The Latin American startup ecosystem is booming. With investment pouring in from across the globe, many startups are growing at exponential rates and rapidly approaching “unicorn” status.

A unicorn startup is one that is valued at over $1B. ALLVP, a Mexico-based venture capital firm, compiled a list of “soonicorns” – startups that are soon to reach the $1B valuation mark.

Mexico currently registers over 1,200 tech startups, making it a leading player in the tech ecosystem of the region. The country’s strategic location in terms of trade networks, and also its proximity to North America, means that the country is primed for a thriving startup ecosystem.

ALLVP counts 25 Mexican startups among its “soonicorn” list, including Fondeadora,Flink,Albo, and Credijusto.

Brazil also stands out for its number of “soonicorns”, counting 46 companies. These include Olist, Buser, and Tembici.

Colombia and Chile are also producing exciting new startups, a handful of which are also expected to reach the unicorn mark soon. Argentina, Peru, Venezuela and Ecuador, while smaller ecosystems have also seen significant industry growth.

Although the companies vary across different industries, 38% of the “soonicorns” are fintechs. A significant proportion also belong to e-commerce, logistics, proptech, and healthtech.

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