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Chile Startup Secondaries

Chile built startup infrastructure a decade before it had unicorns. Now the unicorns exist, their cap tables are aging — and the country's first secondary conversations have started.

High-rise office building, home of Latin American venture-backed companies

From Start-Up Chile to a unicorn bench

Chile's ecosystem is the region's clearest case of infrastructure preceding outcomes.Start-Up Chile, launched in 2010, was among the world's first government-backed accelerators; a decade later came the payoff generation:NotCo, the food-tech company that became Chile's best-known unicorn;Betterfly, the insurtech that reached unicorn status in 2022;Fintual in asset management; and Buk in HR software.

Those 2021–2022 vintages matter for one simple reason: cap tables born then are now crossing the age threshold where early employees and seed investors start asking about liquidity. Chile's secondary market won't announce itself with a headline — it will arrive as a steady trickle of negotiated transfers in exactly these names.

How transfers work

The standard Chilean startup vehicle is the SpA (sociedad por acciones) — a flexible form whose statutes can embed transfer restrictions, preference rights, and drag/tag provisions, and which accommodates foreign holding structures cleanly. The financial regulator, the CMF, governs public markets and licensed intermediaries; private share transfers are contractual matters settled between the parties and the company's registry. Read the statutes and any shareholders' agreement before pricing anything.

Investors negotiating a transaction across a boardroom table

Tax in brief

Chile taxes gains on unlisted shares as income under the general regime, with the rate depending on the seller's situation; listed shares with sufficient market presence (presencia bursátil) lost their historic full exemption in a 2022 reform and are now taxed at a reduced flat rate instead. Foreign holding structures — common among Chilean startups that raised from US funds — move the analysis offshore. Confirm current treatment with a Chilean tax adviser; this is orientation, not advice.

Frequently asked questions

Does Chile have a startup secondaries market?
A small but forming one. Chile's first unicorn generation — NotCo, Betterfly — dates from 2021–2022, so its cap tables are just now reaching the age where early holders start seeking liquidity. Transactions today are private, negotiated deals.
What corporate form do Chilean startups use?
Most use the SpA (sociedad por acciones), a flexible single-or-multi-shareholder form whose statutes can embed transfer restrictions and preference rights. As everywhere, the company's own documents govern whether and how a secondary can happen.
How are share-sale gains taxed in Chile?
Gains on unlisted shares are generally taxed as income under Chile's general regime. Listed shares with sufficient market presence historically enjoyed preferential treatment, taxed at a reduced flat rate since a 2022 reform. Cross-border holders should confirm treaty effects with a Chilean adviser.
Why is Chile's ecosystem notable for its size?
Start-Up Chile, launched in 2010, was one of the world's first government-backed accelerators and seeded a startup culture disproportionate to the country's size — the pipeline that produced NotCo, Betterfly, Fintual, and Buk a decade later.

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