Capital raising services in Panama
Panama's VC market is small in domestic deal volume but the country plays an outsized structural role in Latin American growth-capital flows as a holding and treasury jurisdiction for regional tech businesses.
Yappy's rapid adoption of mobile payments through Banco General, alongside AppGate's US listing and Lentesplus's cross-border e-commerce scale, has demonstrated Panama's capacity to support growth-stage businesses attracting international capital.
Flow works with Panamanian and Panama-headquartered founders raising mid- to late-stage capital: we target the right VC and growth-equity investors from our network, build the pitch deck and operating model, and manage the full process - from investor preparation through term negotiation - on a timeline that keeps momentum.
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VC rounds raised in the last 12 months in Panama
$11M
Median VC valuation (across all stages) in Panama
-
Median VC revenue multiple (across all stages) in Panama
$10M
Largest VC round raised in Panama in the last 12 months
Raising venture capital in Panama
Panama's VC market is small but the country plays a meaningful role in Latin American holding-company structures. Most venture-backed Panamanian tech operations sit within a Delaware or Cayman parent over Panamanian operating subsidiaries.
Documentation conventions
Most venture-backed Panamanian tech rounds use offshore-parent (Delaware) NVCA-aligned documentation. Pure-Panamanian rounds adapt to Sociedad Anónima or Sociedad de Responsabilidad Limitada mechanics.
SAFEs and convertibles
Y Combinator SAFEs are widely used in Panamanian seed and Series A rounds with a Delaware parent. The USD-denominated environment makes cross-border instruments unusually friction-free.
Holding structure choice
Panama itself serves as a holding-company jurisdiction in some structures, with operating entities elsewhere. The SEM regime and territorial tax system shape the planning environment for cross-border Latin American structures.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is increasingly standard.
Foreign investment treatment
Panama's FDI regime is among the most open in Latin America. Sector-specific approvals apply in banking, defence and certain critical infrastructure. Most pure-tech rounds operate without sector-specific approval.
Closing mechanics
Closings vary by structure - offshore-parent closings follow international conventions. Panamanian-domestic closings involve Public Registry filings and notarial procedures.
Startups who recently raised money in Panama
Largest VC round raised recently in Panama was a $3.0M Seed of Gacha Galaxy in February 2026.
See all VC rounds in Panama| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Feb-26 | Gacha Galaxy | | Gacha Galaxy is a Web3 platform aggregating on-chain data, market trends, and community insights to highlight promising projects beyond surface-level metrics. | BlocTech Investment GroupBora Chain+3 | $3.0M | - | Seed | |
Dec-25 | PathPulse.AI | | PathPulse.AI is an AI platform processing mobility data to optimize urban transportation for efficiency and safety. | Aptos FoundationBaselayer Capital+6 | $900K | - | Seed | |
Apr-26 | Splyce Finance | | Splyce Finance runs a fixed-rate institutional lending protocol onchain across Stellar, Solana, and upcoming Sui. Institutions collateralize real-world or digital assets in isolated vaults to borrow USDC at locked rates for fixed terms without oracles or liquidation risks, while lenders earn blended yields from DeFi strategies and RWA credit via splyceUSDC, backed by Sui Foundation, Stellar Development Foundation, Solana Foundation, Lucid Ventures, Sarson Funds, and Kin Capital. | KIN CapitalLucid Drakes Ventures+4 | - | - | Seed | |
Dec-25 | Panama Future | | Panama Future is a Panama City-based platform for compliant real-world asset tokenization, focusing on real estate to connect developers, banks, and investors under regional blockchain regulations. | - | - | - | Seed |
Top VCs and strategic investors in Panama
Metalabs Ventures, Coinbase Ventures, Sui Foundation and Chapter One funded the most startups in Panama in the last 12 months.
