During 2024, the startup investment ecosystem in Latin America showed signs of recovery, with a 26 % rise in the capital raised compared to 2023, reaching $ 2,850 million dollars. In this same line, the last report of Endeavor and Glisco Partners, 66 % of the capital was concentrated in advanced rounds (Growth and Late Stage), where once again, the sectors that once again They captured most of the investment were artificial intelligence (AI) and Fintech. In fact, although 85% of rounds in the region continue to occur in Seed and Series A stages, capital is being concentrated in less companies. The average ticket increased from 5.1 million to 6.6 million dollars, showing a clear startup preference with greater traction, consolidated product and vision of verifiable scalability. If we lower it to national reality, the phenomenon was different, but equally revealing: more rounds (from 40 to 54), but with less total inverted volume (104 million dollars). This does not necessarily reflect capital shortage, but a greater caution by investors and a higher threshold to decide to invest. In this context, a critical reflection arises that goes beyond the figures: as the risk capital moves to more advanced rounds and concentrates more than 60% of the investment in just two sectors (AI and Fintech), it is the angels and investor networks. Key role in the earliest stages. While Venture Capital funds are already validated, angels investors allow more innovative projects to reach that point with solidity and potential for growth. This capital of capital towards more advanced stages is consistent with the logic of the venture capital: climbing the proven, prioritizing traction, validation and returns. But it leaves a vacuum in earlier stages, where solutions for structural problems are still brewing, such as education, access to health or housing crisis, which do not always fit into the most conventional investment theses. This makes the presence of Ángeles networks and investors even more relevant, who understand the value of investing when the business model still requires maturation, the Product-Market Fit is in process, and although there may be little traction, there is vision, equipment and determination. A encouraging signal is the growth of new angel investment networks in Chile, driven in part by initiatives such as investing: Angel Networks of Corfo. This advance has expanded the investor base, diversified its scope towards regions, key industries such as energy, biotechnology or agribusiness, and encouraged the participation of new entrepreneurs profiles. This strengthening of the Ángel ecosystem not only expands the possibilities of financing, but redefines the way we understand the risk and impact. Investing in early stages is, in many cases, a commitment to transform structures, open markets that still do not exist or respond to needs that have been historically neglected. It is in the early stages where they can make a difference: where there is not so much traction or metrics yet, but vision, talent and determination. Felipe Acevedo He is director of Chile Global Angels of the Chile Foundation
