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Start-Up Chile to Gives Startups $1M in Follow-On Funding

Start-Up Chile to Gives Startups $1M in Follow-On Funding

Posted by PanamericanWorld on May 12, 2015

Chile’s national startup accelerator, Start-Up Chile, announced that it will make follow-on investments in nine of its top alumni startups. This is part of the accelerator’s brand-new SCALE Program that help bridge the post-accelerator venture funding gap in Latin America, by raising further rounds of private venture capital.

Each company will receive $100K each in equity-free funding, but they company must stay in Chile for a full year to keep growing their businesses. The founders must also work as a Start-Up Chile mentor during the year, to help improve the entrepreneurial ecosystem.

“In Latin America there’s a lack of experts — you can count on your fingers the success stories that we have,” said Sebastian Vidal, director of Start-Up Chile, to TechCrunch. So the solution, for now, is recruiting external talent to jump-start the local tech ecosystem through the accelerator, and provide incentives for entrepreneurs to stay in Chile after the program ends.”

Money is not the only incentive for founders to stay in Chile, it’s also about the opportunities the region can bring to these startups. Start-Up Chile first launched in 2010, and founded the concept of Startup Nations, now an organization with 49 members. Start-Up Chile provides USD$40,000 of equity-free funding to early-stage, globally-scalable startups from around the world. The funding is accompanied by a one-year temporary visa that allows foreign entrepreneurs to execute business activities in the country. The follow-on fund called SCALE looked at 90 startups from 25 countries, who would fit the opportunity-opening program.

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