See all VCs in Panama| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Metalabs Ventures | - | Gacha GalaxyPathPulse.AIAKEDO+1 | 2 | Seed | ||
Coinbase Ventures | | Coinbase Ventures is a San Francisco-based investment arm of Coinbase founded in 2018. The firm targets seed-stage startups in cryptocurrency and blockchain sectors, providing capital to early ventures developing protocols, infrastructure, and applications within the digital asset ecosystem. | HyperbeatP2P meXO Market+2 | 2 | Seed | |
Sui Foundation |  | Sui Foundation is a Cayman Islands-based non-profit organization that supports the Sui layer-1 blockchain ecosystem through grants, developer tools, and community initiatives. Launched alongside Sui's mainnet in May 2023, it funds open-source projects, runs validators, and promotes adoption of the Move programming language for scalable DeFi and gaming applications. The foundation collaborates with Mysten Labs and oversees a treasury exceeding $1 billion in assets. | Splyce FinanceTBookDonut+1 | 1 | Seed | |
Chapter One | | Chapter One is a nationwide platform supporting home service businesses with funding access, AI-driven automation, lead generation pipelines, sales training programs, and marketing toolkits. It backs providers in plumbing, HVAC, and electrical services operating in cities like Los Angeles, Chicago, and Miami. | HyperbeatGlueBULK Trade+1 | 1 | Seed | |
Core International Holding | | Core International Holding is an Abu Dhabi-based investment group offering platforms in direct equity, private equity, venture capital, fintech, and virtual assets across the Middle East. The firm manages portfolios through CIH Capital, investing in real estate, technology startups, and cryptocurrencies. Operating from ADGM-regulated offices, Core International Holding partners with family offices and sovereign funds. Founded in 2018, it oversees assets in UAE, Saudi Arabia, and Egypt. | True Labs | 1 | Seed | |
CoinGecko |  | CoinGecko is a Singapore-based cryptocurrency data platform founded in 2014. It aggregates real-time prices, historical charts, and market caps from hundreds of exchanges worldwide. Users access developer APIs for on-chain metrics, NFT floor prices, and exchange reserve data. CoinGecko ranks tokens by trading volume and liquidity scores while tracking exchange trustworthiness through trust scores. | PathPulse.AILava NetworkBware Labs+1 | 1 | Seed | |
Anchorage Digital | | Anchorage Digital is a San Francisco-headquartered federally chartered digital asset bank providing custody, trading, staking, and governance services to institutions. The platform operates Anchorage Digital Singapore for Asia-Pacific clients and maintains offices in New York, Porto, and Sioux Falls. Founded in 2017, Anchorage Digital secures over $50 billion in assets under custody for hedge funds, exchanges, and foundations. | HyperbeatSaturnOpenEden+1 | 1 | Seed | |
Solana Foundation | | Solana Foundation is a Geneva-based nonprofit supporting the Solana blockchain protocol through grants, research, and ecosystem development. It funds developers building decentralized applications on the high-throughput, proof-of-history network. | Splyce FinanceLatitudeFinloop+1 | 1 | Seed | |
Sarson Funds | | Sarson Funds is a provider of managed cryptocurrency and blockchain investment strategies based in Vancouver, Canada. The firm offers risk-controlled access to digital assets for investors and financial advisors, emphasizing transparency in portfolio construction. Sarson Funds structures products around Bitcoin, Ethereum, and decentralized finance protocols, serving institutional clients through regulated vehicles since its inception in 2018. | Splyce FinanceThe ArenaShipsi+1 | 1 | Seed | |
Baselayer Capital | | - | PathPulse.AIBluwhale | 1 | Seed |
What if not VC? Non-equity funding in Panama
Panama's non-dilutive funding stack is moderate by Latin American standards - between AMPYME, SENACYT programmes, the SEM regime and the territorial tax system, Panama-based operations have multiple advantages without taking equity dilution.
SEM regime
Multinational Headquarters (SEM) regime offers 5% effective corporate income tax and migratory benefits for regional headquarters. Material for tech companies considering Latin American regional HQ.
Territorial tax system
Panama taxes only Panama-source income. Cross-border tech revenue typically falls outside the Panamanian tax net. Materially advantageous for companies with non-Panama-source revenue streams.
Cross-border angel ecosystem
Panama's role as a regional hub attracts cross-border angel investors. Regional family offices and Latin American tech alumni provide structured angel investment.
USD-denominated environment
Panama's use of the US Dollar as legal tender removes currency conversion risk for USD-denominated investments and operations. Materially advantageous for cross-border-focused tech businesses.
Free trade zones (Colón Free Zone, Panama Pacifico)
Panamanian free trade zones offer corporate tax exemptions and simplified customs for qualifying operations. Materially relevant for hardware, logistics and cross-border tech businesses.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Panama and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Panama.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
Got questions?
Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
More services
We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Panama
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A in Panama
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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Schedule a call to get a health check on your business and see how we could help.
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