Investor Profile: Carao Ventures — Thesis, Cheque Size & How to Apply

Carao Ventures is a pioneering early-stage venture capital firm based in San Jose, Costa Rica, and one of the leading investors in Central America. Founded in 2012 by Allan Boruchowicz and Adrian Garcia, it backs high-potential entrepreneurs in the small and medium-sized markets of Spanish-speaking Latin America, a region historically neglected by venture capital. Its model combines venture investing, venture building and accelerator-style support.

Investment thesis

Carao's thesis is that the most underpriced opportunity in Latin America sits outside Brazil and Mexico, in countries where talented founders lack access to smart early-stage capital. It looks for entrepreneurs with strong technical skills and grit who can disrupt industries that are uncompetitive and in need of an innovation overhaul. It bets that companies built for the region can become regional game changers if they get the right capital and hands-on help early.

Sectors and stages

Carao is sector-agnostic, with active investments spanning software, fintech, healthtech, biotech, artificial intelligence, construction technology and education. It invests at pre-seed, seed and pre-Series A stages, with flexibility for US-based companies run by Latin American founders with operations in the region. Its geographic focus is Central America including Panama, the Dominican Republic, Colombia, Peru and Ecuador, with Argentina and Chile considered secondarily. It explicitly does not invest in weapons, alcohol, tobacco or gambling.

Fund size and cheque size

In 2021 Carao launched Carao Ventures Fund I, a US$35 million vehicle for early-stage startups in its target markets, with first-close backing from the Inter-American Development Bank, the International Finance Corporation and family offices and high-net-worth individuals from Central America, the United States and South America. Third-party profiles put typical cheques at roughly US$250,000 to US$1 million, with a sweet spot near US$500,000 and follow-ons planned for its best performers. Founders should treat the cheque range as indicative, since Carao has not published a single standard cheque.

Notable portfolio

Carao's portfolio reflects its frontier-market brief. It backed Slidebean, a presentation software company; GoPato, a Costa Rican app for finding lost items and nearby services, in which it took a majority stake in 2018; and GoPass, a mobility platform. More recent names on its own site include Aviva, an artificial intelligence-driven digital bank for underbanked communities in Latin America; Crabi, an automotive insurance company; clicOH, a logistics company; ObraLink, a construction monitoring platform; and Tesorio, a financial operations company.

Partners and programmes

Carao is led by Boruchowicz, who previously worked at Mesoamerica Investments, and Garcia. Its distinctive model blends venture capital with venture building and accelerator practices, meaning portfolio founders can expect operational support alongside capital. Carao does not publish a formal accelerator cohort or a credits package, and no perks bundle should be assumed.

How to apply for funding

Carao does not publish an open application form with a fixed deadline. Its website invites founders to get in touch through caraov.com, where it says it would love to hear what founders are building. Lead with technical capability, evidence of traction, and a credible path to regional leadership.