Carao Ventures
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. Per Crunchbase, Carao Ventures has made 73 investments, 28 as lead investor across 42 portfolio companies, with 5 exits.
Investing activity
Carao Ventures has made 73 investments according to Crunchbase across 42 portfolio companies, and has led 28 rounds and seen 5 exits.
Carao Ventures appears in 1 AI deal tracked by the Lounge deals desk. The rounds are mostly Seed, with a median round size of $5M. The most recent is Braven (Seed, $4.6M, Jun 2026).
Carao Ventures most often invests alongside Collide Capital, Matthias Weber, MGV and Fiat Ventures, and the companies it backs on Lounge are mostly in AI.
Deals
Frequently asked questions about Carao Ventures
What AI companies has Carao Ventures invested in?
Carao Ventures's AI investments include Braven. The 1 round on Lounge are listed on this page with amounts, dates and co-investors.
Where is Carao Ventures based?
Carao Ventures is based in San José, San Jose, Costa Rica.
What stage does Carao Ventures invest at?
In the rounds tracked on Lounge, Carao Ventures has invested at Seed, with a median round of $5M.
Who does Carao Ventures co-invest with?
Carao Ventures's most frequent co-investors on Lounge are Collide Capital (1 deal), Matthias Weber (1 deal), MGV (1 deal), Fiat Ventures (1 deal) and Broom Ventures (1 deal).
How can founders reach Carao Ventures?
Founders on Lounge can see Carao Ventures's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add Carao Ventures to their Investor Pipeline to track the conversation.