The Antioquian capital has set a new historical milestone. According to the most recent Colombia Tech Report (CTR) —a report led by KPMG in alliance with ANDI and Ruta N— Medellin has been cataloged as the best innovation ecosystem and destination in Latin America for doing business with technology-based companies (startups). With this recognition, the city surpassed regional giants such as Mexico City, Santiago de Chile, and Buenos Aires.
This achievement is no coincidence; it is the result of years of coordinated work and an environment that never stops growing. Below, we share the most relevant data from this report and explain why Medellin is currently the focus for investors.
Record Figures: A Magnet for Capital Investment
One of the report's most striking findings is the monumental leap in attracting capital. Medellin demonstrated that Venture Capital funds' confidence is at an all-time high:
- Exponential investment growth: The city went from concentrating 6% of the capital raised by startups in Colombia (US$31 million) to an impressive 18% (US$157 million) in the last year.
- Increase in startups: Medellin increased its participation in the national ecosystem, going from grouping 25% to over 30%, consolidating nearly 700 tech companies in its territory.
- Global recognition: In the prestigious international StartupBlink ranking, the city consolidated its position, ranking 130th among more than 1,500 evaluated cities worldwide.
What is the Secret to Medellin's Success?
The Colombia Tech Report highlights that Medellin's differentiating factor compared to other Latin American capitals is its institutional articulation. The union between the public sector, private enterprise, and academia has created a safe environment that facilitates business scaling.
Key entities like Ruta N have been fundamental in this process. The report highlights success stories of Antioquian startups driven by local programs such as Medellin Next, among which stand out:
- Erco: Recognized for its consolidation and disruptive innovation in the energy sector (EnergyTech).
- Somos Internet: Highlighted for its accelerated growth in the telecommunications and connectivity sector.
The Landscape in Colombia
Nationally, the ecosystem is also in good health. The country currently has over 2,250 technology-based companies, marking a 7% growth compared to the previous measurement. Sectors such as FinTech, PropTech, and EnergyTech lead investment interest. Although Bogota still groups half of the country's startups (50%), Medellin has firmly established itself as the innovation hub with the greatest international projection and accelerated growth in capital raising.
Conclusion: Medellin is no longer just "the city of eternal spring," but the undisputed epicenter of the technological revolution in the region. For entrepreneurs, specialized talent, and investment funds, the message is clear: the future of innovation and business in Latin America is being written in Antioquian territory.
Sources and References
- Colombia Tech Report: Annual report on the startup ecosystem in Colombia, mapping, and analysis prepared by KPMG Colombia, ANDI, CESA, iNNpulsa Colombia, and Ruta N.
- StartupBlink: Data extracted from the Global Startup Ecosystem Index (a global ranking that evaluates innovation ecosystems in cities and countries).
- Economic and regional press: Complementary figures and statements published by media outlets such as Portafolio, La República, and El Colombiano following the official presentation of the report at Ruta N, Medellin.
Published by
Victor Hugo Arango Arboleda