In early August, the Co-investmentLatam initiative summoned 25 venture capital funds and 12 startups seeking to raise investment and scale their businesses, according to TREND TIC.
This event was the first Latin American co-investment initiative among the associations that bring together several venture capital in the region.
The Chilean Association of Venture Capital (ACVC) and the Argentine Association of Private Capital, Entrepreneur, and Seed (ARCAP) led the summit held between Thursday 6 and Friday 7 August. In this event, several Latin American entrepreneurs presented their startups. A first group sought to raise Between USD 100,000 and USD 1 million. Meanwhile, a second group aimed at an investment of over USD 1 million.
Andrés Meirovich, president of the Chilean Venture Capital Association said that his organization promotes initiatives like this summit “because we know that in addition to the capital that startups can get as an investment, what we are doing by collaborating with our Latin American colleagues is opening opportunities for entrepreneurs to scale their startups to other markets”.
The initiative led by the ACVC and the ARCAP is projected in a cycle of co-investment events, where to start, the following venture capital association:
- Pecap (Peru),
- Colcapital (Colombia),
- Amexcap (Mexico),
- AVBCAP (Brazil)
- LAVCA
The Inter American Development Bank will also 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).
“Although the Covid-19 pandemic has had a profound impact on all sectors, the value that entrepreneurs and the technological solutions they are developing in this time of crisis has been more than demonstrated,” said Meirovich. “It is at this time also where we must promote 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, an accompaniment in their arrival and growth of the business “, said the president of the ACVC, who stated 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 entrepreneurial capital or venture capital to take our entrepreneurs to scale globally ”.
Participants
The startups that participated in the CoinvestmentLatam were: Avancargo, Moova, Nectras, Neuralys, Pago46, and Wheel the World, which sought to raise an investment between 100,000 and 1 million dollars.
In a second group were Intitech, Michroma, Skyloom, Unima, View Mind, and Wenu Work, who were looking for an investment of more than USD 1 million.
The funds that participated in this first meeting organized by ACVC and ARCAP were: Alaya, ALLVP, Génesis 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 part of the ARCAP, participated KaSZek Ventures, Softbank, Oikos, Cygnus Capital, Jaguar Ventures, Nextp, Xpand Ventures, Meli Fund (Mercado Libre), J-Ventures, and Supervielle.