Costa Rica is a top medical-device maker. But it has few healthtech VCs. Most money is factories, not startups. US funds backed its one big exit. Here are 11 investors backing San Jose healthtech startups in 2026.
Costa Rica exports a large volume of medical devices, and the biggest names in the industry build their plants here. That manufacturing base is real, but it does not translate into startup capital.
Local startup VC stays thin, and one rare exit is what first drew US health funds to the country. Outside of that, the early-stage scene is still finding its feet.
Carao and the development banks cover most of what remains, with impact funds adding smaller cheques on top. You will end up pitching a mix of funds and programs, so Ellty keeps all of your data behind one link.
| Type | Check size | Sector focus | Website | |
|---|---|---|---|---|
| Carao Ventures | Costa Rican VC | Pre-seed to Series A | Healthtech, biotech, SaaS | caraov.com |
| Perceptive Advisors | Health crossover fund (US) | US$10M+ | Healthcare, biotech, devices | perceptivelife.com |
| Pomona Impact | Central American impact fund | US$0.5M-$2M | Health, education, basic services | pomonaimpact.com |
| ALIVE (Acumen LatAm) | LatAm health-impact fund | Early-stage equity | Healthcare, fintech, energy | alive-ventures.com |
| Angel Ventures | Pan-LatAm VC (Mexico) | US$250K-$2M | Healthtech, fintech, consumer | Angel Ventures on LinkedIn |
| IDB Lab | DFI (development bank) | ~US$0.5M-$2M | Health innovation, inclusion | bidlab.org |
| IFC | DFI / fund LP | Backs funds, not startups | Broad, health via funds | ifc.org |
| CINDE | Promotion agency (not a fund) | FDI facilitation, not equity | Medtech, life sciences | cinde.org |
| Coyol Free Zone | Medtech free zone (not capital) | Tax regime, not equity | Medical devices, manufacturing | zonafrancacoyol.com |
| AUGE-UCR | University incubator | Seed grants, incubation | Healthtech, biotech, tech | AUGE-UCR on LinkedIn |
| PROPYME (MICITT) | Govt grant program | Up to 80% of project cost | Innovation, R&D, health tech | micitt.go.cr |
Pitch health funds from one link
Health investors study clinical data and the route to market. Ellty shows who opened your numbers so you follow up first.
Start free 14-day trialWhat a healthtech investor backs
A healthtech investor wants proof that your technology actually works. Clinical data matters more than anything else you can put in front of them.
They will also study your path to market in detail, and regulation has to be clear at every step. Without that clarity, even a strong product stalls before it reaches patients.
A clean pitch deck helps a great deal, especially when it shows real traction. Ellty gives each fund its own link, so you can see exactly who opens your deck and when.
Costa Rica offers world-class talent, advanced manufacturing, and the regulatory expertise multinationals seek.
11 San Jose healthtech investors
1. Carao Ventures
Carao backs health and biotech founders.
Recent Activity: Backs biotech and healthtech founders
LinkedIn: Carao Ventures LinkedIn
Sector Focus: Healthtech, biotech, SaaS
Stage Focus: Pre-seed to Series A
Check Size: Pre-seed to Series A
Location: San Jose, Costa Rica
Website: caraov.com
2. Perceptive Advisors
Perceptive backs healthcare and devices.
Recent Activity: Backed flagship Establishment Labs
Sector Focus: Healthcare, biotech, devices
Stage Focus: Growth, crossover
Check Size: US$10M+
Location: New York, USA
Website: perceptivelife.com
3. Pomona Impact
Pomona backs impact-driven health startups.
Recent Activity: Health among its target sectors
LinkedIn: Pomona Impact LinkedIn
Sector Focus: Health, education, basic services
Stage Focus: Growth-stage SMEs
Check Size: US$0.5M-$2M
Location: Antigua, Guatemala
Website: pomonaimpact.com
4. ALIVE (Acumen LatAm)
ALIVE backs health-impact across LatAm.
Recent Activity: Health-impact across the Andes
Sector Focus: Healthcare, fintech, energy
Stage Focus: Early stage
Check Size: Early-stage equity
Location: Bogota, Colombia
Website: alive-ventures.com
5. Angel Ventures
Angel Ventures backs healthtech in LatAm.
Recent Activity: Backs healthtech across LatAm
Sector Focus: Healthtech, fintech, consumer
Stage Focus: Pre-seed to Series A
Check Size: US$250K-$2M
Location: Mexico City, Mexico
Website: Angel Ventures on LinkedIn
6. IDB Lab
IDB Lab backs health innovation.
