The business travel industry in Latin America is a vibrant segment driven by growing international trade and corporate expansion. Companies in this sector range from travel agencies, airline services, and accommodation providers to tech startups offering innovative solutions for travel management. Increasingly, there is a focus on enhancing travel experience through technology, including platforms that enable easier booking and flexible accommodations. Business travel expenditures are steadily rising, with opportunities across various sectors to cater to the modern professional’s needs, making it a hotbed for investment and entrepreneurship in the region.


The investors listed here are primarily venture capital firms based across Latin America, particularly in Brazil and Mexico. Established between 2005 and 2017, these firms vary in size, with many operating with compact teams of 10 to 50 employees. In 2024 alone, they invested heavily, engaging in 56 deals that reflect their strong commitment to shaping the future of the business travel industry. Key players include Bossa Invest and Monashees, both of which have made significant contributions to travel tech startups.


Top 13 Business Travel 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 in the technology sector, and provides capital, strategic guidance, and access to a network of co-investors. Bossa Invest is committed to empowering entrepreneurs and fostering growth in the startup ecosystem. Notably, Bossa Invest has been involved in several transactions relevant to the business travel industry, including investments in Instaviagem, a surprise travel startup that raised approximately US$500,000 to scale its operations and expand internationally, and Flapper Technologies, which has received multiple rounds of funding to enhance its services in the aviation and travel sector. These investments highlight Bossa Invest's active role in supporting startups that contribute to the business travel landscape.


2. Magma Partners

  • Website: magmapartners.com
  • Type: Venture Capital
  • Headquarters: Providencia, Santiago, Chile
  • Founded year: 2014
  • Headcount: 11-50
  • Number of deals in 2024: 6
  • LinkedIn: magma-partners

Magma Partners is a venture capital firm based in Providencia, Santiago, Chile, founded in 2014. The firm specializes in investing in early-stage startups across Latin America, providing both funding and advisory services to entrepreneurs. With a focus on sectors like fintech and insurtech, Magma Partners has backed over 125 companies aimed at solving significant regional challenges and supporting scalable technology businesses. Notably, they have invested in Nuvocargo, which raised $36.5 million in Series B funding in June 2023 and $12 million in Series A funding in April 2021. Nuvocargo operates in the logistics space, which is directly relevant to business travel as it involves the transportation of goods and services. Additionally, their investment in Base Operations, a company that provides a street-level threat mapping platform for enterprise security, highlights their interest in enhancing safety and security for businesses, a key concern for business travelers.


3. Monashees

  • Website: monashees.com
  • Type: Venture Capital
  • Headquarters: Sao Paulo, Sao Paulo, Brazil
  • Founded year: 2005
  • Headcount: 11-50
  • Number of deals in 2024: 18
  • LinkedIn: monashees-capital

Monashees is a venture capital firm based in Sao Paulo, Brazil, founded in 2005. The firm specializes in investing in technology-based companies across Latin America, providing not only funding but also support in areas such as talent acquisition and fundraising. Among their notable transactions, Monashees participated in a significant Series C funding round for Buser, a platform that offers shared charter and bus services, raising R$700 million. This investment highlights their interest in the transportation sector, which is crucial for business travel. Additionally, they have invested in Nomad, a company that may also have implications for travel and mobility, further showcasing their engagement in sectors that can impact business travel.


4. Kaszek

  • Website: kaszek.com
  • Type: Venture Capital
  • Headquarters: Sao Paulo, Sao Paulo, Brazil
  • Founded year: 2011
  • Headcount: 11-50
  • Number of deals in 2024: 17
  • LinkedIn: kaszek-ventures

Kaszek is a venture capital firm founded in 2011, based in Sao Paulo, Brazil, focused on investing in and supporting entrepreneurs across Latin America. The firm provides capital and strategic guidance to startups in various technology-driven industries, fostering a vibrant technology ecosystem in the region. Among their notable investments, Kaszek has backed Ayenda Hotels, a Colombian low-cost hotel chain that raised $8.7M to expand into Peru, directly impacting the business travel sector by providing affordable lodging options. They also invested in Urbvan, a startup offering private transportation shuttles in Mexico, which is crucial for business travelers seeking efficient transport solutions. Additionally, their involvement in fintech companies like Kushki, while not directly related to travel, supports the broader economic environment that facilitates business transactions and travel financing. Overall, Kaszek's investment portfolio reflects a commitment to enhancing the travel experience through strategic investments in relevant sectors.


