The initiative led by the Chilean Venture Capital Association -ACVC- and its counterpart ARCAP, from Argentina, brought together several of the region's leading venture capital funds to promote co-investment and the scaling of startup businesses to different markets.
August 12, 2020 The first Latin American co-investment initiative between the associations that bring together various venture capital firms in the region, called CoinvestmentLatam, brought together 25 venture capital funds and 12 startups seeking to raise investment to scale their businesses. The meeting was led by the Chilean Venture Capital Association -ACVC- and the Argentine Association of Private, Entrepreneurial and Seed Capital -ARCAP- and was held between Thursday August 6 and Friday August 7, where the entrepreneurs who presented their startups, sought to raise between USD 100 thousand and USD 1 million, the first group and the second aimed at an investment of over USD 1 million.
"From the ACVC we promote initiatives like this, because we know that in addition to the capital that startups can get as investment, what we are doing by collaborating with our Latin American colleagues, is to open opportunities for entrepreneurs to scale their startups to other markets," said Andrés Meirovich, president of the Chilean Venture Capital Association.
The initiative led by ACVC and ARCAP, is projected in a cycle of co-investment events, where to begin with, the venture capital associations Pecap (Peru), Colcapital (Colombia), Amexcap (Mexico), AVBCAP (Brazil) LAVCA and IDB will participate, in addition to the other associations that are subscribed to the 2018 ASCRI MOU. In a second instance, associations from Europe and Asia, ASCRI (Spain), France Invest (France), AITI (Israel), LPEA/Luxembourg and AIFI (Italy) will be incorporated.
"While the Covid-19 pandemic has had a profound impact on all sectors, it has more than demonstrated the value that entrepreneurs and the technological solutions they are developing in this time of crisis," said Meirovich. "It is also at this time when we must encourage these ventures to scale to other countries, with the support of venture capital, because if a startup is providing services or products that can be used in Chile, Argentina or Mexico, for example, what these entrepreneurs need today is, on the one hand, the monetary support to make that leap and on the other, The president of the ACVC said that "this first episode of the co-investment event was a success, not only because of the good level of the ventures that were presented, but also because it is a good example of collaboration to promote Latin American venture capital to take our entrepreneurs to scale globally".
Participants
The startups that participated in CoinvestmentLatam were: Avancargo, Moova, Nectras, Neuralys, Pago46 and Wheel the World, which sought to raise an investment of between US$100,000 and US$1 million.
The second group included Intitech, Michroma, Skyloom, Unima, View Mind and Wenu Work, which were seeking an investment of more than USD 1 million.
The funds that participated in this first meeting organized by ACVC and ARCAP were: Alaya, ALLVP, Genesis Ventures, DADNEO, HCS Capital, Endurance Investments, Masisa Lab, Manutara Ventures, Wayra, Chile Global Ventures, Digevo Ventures, Consorcio, Beagle Ventures, members of the Chilean Venture Capital Association and from ARCAP, KaSZek Ventures, Softbank, Oikos, Cygnus Capital, Jaguar Ventures, Nextp, Xpand Ventures, Meli Fund (Mercado Libre), J-Ventures, Oikos and Supervielle.
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Chilean Venture Capital Association
Press contact: José Fuentes +56977098145, jose@cubocomms.com