Top 5 Proptech Startup Investors in Costa Rica (October 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: 89
Round size: Seed $500k–$5.5M; Pre-Seed $30k–$1.5M; Venture - Series Unknown $160k–$10M
Lead/follow: 40% lead, 60% 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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Alejandro Moran

Investment focus

Industry: Bitcoin, FinTech, Payments
Stage:Seed
Geography: Costa Rica

Investor stats

Total investments: 1
Lead/follow: 0% lead, 100% follow

Portfolio highlights

Obsidiam — FX, payments and international treasury in one platform. Firm quotes, USDT settlement and an API for businesses.

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Coltefinanciera provides banking and financial services.

Investment focus

Industry: Payments, Bitcoin, FinTech
Stage:Seed, Corporate Round
Geography: Colombia, Costa Rica

Investor stats

Total investments: 2
Lead/follow: 100% lead, 0% follow

Portfolio highlights

Obsidiam — FX, payments and international treasury in one platform. Firm quotes, USDT settlement and an API for businesses.
Payments Way Solutions — Payments Way Solutions SAS is a Fintech company established in 2017, specializing in providing comprehensive payment solutions. The company offers a range of services including mobile applications, payment gateways, and POS terminals to facilitate seamless transactions for businesses. With a focus on innovation and technology, Payments WaySolutions SAS aims to enhance the efficiency of financial transactions in the digital age. Catering to a diverse clientele, the company is committed to delivering secure, efficient, and user-friendly payment solutions. With a team of 50 employees, Payments Way Solutions SAS continues to expand its services to meet the evolving needs of the financial services industry.

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Hem Angels is a part of Hem Securities Limited, which holds experience of 4 decades in Financial Markets. Hem Angels as an angel investment platform intends to co-invest along with the lead investors.

Investment focus

Industry: Apps, Financial Services, Software
Stage:Seed, Series A, Venture - Series Unknown
Geography: India, United Kingdom, Brazil

Investor stats

Total investments: 81
Round size: Seed $16k–$1.4M; Series A $1k–$3M; Venture - Series Unknown $11k–$3M
Lead/follow: 9% lead, 91% follow

Portfolio highlights

QpiAI — QpiAI - Building Next-Generation AI Solutions and Quantum Software
REGRIP — Regrip tyres are a high-performance alternative to fresh tyres for big commercial vehicles' dummies and drive axles. Regrip's inexpensive, dependable, and ecological product line assists fleet owners in saving significant money on tyre use.
WiseDrive — More information about: "Frontpage&quot by offiial website Aviator site.

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