Recent Activity: Backed CR digital-health rollout in 2025
LinkedIn: IDB Lab LinkedIn
Sector Focus: Health innovation, inclusion
Stage Focus: Early
Check Size: ~US$0.5M-$2M
Location: Washington, USA
Website: bidlab.org
Give each health fund one trackable link
Ellty logs when a fund opens your data room. Chase the keen ones first, not days too late.
Start free 14-day trial7. IFC
IFC backs the funds behind CR startups.
Recent Activity: LP in Carao and Pomona funds
Sector Focus: Broad, health via funds
Stage Focus: Fund-level
Check Size: Backs funds, not startups
Location: Washington, USA
Website: ifc.org
8. CINDE
CINDE lands medtech firms in Costa Rica.
Recent Activity: Landed 19 new projects in 2025
Sector Focus: Medtech, life sciences
Stage Focus: FDI
Check Size: FDI facilitation, not equity
Location: San Jose, Costa Rica
Website: cinde.org
9. Coyol Free Zone
Coyol hosts Costa Rica's device makers.
Recent Activity: Hosts 30+ device makers
Sector Focus: Medical devices, manufacturing
Stage Focus: Infrastructure
Check Size: Tax regime, not equity
Location: Alajuela, Costa Rica
Website: zonafrancacoyol.com
10. AUGE-UCR
AUGE incubates health and biotech ventures.
Recent Activity: Incubates health and biotech ventures
Sector Focus: Healthtech, biotech, tech
Stage Focus: Pre-seed, seed
Check Size: Seed grants, incubation
Location: San Jose, Costa Rica
Website: AUGE-UCR on LinkedIn
11. PROPYME (MICITT)
PROPYME grants innovation funding.
Recent Activity: Non-reimbursable innovation grants
Sector Focus: Innovation, R&D, health tech
Stage Focus: Any
Check Size: Up to 80% of project cost
Location: San Jose, Costa Rica
Website: micitt.go.cr
Why factories, not VCs
Costa Rica is built to make devices, not to fund startups, and the plants draw most of the money. The cluster runs on multinationals rather than local founders.
CINDE is the agency that brings those multinationals in, and it does that job well. Startups, though, need a different path than the one the factories follow.
You will have to assemble that path yourself from funds and programs that rarely sit together. For a parallel view of the local scene, see our fintech investors guide as well.
How the big exit was funded
Establishment Labs went public, and US health funds were the ones that backed it. They understood medtech deeply enough to write the cheques.
Perceptive and a handful of peers led that capital in, betting on the device story early. That is the pattern worth copying.
Court health-focused funds well before you need them, and keep your investor relations warm in the meantime. Ellty logs who reads your numbers, which is the clearest signal of real intent.
Raising healthtech money in San Jose
Start by mapping the local funds, the DFIs, and the dedicated health funds, then line up warm intros to each. A little structure here saves weeks later.
Run a clean due diligence prep before anyone asks, because it builds trust fast. Keep every document in one virtual data room so you can share it in a single click.
Ellty logs each read with document analytics, turning attention into a follow-up list. Lock sensitive files down with granular permissions so the right fund sees the right thing.
How to pitch a healthtech investor
Show that your tech works.
- 1.Show that your tech works.Bring the clinical data that proves your technology does what you claim. Investors trust evidence far more than promises.
- 2.Map your path to market.Make the regulatory route clear from approval to first sale. A defined path shows you know how the product actually reaches patients.
- 3.Name your raise and runway.State exactly how much you are raising and how long it lasts. A tight, specific ask signals discipline and earns confidence.
- 4.Send one Ellty link to your deck.Share a single trackable link with every fund you pitch. Then watch who digs in so you know where the real interest sits.
How Ellty helps you land a healthtech investor in San Jose
You have your San Jose healthtech list ready. Set up a data room first.
- 1.Upload your deck, data, and trials.Set access per fund.
- 2.Share one trackable link per fund.Each fund gets a unique link.
- 3.Watch opens and reply on time.Use analytics to time each nudge.
San Jose healthtech investor questions
- Carao, DFIs, and impact funds. US health funds too.
- No, the startup scene is thin. Most money builds factories.
- CR is a top global maker. But that is manufacturing.
- Yes, IDB Lab and IFC do. They back local funds.
- Often US$100K to US$2M. Health rounds run larger.
- Before your first investor call. Track who opens your deck.
