The puzzle game development industry in Latin America is a rapidly expanding segment of the gaming market, driven by creativity and innovation. Companies range from small indie studios to larger firms, creating engaging puzzle games that attract both local and international players. With a growing interest in mobile games and gamification, developers often blend traditional mechanics with modern technology, such as blockchain and virtual reality. The market is becoming increasingly competitive as investment flows into promising ventures, pushing boundaries in storytelling, art, and gameplay. This industry is on an upward trajectory, showing no signs of slowing down.

The investor landscape for puzzle game development in Latin America showcases a mix of corporate giants and venture capital firms from key cities such as Sao Paulo and Buenos Aires. Since their establishments between 2010 and 2021, these investors have actively engaged in numerous funding rounds, with recorded investments tallying significant deal counts in 2024. Ranging from small firms to those managing hundreds of employees, their focus on technology and gaming is noteworthy. With some investing in multiple projects, the synergy between investor and developer remains critical in driving growth.

Top 12 Puzzle Game Development Investors in Latin America

1. bossa invest

• Website: bossainvest.com
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2011
• Headcount: 11-50
• Number of deals in 2024: 56
• LinkedIn: bossainvest

Bossa Invest is a venture capital firm based in Sao Paulo, Brazil, founded in 2011. The firm specializes in investing in innovative startups, particularly within the technology sector. Bossa Invest provides capital, strategic guidance, and access to a network of co-investors, aiming to empower entrepreneurs and foster growth in the startup ecosystem. Notably, Bossa Invest has participated in several transactions relevant to the gaming industry, including QUByte Interactive, which raised funds in a Pre-Seed round, and Umbu Games, which also secured funding in a venture round. These investments highlight Bossa Invest's commitment to supporting gaming startups, making them a potential player in the puzzle game development space.

2. Sanctor Capital

• Website: sanctor.com
• Type: Venture Capital
• Headquarters: San Juan, San Juan, Puerto Rico
• Founded year: 2021
• Headcount: 1-10
• Number of deals in 2024: 8
• LinkedIn: sanctor-capital

Sanctor Capital is a venture capital firm based in San Juan, Puerto Rico, founded in 2021. They specialize in supporting early-stage projects in the Web3 space, providing mentorship and acceleration services to help founders navigate the challenges of launching their startups. In 2024, they have made 8 investments, including notable transactions in the gaming sector. For instance, they participated in a $4 million funding round for Mighty Bear Games, which is focused on blockchain gaming, and contributed to a $5 million round for Studio 369, the developers of the blockchain-powered multiplayer shooter MetalCore. Their investments reflect a commitment to technology and gaming innovation, making them a potential player in the puzzle game development landscape.

3. NXTP Ventures

• Website: nxtp.vc
• Type: Venture Capital
• Headquarters: Buenos Aires, Buenos Aires, Argentina
• Founded year: 2011
• Headcount: 11-50
• Number of deals in 2024: 4
• LinkedIn: nxtp-ventures

NXTP Ventures is a venture capital firm based in Buenos Aires, Argentina, founded in 2011. The firm specializes in investing in early-stage B2B startups across Latin America, focusing on sectors such as Cloud & SaaS, E-commerce, Fintech, and AI. Notably, NXTP Ventures has also invested in the gaming sector, with significant transactions including TinyBytes Games, which raised a total of $1,388,000 across two rounds (Seed and Series A) in 2014 and 2018, respectively. Additionally, they invested in Widow Games, which raised $280,000 in a Seed Round in 2013. These investments highlight NXTP's engagement in the gaming industry, particularly in companies that could be involved in puzzle game development.

4. Canary

• Website: canary.com.br
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2017
• Headcount: 11-50
• Number of deals in 2024: 23
• LinkedIn: canary-venture-capital

Canary is a venture capital firm based in Sao Paulo, Brazil, founded in 2017. They specialize in early-stage investments across Latin America, providing capital, co-founding assistance, and fostering a strong community of entrepreneurs. Canary has been involved in several notable transactions in the gaming sector, including investments in Joyride Games, a company that raised funds in May 2022, and Gamers Club, which raised funds in May 2017. These investments highlight their interest in the gaming industry, including puzzle game development, as they support startups that contribute to this space.

