Key Points Venture money shifted fast in 2025. Mexico briefly led Brazil in quarterly funding, powered by nearshoring and US-linked go-to-market strategies. The region is becoming multi-polar. São Paulo remains the deepest ecosystem, but Recife, Florianópolis, Belo Horizonte, Bogotá–Medellín, Santiago, Montevideo, and San José each fill distinct global niches. The winners are not chasing hype. […]