Aug 22

Aug 22 Paqta: A Rising Star Startup in Peru's SynBio Landscape

One of the standout success stories from this year’s iGEM Startups cohort is Paqta, a trailblazer biotech startup from Lima, Peru. Paqta’s co-founders shared their startup story and discussed current milestones with iGEM Startups, while offering their insights on the unique challenges and opportunities within the Peruvian and broader Latin American biotech sectors.

Co-founded in 2022 by Rosa Barrera, Alen Zimic, and Belén Balta— Final year students of biology and environmental engineering at Universidad Peruana Cayetano Heredia (UPCH)— the founders first crossed paths through various entrepreneurial competitions, including Hemispheric University Consortium - and national competitions Startup Perú 9G, where they explored different ideas and found themselves interested in the entrepreneurial path.

From Local Challenges to Global Opportunities with iGEM Startups

The idea behind Paqta emerged from Zimic and Balta’s internships at a leading agro-farming company in Chincha, Peru. Due to their complementary backgrounds in bioinformatics and molecular biology, they were able to identify a critical agricultural issue: microbiome imbalance caused by excessive use of chemical fertilizers. This problem, particularly relevant to Peru’s avocado farming sector, led them to develop a bioinformatics platform. Initially funded by their internship company and turned into their thesis project, the idea later evolved into Paqta’s startup idea. Paqta now offers customized, data-driven biofertilizers aimed at enhancing nutrient assimilation and reducing dependency on synthetic fertilizers.

Paqta’s engagement with iGEM Startups began when Barrera, seeking the technology transfer for the development of Paqta’s technology, discovered our pre-accelerator program through their participation in iGEM UPCH in 2022. They joined the venture foundry program in 2024, where it has been transformative, providing Paqta with exposure to the global biotech ecosystem and connecting them with founders and mentors worldwide. This experience has broadened their perspective, offering valuable insights into global startup trends, regulations, and diverse stakeholder roles in the biotech sector.

Emerging from Peru's small biotech community, Paqta’s participation in our venture foundry program has facilitated connections with the international startup community, fostering mentorship and collaboration opportunities.

With their achievements and entrepreneurial efforts, Paqta has also been selected to pitch at the iGEM Grand Jamboree - Startup Showcase this October 2024.

The Unique Startup Landscape in Peru and Emerging Startups Market in Latin America

In 2022, Peru saw $87 million flow into 41 startups, with 84% of this funding coming from global sources, according to PECAP Annual Report 2022. However, the biotechnology sector, which requires specialized infrastructure and technical expertise, receives a relatively small portion of this investment. This presents both a challenge and an opportunity for growth in this niche market.

Peru's startup landscape is characterized by significant government involvement, which plays a leading role in providing funding and support through various grants and public initiatives. Educational institutions have also developed active startup accelerator communities such as Barrera, one of the co-founders of Paqta has been heavily involved in the university tech transfer, where they are connecting the Peruvian startup stakeholders, and initiating conversation between the governments, academia and companies.

In the broader context, Latin America has experienced substantial growth in its entrepreneurial sector. Between 2018 and 2021, the region saw a 1.4x increase in the number of VC rounds, with the biotech sector achieving a remarkable 198% compound annual growth rate (CAGR) between 2020 and 2022. While Brazil has been a major player in this boom, countries like Peru are beginning to emerge as significant contributors (McKinsey LatAm Startup Study 2023).

However, the current landscape in Peru reflects an over-reliance on government support. There is a need for a shift in focus from government-led initiatives to empowering other stakeholders to drive progress. This shift is essential for developing a more sustainable and independent entrepreneurial environment (TechStars, Assessment and Development Report in Lima, Peru 2018)

Looking Ahead: Paqta's Next Milestones

TechStars, a global entrepreneurial accelerator held their TechStars week in Lima, Peru, where Paqta was chosen from their university accelerator program to represent and pitch there. In this event, they gained exposure and chance to talk to the stakeholders related and gaining interests to what they are working on and increasing awareness of the importance of biofertilizers in their Peruvian agriculture ecosystem.

They are exploring opportunities to secure lab space outside academia and continue their innovative work. Paqta’s investment strategy focuses on corporate venture capital (CVC), setting them apart in a region where traditional VC is less prevalent and government support is dominant. By targeting CVC, Paqta opens unique opportunities for partnerships and strategic investments, positioning themselves strongly within the Peruvian and broader Latin American agri-biotech ecosystem.

Paqta’s journey highlights the potential for growth and innovation in Peru’s biotech sector and underscores the critical role of programs like iGEM Startups in bridging gaps and connecting startups to global opportunities. With continued support and strategic focus, Paqta is well-positioned to make a significant impact on the Peruvian biotech entrepreneurial landscape.

Connect with Paqta through LinkedIn

Check out Paqta’s latest Post and latest featured here

The iGEM Startups Program is a pre-accelerator designed for iGEMers and other synbio-interested people. We recruit biofounders, create teams, organize events, provide access to iGEM’s singular network of mentors and stakeholders, train, guide, and showcase startups throughout the year and at the Grand Jamboree in October each year. Supporting over 300 startups in the past 15 years, we have supported over through a combination of curated events - our flagship Venture Creation Labs, Mentorship Program, Fast-Track access to leading investors, accelerators, and more.

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