Lima, the capital city of Peru, is rapidly emerging as a significant hub for startups in Latin America. Over the past decade, Lima has developed a vibrant entrepreneurial ecosystem, driven by a combination of government support, a growing tech community, and increasing investment.
The city’s startup scene is diverse, encompassing a wide range of industries including fintech, healthtech, edtech, and e-commerce.
Lima’s entrepreneurial ecosystem began gaining momentum in the early 2010s, supported by a growing number of tech-savvy entrepreneurs and favorable government policies.
In recent years, Lima has gained recognition as a key player in Latin America’s startup landscape, with increasing visibility in global startup rankings and growing interest from international investors.
Key metrics
- Total funding raised: As of 2024, Lima’s startups have secured over $800 million in funding. This includes investments from both local and international venture capital firms.
- Number of active startups: Lima hosts approximately 900 active startups, spanning a variety of sectors from tech and finance to healthcare and retail.
- Size of the talent pool: The city boasts a talent pool of around 150,000 professionals working in tech and startup sectors, bolstered by a network of educational institutions and training programs.
- Notable exits: Notable exits include the acquisition of fintech company Culqi by Visa and the successful IPO of e-commerce platform Linio.
- Growth rate: The Lima startup ecosystem has experienced a robust annual growth rate of around 18% over the past five years, reflecting increasing interest and activity.
Key players
Leading startups
- Rappi: Although originally founded in Bogotá, Rappi’s expansion into Lima has been a key factor in its success in the Peruvian market. The company’s delivery services have significantly impacted Lima’s logistics and e-commerce sectors.
- Culqi: Founded in 2016, Culqi is a fintech startup providing payment processing solutions. Acquired by Visa in 2020, Culqi’s success highlights Lima’s growing prominence in the fintech space.
- Linet: Linet, a local e-commerce platform, has become a significant player in the Peruvian market. Its innovative approach to online retail has driven its growth and contributed to Lima’s e-commerce sector.
- Culqi: Culqi’s growth from a small fintech startup to a major player in the payment processing industry demonstrates the potential for fintech innovation in Lima. The company’s acquisition by Visa underscores the attractiveness of the Peruvian fintech market.
- Linet: Linet’s rise in the e-commerce sector reflects the increasing demand for online retail solutions in Peru. The company’s ability to adapt to market needs and its successful expansion provide valuable insights into the e-commerce landscape.
Influential investors and venture capital firms
- Kaszek Ventures: A leading venture capital firm in Latin America, Kaszek Ventures has invested in several startups in Lima, including fintech and e-commerce ventures. Their involvement highlights the firm’s confidence in the city’s potential.
- Redpoint eventures: This firm has been actively investing in Lima’s tech startups, supporting their growth and development. Redpoint eventures’ investments reflect the increasing interest in Lima’s tech ecosystem.
- Seedstars: Seedstars provides early-stage funding and support to startups in Lima, focusing on sectors such as fintech, healthtech, and edtech. Their presence in the city underscores the growing investment landscape.
Accelerators and incubators
- StartUp Peru: An initiative by the Peruvian government, StartUp Peru offers incubation and acceleration programs for startups. The program provides funding, mentorship, and resources to help early-stage ventures succeed.
- Wayra Peru: Wayra, part of Telefónica’s global accelerator network, offers support to startups in Lima through mentorship, funding, and access to a global network of partners and investors.
Supporting infrastructure
Coworking spaces
- WeWork: With multiple locations in Lima, WeWork provides flexible coworking spaces that foster collaboration and innovation. The company’s spaces offer a range of amenities and networking opportunities for startups.
- Spaces: Spaces offers a vibrant working environment with a focus on community and collaboration. Its coworking spaces support startups in Lima by providing flexible work arrangements and networking opportunities.
- GWorkspace: GWorkspace provides modern coworking facilities and supports startups with a range of services, including meeting rooms, event spaces, and networking events.
Educational institutions and research centers
- Universidad de Lima: Known for its strong business and technology programs, Universidad de Lima contributes to the city’s talent pool through its entrepreneurial programs and research initiatives.
- Pontificia Universidad Católica del Perú (PUCP): PUCP is a leading institution in Peru, known for its research and development efforts in technology and business. Its collaboration with startups helps bridge the gap between academia and industry.
