Capital raising services in Uruguay
Uruguay's VC and growth-capital market is disproportionately active for a country of its size, with dLocal's NASDAQ listing and PedidosYa's acquisition by Delivery Hero establishing credibility with tier-one international investors.
Pomelo, Scanntech and Tryolabs have attracted capital from US, European and regional Latin American funds, and Uruguay's role as a regional holding-company jurisdiction draws additional cross-border investment activity.
Flow manages end-to-end VC fundraising processes for Uruguayan companies targeting growth capital on the best available terms: investor targeting across our extensive network, pitch deck and financial model build, and full process management from first call to closing.
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VC rounds raised in the last 12 months in Uruguay
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Median VC valuation (across all stages) in Uruguay
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Median VC revenue multiple (across all stages) in Uruguay
$12M
Largest VC round raised in Uruguay in the last 12 months
Raising venture capital in Uruguay
Uruguay's VC market is small but disproportionately active given the size of the country, driven by dLocal's success and Uruguay's role as a regional holding-company jurisdiction. Most material rounds at Series A and later involve an offshore holding structure (Delaware) for international investor familiarity.
Documentation conventions
Most venture-backed Uruguayan rounds use offshore-parent (Delaware) NVCA-aligned documentation. Pure-Uruguayan rounds adapt to S.A. (Sociedad Anónima) or S.A.S. mechanics.
SAFEs and Uruguayan convertibles
Y Combinator SAFEs are widely used in Uruguayan seed and Series A rounds with a Delaware parent. Uruguayan-law convertible instruments are used in pure-Uruguayan structures.
Holding structure choice
Uruguay is itself a popular holding-company jurisdiction for regional Latin American structures (particularly serving Argentine startups looking for an offshore parent). The role of Uruguay as both source country and intermediate jurisdiction is one of the most distinctive features of the Uruguayan ecosystem.
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
Uruguay's FDI regime is one of the most open in Latin America - no general approval requirement and equal treatment for foreign investors. Sector-specific approvals apply in defence, broadcasting and certain critical infrastructure.
Closing mechanics
Closings vary by structure - offshore-parent closings follow international conventions. Uruguayan-domestic closings involve commercial registry filings and notarial procedures.
Startups who recently raised money in Uruguay
Disclosed VC rounds raised in Uruguay in the last six months, ranked by amount raised.
See all VC rounds in Uruguay| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Apr-26 | TripWip | | TripWip is a Mexico City-based carsharing service operating in Latin America, with fleets in Mexico and Colombia. The app enables peer-to-peer rentals of vehicles for urban mobility, featuring GPS tracking and insurance through partners like AXA. | Epic Angels | - | - | Seed | |
Mar-26 | Zapia AI | | Zapia AI is a personal assistant powered by artificial intelligence that operates through WhatsApp to handle everyday tasks. Targeted at users in Latin America, the platform manages scheduling, reminders, purchases, and information queries via conversational interfaces. Mexico City-based Zapia AI integrates with local services for payments and deliveries to streamline routines in regions with high mobile messaging adoption. | Prosus Ventures | - | - | Seed | |
Jan-26 | Viatik | | Viatik is a mobility platform revolutionizing intercity travel in the Americas by facilitating carpooling to utilize over 657 million unused daily car seats. Operating primarily in Uruguay and Argentina with 200,000 sign-ups, it offers rides at 50 percent below competing bus fares while achieving an NPS score of 90. The company integrates multimodal options encompassing carpooling, buses, and trains to address inefficiencies in legacy networks across South America. | Plug and Play | - | - | Pre-seed | |
Jan-26 | Menteo | | Menteo is an AI-powered marketing agent automating customer engagement for restaurants to boost sales through personalized interactions around the clock. | 500 Global | - | - | Pre-seed |
Top VCs and strategic investors in Uruguay
500 Global, Zentynel Frontier Investments, Prosus Ventures and Canary funded the most startups in Uruguay in the last 12 months.
