Carao Ventures

Carao Ventures is an early-stage venture capital firm based in San José, Costa Rica, founded in 2012 by Allan Boruchowicz and Adrian Garcia. It was the first VC firm in Central America and has since become a leading investor across small and medium-sized Latin American markets including Costa Rica, Guatemala, Honduras, Panama, the Dominican Republic, Colombia, Ecuador, and Peru. The firm manages $35 million through Carao Ventures Fund I, launched in July 2021 with a $3 million commitment from IFC (World Bank Group) — the first such Startup Catalyst investment in Central America. Carao leads rounds at the Pre-seed through Series A stages, with typical checks of $500,000 to $1 million across 35 portfolio companies and 64 total investments. Notable portfolio companies include Saf.money in financial software, Crabi in automotive insurance, Strike Security in cybersecurity, and Aviva. The firm has recorded two exits: Logysto, acquired by Clicoh in October 2022, and Megabite in March 2024. Carao's model uniquely combines venture capital investment, venture building, and accelerator practices tailored for frontier Latin American markets. Managing Partner Allan Boruchowicz leads a team of seven alongside partners Tomas Arias, Maria Cristina Oreamuno, and Conrad Kopper. Strategic partnerships with Newtopia VC and Caricaco strengthen the Central American startup ecosystem around the firm. Beyond capital, Carao is a hands-on institutional presence where few others operate.