- Instituto de Emprendimiento e Innovación (IEI): IEI focuses on fostering innovation and entrepreneurship through research and training programs, supporting the growth of Lima’s startup ecosystem.
Government initiatives and policies
- StartUp Peru: This government initiative provides funding, mentorship, and resources to support early-stage startups. Its programs aim to boost entrepreneurship and innovation in Lima and across Peru.
- Ministry of Production: The Ministry of Production supports startups through various initiatives, including funding programs and regulatory support. Their efforts contribute to the development of Lima’s entrepreneurial ecosystem.
Market & talent
Market overview
- Size and opportunities: Lima’s startup ecosystem benefits from a growing middle class, increasing internet penetration, and a favorable regulatory environment. Key opportunities exist in sectors such as fintech, healthtech, and e-commerce.
- Growth sectors: Fintech is a major growth sector in Lima, driven by the need for digital financial solutions. Healthtech is also expanding, addressing challenges in healthcare. E-commerce continues to grow, fueled by rising consumer demand for online shopping.
Local talent pool
- Recruitment trends: Lima’s talent pool includes skilled professionals in technology, business, and design. Recruitment trends indicate strong demand for tech talent, particularly in software development and data analytics.
- Cultural factors: The entrepreneurial culture in Lima is characterized by resilience and innovation. Entrepreneurs in the city are known for their ability to adapt and thrive in a competitive environment.
Entrepreneurial mindset and work-life balance
- Mindset: Lima’s entrepreneurs exhibit a strong focus on innovation and scalability. The city’s startup community encourages collaboration and knowledge sharing, fostering a dynamic entrepreneurial environment.
- Work-life balance: While the startup culture in Lima is intense, many entrepreneurs strive to balance their work and personal lives. The city’s focus on wellness and work-life balance contributes to a more sustainable entrepreneurial ecosystem.
Key events & networks
Major conferences and meetups
- Peru Innovation Summit: This annual event brings together entrepreneurs, investors, and industry experts to discuss trends and showcase innovative startups. It provides valuable networking opportunities and insights into the latest developments in the Peruvian startup ecosystem.
- Lima Startup Week: Lima Startup Week is a major event featuring workshops, panels, and networking sessions. It serves as a platform for startups to connect with potential investors and partners.
Industry networks and communities
- Startup Grind Lima: Part of the global Startup Grind network, Startup Grind Lima organizes events and networking sessions to support local entrepreneurs. It offers a platform for knowledge sharing and community building.
- Lima Tech Hub: Lima Tech Hub connects tech startups and provides resources, mentorship, and networking opportunities. It aims to foster a strong tech community in the city and support emerging ventures.
Success stories
Notable exits and IPOs
- Culqi: Culqi’s acquisition by Visa highlights the growing prominence of Lima’s fintech sector. The company’s success demonstrates the potential for high-impact startups in the Peruvian market.
- Linio: Linio’s successful IPO underscores the growth of e-commerce in Lima and the city’s potential for successful exits.
- Linet: Linet’s success in the e-commerce sector highlights the opportunities for growth in Lima’s online retail market. The company’s ability to adapt to market needs provides valuable insights for other entrepreneurs.
Challenges & opportunities
Common challenges
- Funding: Access to early-stage funding remains a challenge for some startups in Lima. While investment levels are growing, securing capital can still be difficult for early-stage ventures.
- Regulatory environment: Navigating regulatory requirements can be complex for startups, particularly in regulated sectors such as fintech and healthtech.
Emerging trends and opportunities
- Digital transformation: The push for digital solutions presents significant opportunities for startups in sectors such as fintech, healthtech, and e-commerce. Innovations in these areas are likely to drive growth and attract investment.
- Sustainability: There is increasing interest in sustainability and social impact within Lima’s startup ecosystem. Startups addressing environmental and social challenges are gaining support from investors and stakeholders.
In conclusion, Lima’s startup ecosystem is a rapidly growing and dynamic environment. With a strong foundation of key players, supportive infrastructure, and a diverse market, the city is well-positioned to continue its rise as a leading startup hub in Latin America.
Despite challenges, the opportunities for innovation and growth make Lima an exciting destination for entrepreneurs and investors.