The Scale VC Program, promoted by Endeavor and InvestChile, aims to impart knowledge to Chilean investors, connecting them with foreign investment funds so they can share experience and expand their networks, thereby accelerating venture capital investment in Chile.
Success stories like the sale of Cornershop to Uber, Kaszek’s investment in Fintual and Betterfly’s recent capital increase are clear signs of the growth in Chile’s entrepreneurial and innovation ecosystem. The challenge now is to find a way to harness the local funding industry so that other start-ups can scale and multiply this success.
It is against this backdrop that Endeavor Chile and InvestChile are looking to expand the venture capital industry, which they regard as the “fuel” needed for businesses to scale, by launching the #ScaleVC Program with Family Offices (FO) and Venture Capital funds (VCs).
What is Scale VC?
This is a three-month program designed to impart knowledge to Chilean investors, connecting them with foreign investment funds so they can share experience and expand their networks, thereby accelerating venture capital investment in Chile.
The initiative involves long-term, tailor-made work. 14 representatives from Chile’s main investment vehicles are participating in this first version of the program, including the following Family Offices: Inversiones Caburga (Said-Somavía family), Megeve (the Solari Donaggio family), Inder (the del Río family), CF Inversiones (the Daire family) and Inversiones Amalfi (Cardone-Solari family), represented by Alfonso Lecaros, Carolina Margozzini, Catalina del Río, José Tómas Daire and Josefina Cardone.
The following 5 Venture Capital funds are also participating: Kayyak Ventures, Chile Global Ventures, Fen Ventures, Chile Ventures and CMPC Ventures, represented by Cristóbal Silva L., Marcelo Camus, Cristóbal Silva B., Andrés Parker, Bernardita Araya, Felipe Mata, Jamie Riggs and Manuel Rodríguez.
“Scale-ups around the world have been fueled because of a robust venture capital investment ecosystem. Our goal with this initiative is to address the barriers that exist in Chile in order to make the industry more dynamic,” explained Patrick Alex, Director of Access to Capital at Endeavor Chile.
“The experience of foreign investors can undoubtedly give us a broader perspective that supports the diversification and broadening of the local market, as well as best practice and funding for projects that retain and boost the dynamism of our innovation ecosystem,” commented InvestChile Managing Director Andrés Rodríguez.
Endeavor and InvestChile will make available their networks and experience so that the participants can share best practice, expand their networks and collaborate with one another beyond the program.
“CMPC Ventures is very interested in participating in this program in order to engage actively with other local funds. We are especially interested in connecting with foreign funds to learn from the best practice, lessons and experience they have gained over the years,” commented Bernadita Araya, Manager at CMPC Ventures.
This was the first time this program has been run and, depending on the outcomes, the plan will be replicated in order to reach more funds and industry representatives.
To learn more about foreign investment and Venture Capital in Chile, read the following article.