The capital of Antioquia surpassed cities such as Santiago de Chile, Buenos Aires (Argentina), and Mexico City.
Medellín was recognized as the strongest innovation ecosystem in Latin America, according to the latest Colombia Tech Report (CTR), a result that reflects the city’s institutional maturity and the strengthening of its science, technology, and innovation strategy over recent years.
One of the study’s most important conclusions is that Medellín stands out as the best destination in Latin America for doing business within the technology-based company ecosystem (startups), ranking above capitals such as Mexico City, Santiago de Chile, and Buenos Aires (Argentina).
In addition, the analysis highlighted two startups linked to Ruta N’s Medellín Next program because of their impact nationwide. The first is Erco, recognized for its consolidation in the energy market, and Somos Internet, for its accelerated growth.
“This report becomes an X-ray of the national ecosystem, showing what is happening in Medellín, Bogotá, Barranquilla, and all the cities, where our strengths lie, and what we still need to improve. Ultimately, it provides us with valuable information for decision-making. It also complements the international StartupBlink ranking, where Medellín is positioned at number 130 among more than 1,500 cities,” explained Ruta N’s CTi Business Development Director, Santiago Henao.
Regarding startup investment capital in Colombia, the report showed significant growth. In Medellín’s case, over the past year, the city increased from capturing 6% of total capital raised (equivalent to USD 31 million) to 18% (USD 157 million). In addition, the capital of Antioquia went from hosting 25% of the country’s startups to more than 30% (nearly 700 technology-based companies).
The study also highlighted Medellín’s ability to connect public, private, and academic stakeholders around innovation, as well as the strengthening of support programs for technology entrepreneurship and business scaling. Furthermore, the startups consulted for the analysis identified Ruta N as one of the most recognized organizations supporting companies in growth stages, thanks to programs and initiatives such as StartIA, Medellín Next, and Medellín Venture Client.
The CTR is one of the country’s leading studies on the startup ecosystem and is led by KPMG in partnership with the National Business Association of Colombia (ANDI), ANDI del Futuro, chambers of commerce, universities, and private-sector companies. According to the report, Colombia currently has 2,250 technology-based companies, representing a 7% increase compared to the previous measurement.
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