5. Infinite Capital

• Website: infinite.xyz
• Type: Venture Capital
• Headquarters: San Juan, San Juan, Puerto Rico
• Founded year: 2017
• Headcount: 1-10
• Number of deals in 2024: 7
• LinkedIn: infinitecap

Infinite Capital is a venture capital firm based in San Juan, Puerto Rico, founded in 2017. The firm specializes in supporting innovative teams at the forefront of decentralized networks and deep tech, providing both capital and strategic guidance to entrepreneurs. In 2024, they participated in notable transactions such as Gunzilla Games, which raised $10 million, and Pixelmon, a web3 project that raised $8 million to revamp its IP. Their investment in Heroes of Mavia and Dynasty Studios also highlights their engagement in the gaming sector. While their primary focus is not on puzzle games, their involvement in gaming projects suggests a broader interest in the industry, which may include puzzle game development.

6. Base Partners

• Website: basepar.com
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2016
• Headcount: 1-10
• LinkedIn: base-growth

Base Partners is a venture capital firm based in Sao Paulo, Brazil, founded in 2016. The firm specializes in investing in private technology companies, particularly in Latin America, providing both capital and strategic support to help these companies thrive in competitive markets. Notably, Base Partners has participated in significant funding rounds for gaming companies, including a $60 million Series A investment in Wildlife Studios, a prominent mobile game developer. Additionally, they have been involved in multiple funding rounds for Mobile Premier League, a mobile gaming platform that has raised substantial amounts, including $150 million in Series E and $90 million in Series C. These transactions highlight Base Partners' active role in the gaming sector, particularly in mobile gaming, which often includes puzzle games.

7. Nexo

• Website: nexo.com
• Type: Corporate
• Headquarters: Georgetown, Demerara-Mahaica, Guyana
• Founded year: 2018
• Headcount: 501-1000
• LinkedIn: nexofinance

Nexo is a financial technology company founded in 2018, specializing in digital asset management and cryptocurrency services. Based in Georgetown, Demerara-Mahaica, Guyana, Nexo offers a platform for users to buy, exchange, and borrow against cryptocurrencies, catering to both individual consumers and businesses. The company provides innovative financial solutions, including a loyalty program and corporate accounts, to enhance the management of digital assets. In addition to its core services, Nexo has been involved in several notable transactions in the gaming sector, particularly in puzzle game development. For instance, Nexo participated in the $2.1 million seed funding round for Time Shuffle, a project that aligns with the puzzle game genre. Furthermore, Nexo has also invested in other gaming projects such as DOMI Online and Arker: The Legend of Ohm, indicating a broader interest in the gaming industry, including puzzle games.

8. Norte Ventures

• Website: norte.ventures
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2020
• Headcount: 1-10
• Number of deals in 2024: 11
• LinkedIn: norteventures

Norte Ventures is a venture capital firm based in Sao Paulo, Brazil, founded in 2020. They focus on providing resources and support for startups in the technology sector, including consulting services and educational materials to help entrepreneurs navigate the challenges of building and scaling their businesses. Norte Ventures has been involved in several notable transactions in the gaming industry, such as the seed funding for Jungle, a Web3 game studio, which raised $6 million to develop a mobile NFT shooter game. They also participated in the seed round for Katapult Studios, which raised $6 million, and have invested in other startups like Falco and Jitter. Their active engagement in the gaming sector demonstrates their commitment to fostering innovation and supporting the growth of technology-driven companies, including those in game development.

