Something big is happening in Latin America. Regional entrepreneurs are demonstrating an impressive ability to fill market gaps, deploy new business models at scale, and the grit required to launch successful ventures in the region. These visionaries are transforming millions of lives for the better, transitioning an entire region from analogue to digital, generating jobs at scale, and delivering massive value for their shareholders. During the past decade startup values multiplied 32 times from an estimated $7 billion in 2010 to $221 billion in 2020(i). Most of the growth took place in the past four years. Foreign institutional investors lured by lower entry points and potential for attractive risk-adjusted returns are now investing alongside regional experts during the early innings of this transformation. While funding round sizes and valuations have increased it has been concentrated in terms of countries and sectors. We believe this is changing rapidly presenting compelling investment opportunities beyond only the three largest geographies and industries. Ten-fold growth across tech-enabled industries is possible providing Integra investors with the opportunity to access differentiated return streams, exceptional entry points and portfolio diversification as Latin America plays catch-up with the American and Asian gig economies.
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