See all VCs in Uruguay| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
5 | 500 Global | | 500 Global is a San Francisco-headquartered venture capital firm formerly known as 500 Startups founded in 2010. The firm invests from seed to growth stages in technology companies across Southeast Asia, Latin America, Middle East, Europe, and the US with a portfolio exceeding 2,800 startups. Notable investments include Canva, Creditas, and Revolut spanning fintech, e-commerce, and SaaS sectors. 500 Global operates regional funds and accelerators in 80 countries promoting diverse founder ecosystems. | MenteogopersonalQuill Meetings+2 | 2 | Pre-seed |
Zentynel Frontier Investments | | Zentynel Frontier Investments is a venture firm focusing on frontier technologies and emerging markets. The company deploys capital into high-growth opportunities in blockchain, AI, and biotech sectors globally, providing portfolio companies with network access and operational guidance. | AxenyaXeptiva TherapeuticsBIOMAKERS+1 | 2 | Seed | |
Prosus Ventures | | Prosus Ventures is the venture capital arm of Prosus investing in technology startups worldwide. Amsterdam-headquartered, it backs companies in consumer internet, fintech, and logistics with over 50 portfolio firms including Meesho and ElasticRun. The fund deploys capital from seed to Series D stages, providing operational support for global expansion in emerging markets. | Zapia AIRapidoDeccan AI+1 | 2 | Seed | |
Canary | | Canary is a São Paulo-headquartered early-stage venture capital firm active since 2017, investing in tech startups across Latin America. Partners bring experience from Silver Lake, Tarpon, and MSquare/Velt, with track records including one of Latin America's 20 unicorns. The firm manages deals in fintech, SaaS, and consumer tech from its Brazilian base. | AxenyaInner AISaúde Bliss+2 | 1 | Series A | |
SherVentures | - | Mappa.ai | 1 | Seed | ||
Plug and Play | | Plug and Play is a Sunnyvale-headquartered venture builder founded in 2006 that operates accelerator programs in 40 industries including fintech, insurtech, and mobility across 50 global offices. It connects over 3,000 startups annually with partners like Google, Visa, and Mercedes-Benz through demo days and corporate innovation challenges. The platform invests in seed and Series A rounds while providing co-working spaces in hubs from Silicon Valley to Singapore. | ViatikStitcherAIMelazyme+2 | 1 | Pre-seed | |
Seagrass | | Seagrass is a London-based climate finance platform channeling investments into coastal nature-based solutions like seagrass meadow restoration in the UK and Caribbean. It structures carbon credits from projects sequestering blue carbon, partnering with conservation groups in Belize and Bahamas. The firm issues bonds backed by verified sequestration data. Founded in 2021, Seagrass collaborates with HSBC for funding blue economy initiatives. | Mappa.ai | 1 | Seed | |
Grão | | Grão is a Brazilian fintech app offering digital accounts, savings products, and investment funds. The platform provides accessible financial services including payments, transfers, and fixed-income options at competitive rates. Grão manages private assets through diversified fund portfolios tailored for retail investors seeking stable returns. | Mappa.aiCoalizeBeConfident+1 | 1 | Seed | |
SoGal Ventures | | SoGal Ventures is a New York-based venture capital firm backing pre-seed and seed-stage startups led by women and diverse founders addressing challenges in health, work, and lifestyle for younger generations. The fund has invested in over 50 companies since 2016, including Maven Clinic for maternal health and The Wing for professional women's communities. With a portfolio spanning fintech, edtech, and consumer tech, SoGal supports underrepresented entrepreneurs from emerging markets through its global network. | Mappa.aiSilicon Dataindē wild+1 | 1 | Seed | |
AngelHub VC | | AngelHub VC is a San Pedro Garza García-based club of angel investors in Mexico. The group funds scalable startups in Latin America, particularly fintech, e-commerce, and software-as-a-service projects with cross-border potential. It provides €100,000 to €500,000 checks alongside mentorship from regional business leaders. | Mappa.aimetaBIX BiotechSigna+2 | 1 | Seed |
What if not VC? Non-equity funding in Uruguay
Uruguay's non-dilutive funding stack is moderate but accessible - between ANII grants, software industry tax exemptions and free trade zone benefits, Uruguayan startups have multiple paths to extend runway.
ANII grants
ANII (National Research and Innovation Agency) administers federal R&D and innovation grants, plus the Emprendedor programme. Slow but non-dilutive.
ANDE entrepreneur support
ANDE (National Development Agency) provides SME and entrepreneur support including grants, lending guarantees and acceleration.
Software industry incentives
Qualifying Uruguayan software companies benefit from corporate income tax exemption on income from software produced in Uruguay and exported. Material for Uruguayan SaaS and tech businesses at scale.
Free trade zones
Uruguayan free trade zones offer 0% corporate income tax and simplified customs and labour mechanics. Materially relevant for cross-border tech and service operations.
Uruguayan angel ecosystem
dLocal, PedidosYa, Globant and other tech alumni anchor a growing angel scene. Endeavor Uruguay and Xeniors coordinate structured angel investment.
Cross-border venture debt
Cross-border providers (Sympatico Capital, Partners for Growth) operate in Uruguay via Latin American arms. Typically deployed against ARR or contracted revenue from Series A onwards.
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 Uruguay and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Uruguay.
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.
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Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
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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 Uruguay
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.
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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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