9. Msw Capital

• Website: mswcapital.com.br
• Type: Venture Capital
• Headquarters: Rio De Janeiro, Rio De Janeiro, Brazil
• Founded year: 1999
• Headcount: 1-10
• Number of deals in 2024: 2
• LinkedIn: mswcapital

Msw Capital is a venture capital firm based in Rio de Janeiro, Brazil, founded in 1999. The firm specializes in corporate venture capital management, focusing on high-potential startups primarily in the technology sector. Msw Capital aims to foster partnerships between startups and corporations to drive growth and technological advancement. Notably, they invested in Widow Games in a seed round in June 2020, which indicates their involvement in the gaming industry. Additionally, they participated in funding rounds for other technology-focused companies, such as ARVORE and Yours Bank, showcasing their commitment to supporting innovative startups. While their portfolio includes diverse sectors, their investment in a gaming company aligns them with the puzzle game development industry.

10. Valhalla Capital

• Website: valhalla.capital
• Type: Venture Capital
• Headquarters: San Juan, San Juan, Puerto Rico
• Headcount: 1-10
• Number of deals in 2024: 2
• LinkedIn: valhalla-capital

Valhalla Capital is a venture capital firm based in San Juan, Puerto Rico, that supports founders and builders in decentralized finance, play-to-earn, and the metaverse. They provide essential services such as capital, connections, research, and strategic guidance to help startups navigate their respective industries. Notably, Valhalla Capital has participated in several seed funding rounds for gaming-related projects, including Genopets, which raised $8.3 million, and GameDAO, which secured $2 million. These investments highlight their interest in the gaming sector, particularly in innovative and emerging gaming models that could encompass puzzle games.

11. Upload Ventures

• Website: upload.ventures
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2022
• Headcount: 11-50
• Number of deals in 2024: 3
• LinkedIn: upload-ventures

Upload Ventures is a venture capital firm based in Sao Paulo, Brazil, founded in 2022. The firm invests in and supports technology-driven companies across various industries, including SaaS, healthtech, and gaming. They focus on partnering with startups to provide investment, consulting, and resources necessary for growth, particularly in the Latin American market. Notably, Upload Ventures led a $3 million funding round for Tipspace, a software application for 'play-to-earn' games, indicating their active interest in the gaming sector. Additionally, they have been involved with Wildlife Studios, a known player in the gaming industry, further showcasing their engagement in this field.

12. Verve Capital

• Website: vervecapital.us
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2019
• Headcount: 1-10
• Number of deals in 2024: 3
• LinkedIn: verve-capital

Verve Capital is a venture capital firm based in Sao Paulo, Brazil, founded in 2019. The firm specializes in early-stage investments in technology-driven startups across Latin America, providing not only funding but also strategic support to help entrepreneurs achieve significant growth. Their focus spans innovative sectors such as FinTech, HealthTech, and EdTech. Notably, Verve Capital has participated in various funding rounds, including an investment in Tipspace, a software application for 'play-to-earn' games, which aligns with the gaming industry. Additionally, they have invested in companies like KiddieKredit and Moises, showcasing their diverse investment portfolio. Their engagement in the gaming sector, particularly with Tipspace, indicates a potential interest in puzzle game development, making them a noteworthy player in the investment landscape.

Puzzle Game Development Insights: Key Investors in Latin America

Investor	Headquarter	Size	Founded	Deals 2024
bossa invest	Sao Paulo, Sao Paulo, Brazil	11-50	2011	56
Sanctor Capital	San Juan, San Juan, Puerto Rico	1-10	2021	8
NXTP Ventures	Buenos Aires, Buenos Aires, Argentina	11-50	2011	4
Canary	Sao Paulo, Sao Paulo, Brazil	11-50	2017	23
Infinite Capital	San Juan, San Juan, Puerto Rico	1-10	2017	7
Base Partners	Sao Paulo, Sao Paulo, Brazil	1-10	2016	0
Nexo	Georgetown, Demerara-Mahaica, Guyana	501-1000	2018	0
Norte Ventures	Sao Paulo, Sao Paulo, Brazil	1-10	2020	11
Msw Capital	Rio De Janeiro, Rio De Janeiro, Brazil	1-10	1999	2
Valhalla Capital	San Juan, San Juan, Puerto Rico	1-10		2
Upload Ventures	Sao Paulo, Sao Paulo, Brazil	11-50	2022	3
Verve Capital	Sao Paulo, Sao Paulo, Brazil	1-10	2019	3

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