5. Liil Ventures

  • Website: liil.city
  • Type: Venture Capital
  • Headquarters: Mexico City, Mexico City, Mexico
  • Founded year: 2017
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: liil-ventures

Liil Ventures is a venture capital firm based in Mexico City, founded in 2017, that focuses on enhancing urban living through smart city and mobility solutions. They invest in early-stage companies and provide strategic support, leveraging their extensive network to help entrepreneurs succeed in addressing urban challenges. Notably, Liil Ventures has been involved in several transactions relevant to the business travel context, including their investment in BusUp, a Barcelona-based corporate bus commuter management solution that raised $14 million in 2024, and previously in 2021, when BusUp raised $6 million to expand its services into the US. Additionally, they invested in Urbvan, a startup providing private transportation shuttles in Mexico, which raised $9 million in 2019. These investments highlight Liil Ventures' commitment to improving transportation solutions that cater to business travel needs.


6. 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. The firm focuses on empowering startups in the technology sector by providing resources, consulting services, and investment management. Norte Ventures has been involved in several notable transactions, including investments in Buser, a bus transportation platform that raised funds in a Series A round, and Nomad, which raised over $19 million in a Series A round. These investments highlight their engagement in the travel industry, particularly in areas that could enhance business travel experiences. Their portfolio also includes other technology startups, indicating a broad interest in innovation and growth within the Brazilian market.


7. DILA Capital

  • Website: dilacapital.com
  • Type: Venture Capital
  • Headquarters: Mexico City, Mexico City, Mexico
  • Founded year: 2005
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: dila-capital

DILA Capital is a venture capital firm based in Mexico City, Mexico, founded in 2005. The firm specializes in investing in entrepreneurs and companies within the Spanish-speaking world and the Hispanic market in the U.S. DILA Capital provides capital, strategic support, and operational insights to help its portfolio companies grow and succeed. The firm focuses on building strong partnerships with visionary leaders to catalyze economic development in their regions. Notably, DILA Capital has been involved in several transactions relevant to the business travel industry, including an investment in BYHOURS, a platform that allows users to book hotel rooms by the hour, which is particularly beneficial for business travelers seeking flexible accommodation. Additionally, they have invested in Urbvan, a startup that offers private transportation shuttles in Mexico, further emphasizing their engagement in the travel and transportation sectors.


8. Angel Ventures


Angel Ventures is a venture capital firm founded in 2008, based in Mexico, that focuses on early-stage technology companies in Latin America. The firm provides funding, mentorship, and resources to startups across various sectors, including FinTech and E-Commerce. Notably, Angel Ventures has made significant investments in the business travel context, including multiple rounds of funding for Outlet de Viajes, a travel service provider, and BYHOURS, a platform that allows users to book hotel rooms by the hour, catering to the needs of business travelers. They also invested in Urbvan, which offers private transportation shuttles in Mexico, further supporting the business travel ecosystem. Through these investments, Angel Ventures demonstrates a commitment to enhancing travel-related services and solutions in the region.


9. 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. It specializes in early-stage investments across Latin America, supporting entrepreneurs with capital, co-founding assistance, and a strong community of builders. In 2024, Canary has already made 23 investments, showcasing its active role in the startup ecosystem. Notably, Canary participated in the Series C funding round for Buser, a platform for shared charter and bus services, which received a significant R$700 million investment. This investment is particularly relevant to the business travel sector as Buser aims to enhance its services and cater to the domestic tourism market, indicating a strategic focus on transportation solutions that are essential for business travel. Other investments, such as those in Robbin and Clara, while not directly related to business travel, demonstrate Canary's broad investment strategy in innovative startups.


