductions, a website application form, and ecosystem events such as the co-organized Caricaco Summit 2026.
The firm generates revenue through carried interest on successful portfolio exits and management economics from its fund vehicle rather than recurring product or service revenue. Its go-to-market is relationship-driven and sales-led, anchored by a small team (1-10 employees) comprising a Founder and Managing Partner, a Partner, an Investment Associate, two Analysts, an Operations and ESG Manager, a General Counsel, and two External Legal Counsels, with substantial legal infrastructure provided through a long-standing alliance with boutique firm iitos. Founder Boruchowicz, a Kauffman Fellow, brings 15+ years of private capital experience and sits on multiple Costa Rican financial-sector boards, while the firm is a founding member and director of the Central American & the Caribbean Fintech Association and CRBiomed, giving it structural influence in regional ecosystem development.
Carao Ventures does not develop proprietary technology and has no disclosed AI/ML, data, or software product. The firm excludes investments in weapons, alcohol, tobacco, and gambling, and has not disclosed any realized exits, secondary transactions, or institutional fundraising rounds, making it a pure-play, single-fund emerging-market VC rather than a scaled asset manager. Notable recent disclosed portfolio activity includes participations in Braven's $4.6M seed (2026-06), Rexi's $1.2M pre-seed (2026-04), and Crabi's $13.6M round (2025-06), alongside a co-investment in Boxful LATAM with the Fondation Botnar-backed NextGen LatAm Fund.
Carao Ventures firmographics
Firmographics- Name
- Carao Ventures
- Legal name
- Carao Ventures S.A.
- Website
- https://caraov.com
- Company type
- Private
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Carao Ventures is a Costa Rica-based early-stage venture capital firm founded in 2012 that invests $25,000 to $1,750,000 tickets at Pre-Seed through Pre-Series A stages into 35+ technology startups across Spanish-speaking Latin America, with emphasis on Central America, Dominican Republic, Colombia, Ecuador, and Peru.
- Ownership category
- akta.pro rank
Carao Ventures industry classification
Industry- Product category
- Early-Stage Venture Capital
- NAICS
- Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Early-Stage Venture Capital (Pre-Seed/Seed) (FSANAAAA)
- akta.pro secondary industry
- Micro-VC & Angel Funds (FSANAAAI)
Keywords
Where Carao Ventures is headquartered
LocationHeadquarters
- HQ city
- San José
- HQ country
- Costa Rica
- HQ region
- Latin America
Offices1 record
Markets served
Carao Ventures business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- Investment Returns / Carried Interest: As a venture capital firm, Carao Ventures generates returns through capital gains on equity investments in portfolio companies. The firm earns carried interest (typically 20%) on profits from successful exits including acquisitions, IPOs, or subsequent funding rounds. Revenue is realized upon liquidity events rather than ongoing operations.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Pre-seed investment ticket: $25,000 to $100,000 |
| Other | Multi-year contract | Seed investment ticket: $250,000 to $1,000,000 |
| Other | Multi-year contract | Pre-Series A/Series A investment ticket: $500,000 to $1,750,000 |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Carao Ventures product offering
Product offeringCore offering
Carao Ventures is an early-stage venture capital firm that invests equity capital in Latin American startups at Pre-Seed, Seed, and Pre-Series A stages. It deploys tickets ranging from $25,000 (Pre-seed) to $1,750,000 (Pre-Series A/Series A), with a particular focus on Central America, the Dominican Republic, Colombia, Ecuador, and Peru, and supplements capital with board participation, network access, and operational/ESG support.
Product overview
Carao Ventures is an early-stage venture capital firm that provides investment services to startups in Latin America, not a product or technology company. The firm focuses on Pre-Seed, Seed, and Pre-Series A stage companies operating in Spanish-speaking Latin American markets, with particular emphasis on Central America, Dominican Republic, Colombia, Ecuador, and Peru. Their investment thesis targets innovation-driven entrepreneurs who are developing or utilizing technologies with potential to transform industries. The firm does not offer technology products or services but rather provides capital, mentorship, and strategic support to portfolio companies. Their portfolio spans 35+ companies across various sectors including fintech, logistics, healthtech, and enterprise software.
Differentiator
Problem solved
Functional benefit
Products and services
- Carao Ventures Fund I Early-stage venture capital fund managed by Carao Ventures that deploys equity investments into Latin American startups at Pre-Seed, Seed, and Pre-Series A stages, with ticket sizes ranging from $25,000 (Pre-seed) to $1,750,000 (Pre-Series A/Series A). The fund targets companies in Spanish-speaking Latin America, with particular interest in Central America, the Dominican Republic, Colombia, Ecuador, and Peru, and supplements capital with board participation, network access, and operational/ESG support.
