// STARTUP AUTOPSIES · COUNTRY

Startup Failures in Panama

23 startup autopsies from Panama. Each includes the exact cause of failure, verified financial data, and the documented failure pattern.

23 autopsies · newest deaths first

TuCanal

mediaPanama2023

Panama streaming startup with 28,000 subscribers dismantled by Netflix and HBO's simultaneous price wars.

Slow Death

CryptoPago

cryptoPanama2022

Panama crypto gateway bet on UST stability and a law that never passed — lost both in weeks.

Sudden Collapse

Urbano

mobilityPanama2019

Panamanian ride-hailing startup outspent into oblivion by Uber's global war chest.

Slow Death

PanamaEdu

edtechPanama

Panamanian online tutoring platform constrained by 4M-person market ceiling

Slow Death

PortExpress

logisticsPanama

Panama Canal corridor logistics startup acquired for parts after capital ran dry

Fire Sale

PanaPay

fintechPanama

Panamanian digital wallet displaced by dollarized banking convenience and Nequi's regional expansion

Silent Shutdown

LogisticsPA2

logisticsPanama

Panama logistics tech for a Canal corridor where Hutchison Ports, Navis, and IBM had already locked all port infrastructure contracts

Slow Death

AIPanam

aiPanama

Panama's enterprise AI built for a market where the Canal uses IBM, Copa uses Sabre, and the banks use Spanish parent AI

Slow Death

LogPA Systems

logisticsPanama

The logistics startup that couldn't crack Panama's oligopoly of global freight giants

Silent Shutdown

GamePA

gamingPanama

Panama's gaming platform for a gaming community that was already on Discord

Silent Shutdown

PropPANA

proptechPanama

Panama's third real estate portal in a market that barely supported two

Silent Shutdown

B2BPA

b2bsaasPanama

Panama's B2B SaaS in a market divided between Salesforce users and spreadsheet users

Slow Death

CryptoPA2

cryptoPanama

Panama crypto second attempt: FTX collapsed the market, FATF pressure froze bank crypto access, and the regulatory law passed but regulations weren't finalized

Market Exit

IoTPA

iottechPanama

Panama's industrial IoT for the Canal Zone operations that already used Emerson and Yokogawa

Slow Death

GovTechPA2

govtechPanama

Panama's second govtech startup that found the same barriers as the first

Slow Death

MaritimePA

maritimePanama

Panama's maritime tech startup that the Canal Authority already had covered

Slow Death

LegalPA

legaltechPanama

Panama's legaltech beaten by the US software its own clients were already using

Slow Death

PagosPa

fintechPanama

Panama's B2B payments platform the day before Stripe arrived

Slow Death

RegPA

regtechPanama

Panama's compliance SaaS for a financial sector too worried about FATF to buy from a local startup

Slow Death

SustPA

sustainabilityPanama

Panama's ESG platform for a market where the biggest companies report to their US parents

Slow Death

TalentPA

hrtechPanama

Panama's HR startup for a corporate market where half the companies use Workday and the other half is too small to care

Slow Death

EsportsPA

gamingPanama

Panama's third esports attempt in a market that couldn't generate enough sponsorship to pay tournament winners

Silent Shutdown

NominaDigital

saasPanama

Panama's cloud payroll startup couldn't scale beyond the Canal Zone's small enterprise base

Acqui-hire

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Startup Failures in Panama

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