Brazil is home to 24 out of 45 startup unicorns in Latin America, with notable companies like Nubank, iFood, and 99, according to a Distrito study.
Mexico and Argentina follow with seven unicorns each. Chile has three.
Investors poured $11.6 billion into these Brazilian firms from 2019 to 2023. This total doesn't count IPOs or loans.
Latin America accounts for just 4% of global unicorns. Yet, the region's startup activity started booming in 2018.
Brazil alone drew $22 billion through 3,471 investment rounds . . .