www.windventures.vc Sixth Annual Growth Markets Survey 

02 Key findings 6 themes shaping global startup expansion in 2026 1 VCs have defined ‘good startup expansion markets’ consistently for six consecutive years, with large market size increasingly viewed as the most important factor 2 VC perception of China as the top expansion market outside N. America and Europe surged 91% YoY, now ranking #1; Latin America holds strong at #2, followed by India 3 83% of VCs are more optimistic about innovation in Latin America than a year ago, up 26% from 2025 4 Despite growing optimism, political risk remains the #1 challenge VCs cite for building in Latin America, a view that has held consistently 5 Fintech dominates as the most promising LatAm sector (90% ranked top choice), with energy-tech rising strongly as #2 6 79% of VCs expect global VC investment to increase in 2026, up 16% from last year 

03 In general, VCs have defined ‘good startup expansion markets’ consistently for the past six years with market size increasingly viewed as the most important factor What market attributes do you consider most important when expanding to a new region? Higher score indicates greater association with these top attributes Noteworthy results presented % ranked top choice 2020 2021 2022 2023 2025 60% 30% Large market size High rate of tech adoption Supportive local partners High mobile adoption Large and growing middle class Large urban population 2026 

04 Significant increase of VC perception of China as the best market for startup expansion outside of N. America and Europe, followed by Latin America and India, whereas perception of Middle East and Israel decreased this year What region do you view as the best growth market for startups outside of North America? Higher score indicates greater association with these top attributes Noteworthy results presented % ranked top choice 2025 2026 40% +91% +34% 20% -77% -100% china latin america india israel SE Asia Africa Middle east japan 

05 There has been increasingly positive VC sentiment for China, as to which regions contain the consistent elements VCs use to define good startup expansion markets what markets do you associate with these top attributes? Higher score indicates greater association with these top attributes Noteworthy results presented % ranked top choice 2025 2026 50% +31% 20% -84% china latin america india israel SE Asia Africa Middle east japan 

06 are you more optimistic about the success of innovation in latin america than you were a year ago? Higher score indicates larger growth market Noteworthy results presented 2025 100% +26% % responses VCs are increasingly optimistic about the success of innovation in Latin America 50% yes no 2026 

07 For startups expanding to Latin America, VCs have consistently perceived the primary challenge as political what do you view as challenges for building a business in latin america? Higher score indicates greater association with these top attributes Noteworthy results presented 2021 100% 100% 80% 80% 80% 60% 40% % selected 100% % selected % selected 2020 60% 40% 40% 20% 20% 0% 0% 0% Economic 2023 60% 20% political 2022 Cultural 2025 2026 

08 In terms of sectors, VCs perceive fintech as the most promising sector in Latin America, followed by energy-tech What do you think is the next big/hot sector for VC Investment in latin america? Higher score indicates greater association with these top attributes Noteworthy results presented 2021 100 2022 2023 % ranked top choice 90 80% 70 60 50 40% 30% 20 10 0% fintech energy foodtech mobility climate tech retail 2026 

09 What will happen with the pace of global venture capital investment in 2026? Higher score indicates greater association Noteworthy results presented 2025 VCs are bullish on the increased pace of global venture capital investment in 2026 80% +16% 40% Increase Flat to 2025 Decline 2026 

10 VCs sur veyed come from a diverse cross section of venture capital are you a: what stage do you invest? what type of investor are you? 80% 80% 80% 60% 60% 60% 40% 40% 40% 20% 20% 20% 0% 0% 0% vc cvc seed how many years have you been investing into early sector
 focused growth stage
 focused in what regions do you invest? where are you located? 100% 100% 80% 80% 60% 60% 40% 40% 40% 20% 20% 20% 0% 0% startups professionally? 80% 60% 0% <2 yrs 2-5 yrs 5-10 yrs 10+ yrs north
 America western
 europe uk middle
 east l atin
 america north
 America western
 europe regional
 focused uk l atin
 america gener alist middle
 east 

11 WIND Ventures is the corporate venture capital (CVC) unit sponsored by Copec with vast resources through Latin America WIND is the force within Copec’s corporate identity related to the sky and clouds that will drive it, and its partners, to new heights, opportunities and developments 

12 A leading fuel station and retail company with many B2C and B2B fuel services and related activities A most trusted brand throughout Chile and Latin America 92 years of history 3,500 service stations globally 2 nd largest corporation in Chile 630 stations in Chile Leader in EV charging and bringing renewable energy, solar and storage to customers #1 market share in Chile, Columbia With significant operations across: Chile Panama Colombia Ecuador US Peru 

13 Our mission is to lead the mobility, energy and retail sectors’ transformations across Latin America To do this well, we created the WIND Growth Platform which has 2 key capabilities across the US, Latin America and United Kingdom / Europe: Offer unfair access to Latin America; or Accelerate growth within Latin America Working on innovation and new developments Corporate Venture Capital in San Francisco and London New Venture Studio in Santiago, Chile Building a strategic portfolio across energy, mobility, and retail to learn, nurture and develop opportunities Ideating, building and partnering with big and small companies leveraging Copec advantages 

14 WIND Ventures san francisco, CA, London, United Kingdom [email protected]