Tech Companies Back New Coalition Created by LAVCA to Support Latin America’s Record Breaking Startup Growth
NEW YORK (PRWEB) April 04, 2018 -- The Latin American Private Equity & Venture Capital Association (LAVCA) today announced the launch of the Latin American Tech Growth Coalition, with founding participants Google, Facebook, Qualcomm Ventures (the investment arm of Qualcomm Incorporated), Movile, Globant, Riverwood Capital, and Telefonica OpenFuture_.
Latin American startups received a record-breaking US$1.1b in venture capital investments in 2017, more than doubling the US$500m invested in the region in 2016, according to LAVCA Industry Data. International appetite has also grown significantly, with the number of global investors committing to Latin American startups more than doubling in the last five years.
“Startups in Latin America are generating increasing interest from some of the biggest investors in startups globally, and simultaneously, we are seeing a surge in IPO activity and in companies with valuations of over US$1b,” said Julie Ruvolo, Director of VC for LAVCA. “There are clear signs that the region’s tech companies are maturing – Nubank, 99, and PagSeguro have reached unicorn status in the last three months.”
“The tech ecosystem in Latin America is incredibly relevant,” said Pedro Less Andrade of Google. “By collaborating with our peers on the Latin American Tech Growth Coalition, we are able to more effectively set up the right conditions for Latin American startups to thrive, encouraging economic growth, tech innovation, and job creation at a pivotal moment in the region’s development.”
“It has never been more important to facilitate a cohesive digital market across Latin America,” said Alejandro Scannapieco, CFO, Globant. “We think it is extremely timely for leading global and local tech companies to work together to develop a shared agenda for the benefit of the startup ecosystem in the region.”
“Digitalization is a key driver to the economic progress and employment creation in any country; we are participating in the Tech Growth Coalition in order to support local talent and new businesses under an open innovation approach,” said Miguel Arias, Global Manager Telefónica Open Future_.
Coalition members are leading global tech companies and top Latin American tech companies with a common goal of identifying and advancing high growth startups in Latin America. The coalition seeks to create valuable networks and better access to information and best practices for the region’s vibrant early stage community.
For regular updates on tech and startup activity in Latin America, sign up for LAVCA’s bi-weekly newsletter, the LatAm Venture Bulletin. View the latest issue. Save the date for LAVCA’s annual investor meeting in New York on September 27.
About the Latin American Private Equity & Venture Capital Association
The Latin American Private Equity & Venture Capital Association is a not-for-profit membership organization dedicated to supporting the growth of private capital investors in Latin America and the Caribbean. LAVCA’s membership is comprised of over 180 firms, from leading global investment firms active in the region and local fund managers to family offices, global sovereign wealth funds, and international pension plans. Member firms control assets in excess of US$65b, directed at capitalizing and growing Latin American businesses. LAVCA’s mission – to spur regional economic growth by advancing private capital investment – is accomplished through programs of research, networking forums, education and advocacy of sound public policy. Visit http://www.lavca.org for more information.
Caitlin Mitchell, LAVCA, http://www.lavca.org, +1 6463156737, [email protected]
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