Quantifiable outcome
- Portfolio includes companies processing over $800M in gross written premiums (Braven)
- +1 more outcomes
Companies that use Carao Ventures
Customer profileNamed customers36 records
Segments3 records
Ideal customer profiles2 records
Carao Ventures technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Carao Ventures partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- iitoscoreBoutique alternative services firm providing legal services to Carao Ventures and portfolio companies. Multiple Carao team members (José Miguel Alfaro - General Counsel, Luisana Apestegui, Conrad Kopper) are associated with iitos, which specializes in venture capital and startup legal structuring, fundraising, and fund formation.
- Kauffman FellowsminorFounder Allan Boruchowicz is a Kauffman Fellow, a prestigious fellowship program for entrepreneurs and investors.
- CINDEminorCosta Rica's investment promotion agency, mentioned as a key ecosystem player in Central America's most mature VC hub.
- Central American & the Caribbean Fintech AssociationminorRegional fintech industry association. Allan Boruchowicz is a founding member and director, connecting Carao Ventures to regional fintech ecosystem development.
- CRBiomedminorCosta Rican cluster of biotechnology and life sciences companies. Allan Boruchowicz is a founding member and director, connecting Carao Ventures to the regional biotech ecosystem.
Scale indicators3 records
Recent moves6 records
Expansion highlights6 records
Carao Ventures competitors and assessment
Company assessmentDirect peers
- Cometa: Mexico-focused early-stage VC that invests in Spanish-speaking LatAm founders. Similar stage focus (Pre-Seed/Seed) and ticket range, making it a close peer for cross-border deal flow competition.
- Caricaco Ventures: Central America-focused early-stage VC firm that co-organized the Caricaco Summit 2026 with Carao. Operates with a similar thesis (Pre-Seed/Seed, regional founders) and directly competes for the same Central American deal flow.
- Magma Partners: Chile-based early-stage VC investing across Latin America with seed tickets of similar size to Carao. Targets Spanish-speaking LatAm founders including those in emerging markets, closely mirroring Carao's mandate.
- Salkantay Ventures: Peru-based early-stage VC focused on impact-driven founders in Latin America; one of Carao's analysts previously worked there. Directly comparable as a regional early-stage fund with similar ticket sizes and stage focus.
- DILA Capital: Mexico-based early-stage VC investing in Spanish-speaking LatAm with comparable seed ticket sizes. Competes with Carao for Mexican and regional deals and operates with a similar hands-on, founder-friendly approach.
- Underscore Ventures: Boston-based early-stage VC that co-invested alongside Carao in Rexi. Comparable as a seed-stage fund with similar ticket sizes and a thesis that includes investing with/through regional funds in emerging markets.
- New Ventures Capital (NVC): Latin American VC manager of the NextGen LatAm Fund backed by Fondation Botnar; co-invested in Boxful LATAM with Carao. Comparable as a regional VC targeting early-stage companies in Central America and frontier LatAm markets.
Broad incumbents
- Kaszek: Largest LatAm-focused VC investing from Seed through growth. Lead investor in Crabi alongside Carao and a benchmark incumbent in the broader LatAm market where Carao operates.
- ALLVP: Mexico-based VC investing across stages in Latin America. A broader incumbent in the same geographic and sector space, frequently competing for the same founder pool as Carao.
- IGNIA: Established Mexico/LatAm VC investing from Seed to growth. Co-investor in Crabi with Kaszek and operates as a broader incumbent in the same ecosystem Carao targets.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Carao Ventures social profiles
Digital presenceCarao Ventures financial estimates
Financial estimateRevenue estimate
Valuation estimate
Carao Ventures leadership team
Management profileNumber of profiles
Profiles9 records
Carao Ventures funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Carao Ventures M&A and investment
M&A and investmentM&A
Investments76 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Carao Ventures
What does Carao Ventures do?
Carao Ventures is an early-stage venture capital firm that invests equity capital in Latin American startups at Pre-Seed, Seed, and Pre-Series A stages. It deploys tickets ranging from $25,000 (Pre-seed) to $1,750,000 (Pre-Series A/Series A), with a particular focus on Central America, the Dominican Republic, Colombia, Ecuador, and Peru, and supplements capital with board participation, network access, and operational/ESG support.
Is Carao Ventures a public or private company?
Carao Ventures is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Carao Ventures founded?
Carao Ventures was founded in 2012. It employs 1 to 10 people.
Where is Carao Ventures based?
Carao Ventures is headquartered in San José, Costa Rica, in the Latin America region.
How does Carao Ventures make money?
One revenue line is on record: investment Returns / Carried Interest.
Who are Carao Ventures's main competitors?
Direct peers on record are Cometa, Caricaco Ventures, Magma Partners, Salkantay Ventures, DILA Capital, Underscore Ventures and New Ventures Capital (NVC). Broad incumbents are Kaszek, ALLVP and IGNIA.
Does Carao Ventures have an API?
No public API is recorded for Carao Ventures.
What industry is Carao Ventures in?
Carao Ventures's product category is Early-Stage Venture Capital. Its primary akta.pro industry code is FSANAAAA, Early-Stage Venture Capital (Pre-Seed/Seed), with a secondary code of FSANAAAI, Micro-VC & Angel Funds. Its NAICS code is 5259 and its SIC code is 6282.