Top 5 Biotechnology VC Funds &amp; Investors in Costa Rica (November 2026)

Carao was founded in 2012 in San José, Costa Rica and is led by Allan Boruchowicz. It is a pioneering and leading VC firm in Central America, with active investments in startups in the software, biotech, healthtech, fintech, artificial intelligence (AI), construction tech, and other industries. Carao has a distinctive business model specially designed to invest in early-stage venture opportunities in small- and medium-sized countries in LatAm, a market with significant potential but underdeveloped financial resources for high-potential emerging companies. Its differentiated investment approach combines best practices from early-stage VC firms, venture-building, and startup accelerator programs into a value proposition for both promising startups and sophisticated investors with an interest in frontier markets. Carao managed one of the largest and most active angel investor networks in LatAm, the Carao Ventures Investor Club, which was comprised of 40+ members by the end of 2020, predominantly business owners, high-level corporate executives, high net-worth individuals, and family offices from Central America, Colombia, the U.S., Switzerland, and Italy. As of June 2021, Carao launched Carao Ventures Fund I, a $35 million VC vehicle focused on Latin America (the "Fund"). The Fund’s intended geographic focus consists of: (i) primarily, Central America (including Panama), North Andean region (Colombia, Peru, and Ecuador), and the Dominican Republic; (ii) secondarily, investment opportunities in Argentina, Chile, and other small- and medium-sized LatAm countries (except for Brazil); and (iii) lastly, investment opportunities in Mexico or led by founders from the Target Markets in the U.S. shall be considered as Opportunistic Investments.

Investment focus

Industry: Financial Services, FinTech, Software
Stage:Seed, Pre-Seed, Venture - Series Unknown
Geography: United States, Costa Rica, Mexico

Investor stats

Total investments: 90
Round size: Seed $500k–$5.5M; Pre-Seed $30k–$1.5M; Venture - Series Unknown $160k–$10M
Lead/follow: 41% lead, 59% follow
Last fund: May invest from a new fund soon — raised $35M in 2021

Portfolio highlights

Braven — Braven turns every submission into a pre-analyzed, traceable decision, and every book into a live, provable view. Built for MGAs and reinsurers that do their own underwriting.
aviva — Aviva is building an AI-powered digital bank for Latin America’s underserved communities. While determined to fuel Latin America’s ongoing emergence of a new middle class with a fully-fledged portfolio of inclusive financial services, Aviva’s initial go-to-market concentrates on unsecured credit products for individuals and nano-businesses inMexico.As most of the underbanked 40+ million Mexicans live in small and medium-sized towns, Aviva builds a bridge to those living in remote communities with its physical onboarding kiosks. These nano-branches provide a documentless 3-minute video onboarding for everyone in need of liquidity. Novel AI-based technology, including natural language processing, allows Aviva to match customers’ spoken word to the fields of a comprehensive real-time credit application. Transforming speech to text and inferring emotions and personality from the visual layer of the application video gives Aviva an edge in scoring thin-file customers. Leveraging these novel risk models, Aviva aims to provide the lowest interest rates available to today’s underserved.
Crabi — Full stack, digital car insurance

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SOSV offers pre-seed capital and follow-on financial support to startups focusing on deep technology and scientific innovation. Founders utilize purpose-built laboratory facilities and engineering spaces to accelerate product development and testing. The firm facilitates connections between entrepreneurs and a network of investors through structured matchmaking events and technology summits.

Investment focus

Industry: Biotechnology, Health Care, Software
Stage:Seed, Convertible Note, Pre-Seed
Geography: United States, China, Canada

Investor stats

Total investments: 3821
Round size: Seed $125k–$5M; Pre-Seed $25k–$1.5M; Convertible Note $50k–$3.6M
Lead/follow: 38% lead, 62% follow
Last fund: Likely still investing — raised $306M in 2023

Portfolio highlights

Halla — Halla Intelligence is a digital solution that leverages over 100 billion shopper and product data points to recommend and promote what grocery items.
Verdex Technologies — Verdex Technologies is an advanced materials platform technology that uses nanofibers to disrupt industries. Verdex doesn't just compete, it innovates and disrupts.
Samphire Neuroscience — Samphire Neuroscience builds clinically validated neurotechnology to support women across their lives. Our wearable devices, Nettle™ and Lutea™, are built on the same underlying brain-stimulation technology, targeting neural pathways involved in pain, mood, stress, and sleep regulation. - Lutea™ is available globally as a wellness device. Itstimulates the same regions of the brain to support stress regulation, sleep, and recovery - key drivers of readiness and long-term performance - allowing athletes and teams to move beyond wellbeing education alone to practical, evidence-based intervention. - Nettle™ is a CE-marked (EU and UK regulated), drug- and hormone-free device that has been clinically shown to improve pain, mood, functionality, and the ability to train during the menstrual cycle, with measurable benefits after one month of use - supporting athletes to maintain training intensity and movement quality during their period. - The Samphire App is the platform controlling all Samphire hardware products with the use of CycleSync™ AI technology: the only one of its kind to support personalized neurotechnology use for women.

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Angel Hub is a club of angel investors that empowers entrepreneurs and businessmen with innovative and scalable projects with global reach. Angel Hub invests in projects in Latinamerica, which offers access to important investment opportunities in high-potential startups. Angel Hub is based in San Pedro Garza García, N.L., Mexico.

Investment focus

Industry: Software, FinTech, SaaS
Stage:Seed, Pre-Seed, Series A
Geography: Mexico, Colombia, United States

Investor stats

Total investments: 69
Round size: Seed $1M–$3.7M; Pre-Seed $300k–$5M
Lead/follow: 1% lead, 99% follow

Portfolio highlights

HUNTY — HUNTY is a platform that help people find jobs by connecting them with world class mentors who prepare them for the job search process. And people only pay when they get hired.
UIN — UIN is the BehaviorOS for banks, fintechs, telcos, and retailers. Its AI-powered platform analyzes user behavior and transaction data to orchestrate personalized triggers, incentives, rewards, and experiences that increase activation, frequency, retention, and lifetime value.
ALKEMIO — ALKEMIO is a developer of a bio-magnetic technology intended to transform electronic waste into quality battery-grade metals.

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A multi-stage investment fund focused on Consumer, Enterprise, Fintech, Frontier, Healthcare, & PropTech

Investment focus

Industry: Health Care, Software, Biotechnology
Stage:Seed, Series A
Geography: United States, United Kingdom, Colombia

Investor stats

Total investments: 125
Round size: Seed $1.4M–$9M; Series A $5M–$64M
Lead/follow: 2% lead, 98% follow
Last fund: Likely still investing — fund raised in 2024

Portfolio highlights

Natilus — We are creating a new generation of hyper-efficient blended wing body aircraft designed to make commercial aviation more sustainable and efficient, ensuring a healthier planet for future generations.
ALKEMIO — ALKEMIO is a developer of a bio-magnetic technology intended to transform electronic waste into quality battery-grade metals.
HEARTio — Heart I/O is a digital diagnostic startup helping emergency providers identify heart abnormalities in Pittsburgh, PA.

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