10. Nexxus Capital


Nexxus Capital is a private equity investment firm based in Mexico City, Mexico, founded in 1995. The firm specializes in private equity and mezzanine debt for mid-sized companies primarily in Mexico and Spain. Nexxus Capital manages multiple funds aimed at providing capital to help businesses grow and expand their operations. Among their notable transactions, they have invested in PriceTravel, a company that operates in the travel sector, and Santa Fe Grupo Hotelero, which is involved in the hotel industry. Additionally, they have invested in Grupo Turistore, further emphasizing their engagement with companies that cater to travel and tourism. These investments highlight Nexxus Capital's commitment to enhancing the market presence of businesses within the travel industry, making them a significant player in the business travel investment landscape.


11. Thomson Reuters Costa Rica


Thomson Reuters Costa Rica is a corporate investor based in Heredia, Costa Rica, and is part of the larger Thomson Reuters organization, which was founded in 1977. The company specializes in legal services and information technology solutions, offering a variety of products such as legal research tools, tax compliance software, and media solutions. Their clientele includes legal professionals, accountants, and businesses across various sectors, all of whom utilize Thomson Reuters' services to enhance efficiency and ensure compliance. Notably, Thomson Reuters Costa Rica has been involved in several significant transactions, including the acquisition of Simply Travel in 2000, which marked their entry into the travel sector. This acquisition led to Simply Travel's resignation from the Association of Independent Tour Operators, indicating a shift in its operational independence. Additionally, while other transactions like the acquisition of Business Integrity and RedGear Technologies focus on legal and technology services, the involvement with Simply Travel highlights their capacity to engage in the business travel industry.


12. IGneous

  • Website: igneous.cl
  • Type: Corporate
  • Headquarters: Chile
  • Headcount: 1-10

IGneous is a corporate investment firm based in Chile that specializes in managing and investing in early-stage companies across various innovative sectors. They focus on long-term value creation and provide strategic and operational support to help these companies grow and succeed. Among their notable transactions, IGneous has invested in Busbud, a Montreal-based online marketplace for intercity bus tickets, which raised $11 million in financing. This investment highlights their engagement in the travel industry, particularly in the realm of transportation, which is a key component of business travel. Additionally, they have been involved in funding rounds for companies like Recorrido, which also operates in the travel space, further emphasizing their interest in sectors that intersect with business travel.


13. 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 focuses on investing in private technology companies, particularly in Latin America, providing capital and strategic support to help these companies grow in competitive markets. Notably, Base Partners has invested in Navan, a booking management platform that raised $275 million in a Series F round and $155 million in a Series E round, highlighting their engagement in the business travel sector. Additionally, they have invested in Remote, which raised $300 million in a Series C round, a company that supports remote work solutions, further emphasizing their relevance in the context of business travel. Their investment in Mottu, a logistics startup, also showcases their diverse portfolio in technology-driven companies.



Business Travel Insights: Key Investors in Latin America


InvestorHeadquarterSizeFoundedDeals 2024
bossa investSao Paulo, Sao Paulo, Brazil11-50201156
Magma PartnersProvidencia, Santiago, Chile11-5020146
MonasheesSao Paulo, Sao Paulo, Brazil11-50200518
KaszekSao Paulo, Sao Paulo, Brazil11-50201117
Liil VenturesMexico City, Mexico City, Mexico1-1020171
Norte VenturesSao Paulo, Sao Paulo, Brazil1-10202011
DILA CapitalMexico City, Mexico City, Mexico11-5020051
Angel VenturesMexico11-5020082
CanarySao Paulo, Sao Paulo, Brazil11-50201723
Nexxus CapitalMexico City, Mexico City, Mexico11-5019950
Thomson Reuters Costa RicaHeredia, Heredia, Costa Rica51-20019774
IGneousChile1-100
Base PartnersSao Paulo, Sao Paulo, Brazil1-1020160


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