Bogota ranks third in the global ranking of emerging technology ecosystems

Date: 26 October, 2023
  • The city ranked #3 in a global list of 201 technology ecosystems, measuring investment, innovation, talent, and performance in the Rising Stars category.
  • Bogota ranked #1 in the category of Growth Capital invested in early-stage ventures between 2015-2018 and 2019-2022, where the size of the rounds was between USD1-15M. Bogota achieved a capital growth rate of 9.6 times, followed by Riyadh, Saudi Arabia (8.8 times), and Turin, Italy (6.4 times), respectively.
  • The city has become the epicenter of entrepreneurship in the region, having mobilized 144 investment rounds, representing more than USD 1.7 billion by 2022.

Bogota, Colombia, September 2023. Bogota was ranked #3 in the category of Rising Stars among 201 technology ecosystems worldwide in a study conducted by Deal Room. The study analyzed investment, innovation, talent, and performance.

Global experts, including investors like Sequoia, Accel Partners, Index Ventures, and HV Capital, and service providers such as Microsoft, AWS, and Google, among others, took the lead in conducting the study. Additionally, companies at the forefront of innovation, including the University of Cambridge, Huawei, and PEPSICO, contributed alongside strategists and researchers. Facilitators and stakeholders that build and strengthen entrepreneurship ecosystems, such as Tech Nation, La French Tech, and Startup Amsterdam, among others, participated.

The methodology employed a sample of 201 cities, with 168 of them boasting at least one unicorn, 33 cities possessing a minimum of USD 100 million in capital for financing, and each having engaged in no fewer than 50 investment rounds since 2017.

The report considers each “city” as a metropolitan area comprising multiple small cities, suburbs, and nearby towns and was divided into three categories to generate better points of comparison. Trailblazers are leading metrics such as venture capital and the creation of successful startups, likely to be USD 1 billion companies; Science Hubs, propelled by academia and research, feature a robust university-industry nexus, with a paramount focus on advancing state-of-the-art technology. Finally, Rising Stars, are defined as emerging economies with a lower cost of living, the presence of venture capital in early stages, but still lacking depth in investment, and looking to connect with larger ecosystems to continue growing.

Bogota is one of the leading cities in tech-based entrepreneurship in Latin America

According to the study, Bogota occupies a prominent position thanks to its high conversion from series “A” to unicorn. It is also one of the key hubs in Latin America for technology-driven businesses. In the ranking, which includes 32 cities in the “Rising Stars” category, Bangalore tops the list, followed by Curitiba and Bogota in 3rd place. Mumbai and Chennai came in 4th and 5th place, respectively. In addition to Bogota, Mexico City (#20) and Sao Paulo (#30) are mentioned in the list.

Additionally, the city ranks 1st globally in the category of early-stage venture capital growth between the periods 2015-2018 and 2019-2022, where the size of rounds is between USD 1-15 M. Bogota obtained a capital growth rate of 9.6 times, followed by Riyadh, Saudi Arabia (8.8 times) and Turin, Italy (6.4 times) respectively.

“Over the last year, Bogota has positioned itself as the hub of entrepreneurship in Latin America, having mobilized 144 investment rounds, representing more than USD 1.7 billion. We are pleased that the city achieves this type of recognition, which is evidence of the joint work of many public and private players to strengthen the city’s ecosystem. Particularly, we have worked hard at Invest in Bogota to promote and connect the city’s entrepreneurs with foreign investors, for which we have launched the platform for this purpose,” says Isabella Muñoz, Executive Director of Invest in Bogota, Bogota’s investment promotion agency.

About Invest in Bogota

Invest in Bogota is the relevant investment promotion agency, attracting world-class events and meetings and articulating Bogota’s high-impact entrepreneurship ecosystem. A public-private initiative between the Bogota Chamber of Commerce and the Capital District.

Our purpose is to contribute to the socio-economic development, competitiveness, and quality of life of Bogota-Region, positioning it as the preferred destination for doing business in Latin America. For six successive years, it has been acknowledged as one of the premier entities in its category globally, and among the top four in South America, Central America, and the Caribbean, as per the annual Global Best to Invest Report by the international publication Site Selection.

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