80 alumni-founded unicorns . . . and counting

McKinsey alumni-founded unicorns 2023: Latin America

Latin America's startup ecosystem is transforming with the emergence of McKinsey alumni-founded companies worth over $1 billion. Three unicorns have been founded in two different countries, with one of them being Mexico's first and most valuable unicorn. Spanning various industries throughout Latin America, alumni-founded unicorns are disrupting traditional business models and are creating innovative solutions to meet the needs of consumers in the region. Read on to see who made the list.

Did we miss any? Let us know for our next list.

Loreanne Garcia (left) and Carlos Julio Garcia (center), co-founders of Kavak

Kavak

Carlos Julio Garcia (BOG 12-14) and Loreanne Garcia (CAR, SFO 06-08, 10-13)
Headquarters: Mexico City
Value: $8.7B (Public information from Sep. 2021)

The brother and sister alum duo of Carlos Julio Garcia and Loreanne Garcia launched Kavak in 2016 to improve the used-car buying and selling experience in Latin America. Kavak is solving inefficiencies within the marketplace and correcting vulnerabilities that leave consumers susceptible to risk and fraud by offering consumers access to a holistic model offering a digital catalog of certified pre-owned vehicles and in-store and after-sales services and financing.

Kavak became Mexico’s first unicorn in 2020, expanded its presence throughout Latin America and the Middle East over the past three years, and is Latin America’s highest-valued startup.

Merama

Renato Andrade (SPO 16-21) and Guilherme Nosralla (SPO 10-19)
Headquarters: Mexico City
Value: $1.2B (Public information from Dec. 2021)

Renato Andrade and Guilherme Nosralla co-founded this Latin American e-commerce aggregator in 2020. Merama partners with high-growth consumer brands in Brazil, Mexico, Colombia, Chile, and Peru with capital and operational support to scale and reach new markets.

The company received its horn in 2021, just 12 months after its founding. Renato and Guilherme credit Merama’s growth to prioritization. “When you are building something from scratch, there is a lot to do, and it is easy to get lost in the details,” explains Guilherme. “Prioritization is key. I embedded this early on in our company's culture, and even though it may not be perfect, "’we get things done.’”

Rappi


Andres Bilbao Ocampo (CHI, SYD 13-16)
Headquarters: Bogotá, Colombia
Value: $5.2B (Public information from Jul. 2021)

Rappi is a Colombian on-demand delivery and e-commerce platform co-founded by Andres Bilbao Ocampo in 2015. The company offers a range of services, including food delivery, grocery delivery, pharmacy delivery, and more. Rappi's platform allows users to order products and services from local businesses and deliver them to their doorstep in as little as 10 minutes.

Rappi has received $2 billion in funding and has expanded its services to several Latin American countries. In 2023, the company launched a new lending business for restaurants and acquired Brazilian startup Box Delivery, its largest acquisition to date.

Discover alum-founded unicorns from other regions

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Asia
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Europe
 
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Middle East and Africa
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North America