Brazil boasts a great deal of potential for startups for several reasons, one of the most significant of which is its sheer size and extensive market potential. But on top of that, the Brazilian government is also able to offer companies a great deal of support in the form of funding opportunities for expansion and access to innovative technology.
Of course, this has a great deal to do with the overall success of the country’s economy in a more general sense. Indeed, according to the International Monetary Fund (IMF), Brazil not only has a large economy, but it has the eighth-largest Gross Domestic Product (GDP) in the world and the second-largest economy in the Americas, second only to the United States.
And, the best news for this upper-middle-income developing, mixed economy is that it’s still on the rise. In fact, according to the World Bank, Brazil’s economy is expected to continue to grow over the next few years.
Startups in Brazil
There’s no doubt about the fact that Brazil has come a prime destination for startups, not only in Latin America but in the Americas more broadly.
In 2023, there were 13,400 startups officially registered in the country, and that number has been increasing on an annual basis since 2013.
Top Unicorns in Brazil
As of 2024, there are 23 different companies have achieved unicorn status over the years, although not all of them have maintained their billion-dollar status. Indeed, some have simply shifted into public ownership, meaning that while they’re still doing exceptionally well, they’re no longer classified as unicorns.
Today, the number of current unicorn companies in Brazil is closer to about 15. Here are the top 5 unicorns in Brazil.
QuintoAndar: $5.1 Billion
QuintoAndar, based in Sao Paulo, is the operator of a virtual real estate platform. Its digital marketplace is designed to help residents in Brazil find long-term rentals, featuring listings and helping users book visits and close deals.
The idea behind the platform is to eliminate the need for in-person paperwork, providing rental insurance and processing payments without having to involve tenants and landlords in processes that require practical experience.
The company was founded by Gabriel Braga Vierira, the company founder, and Sawara Kumar, both of whom are now sharing the role of CEO.
C6 Bank: $5.05 Billion
C6 Bank was founded in 2012 by Alejandro Alfonso, Alejandro Vazquez, Jose Abuchaem, Martin Palombo and Santiago Sosa. The company now has 29 investors and is based in Sao Paulo.
Now worth $3 billion, C6 Bank provides small and medium-sized businesses with the tools they need to be able to setup, manage and promote their online businesses.
Creditas: $4.8 Billion
Founded in Sao Paulo in 2012, Creditas is the developer of a digitally secured lending platform that offers users lending, financing and investment services at low interest rates.
The intention behind the company’s services is to provide loans at rates that are affordable. The company does so by borrowing collateral (things like vehicles and homes) by means of partnerships with other financial institutions.
Nuvemshop: $3.1 Billion
Nuvemshop is the developer of a gaming platform that is designed to discover, buy, rent and store games on the cloud.
Via its online platform, Nuvemshop sells personal computer games at prices that are fair along with content that is localised in the relevant native languages. This enables gamers to play games with friends and family.
Founded in Rio De Janeiro in 2011, Nuvemshop is now worth $3.1 billion.
Wildlife Studios: $3 Billion
Wildlife Studios is a Sao Paulo-based startup worth $3 billion. The company is the operator of a gaming studio that publishes mobile games.
These games include things like battle royales, arcades and so much more, all of which are compatible with a variety of different types of devices. The company was founded by Michael Mac-Vicar, Arthur Lazarte and Victor Lazarte in 2011.
