Nine startups in Latin America appear among the latest round of 10 to receive funding from venture capital firm 500 Global — a prolific incubator for fast-growing tech companies around the world.
These 10 companies were chosen from among more than 2,000 Latin American applicants. The tenth was a company based in America but focusing on the area.
Winners will each be awarded $60,000 and 16 weeks of intensive coaching to enhance their leadership, improve systems and drive growth.
Although all the winners received coaching via remote connection since August, 500 Global only released their names recently. states that it focuses “on markets where technology, innovation, and capital can unlock long-term value and drive economic growth.”
With that mission in mind, it is perhaps unsurprising that Latin America was the focus of the firm’s latest batch of funding, with 500 Global now having selected more than 230 startups in Latin America since its first batch was admitted in February 2011.
500 Global selected only two regions other than the United States with more startup selections after 14 rounds of funding over ten years. Startups from Argentina, Colombia and Mexico were among the most recent batch. 500 Global also backed the first Ecuadorian business.
SEE ALSO Doing Business in Ecuador? 5 Key Considerations
The announcement of the latest batch came less than two months after 500 Global revealed Luchadores III — a fund focused on startups in Latin America that will provide $17 million in funding to 130 companie over a two and a half year period.
The previous Luchadores funds were lower in value. There was a $3.3 million initial fund and an $5.5 million second fund that launched in 2013. Luchadores III is different from the two previous funds. It offers follow-on financing to Latin American startups that have been selected.
This will allow all selected startups to receive an investment of at least $100,000. There are two possible follow-on investments, of $500,000 and $5 million. according to Santiago Zavala500 Global’s partner,
Zavala stated that 44 startup had been chosen and were receiving an initial investment at the time Luchadores III was announced.
Ten startups selected for the latest 500 global funding
These startups have been selected to receive funding in the most recent round from 500 Global.
Although only 9 of the 10 selected companies were startups from Latin America, there are still ten.
- Mujer FinancieraArgentina offers finance education for women.
- Wombo AcademyArgentina, which allows creators of gaming content to monetize their work.
- WorknmatesArgentina, working with startup companies in Latin America to help them establish effective remote and hybrid working arrangements.
- Sioma(Colombia), A tech-based ecosystem that supports agriculture in tropical areas.
- Picker(Ecuador), an app that delivers on demand.
- BendoMexico offers a platform that allows users to start an online store.
- Bitacora Mexico, an app for planning your workplace.
- MisFansMexico, which assists content creators in growing and optimizing their audience.
- WisepathMexico, a tool for project management and communication.
- Bonum CoachingUSA, providing Spanish-language personalized coaching for leaders and businesses in Latin America
500 Global’s next batch will start the program in January 2022. Applications for this programme have closed in October. The number of Latin American startups involved in the coaching programme is unknown.
Biz Latin Hub can assist you doing business in Latin America & the Caribbean
At Biz Latin Hub, we offer tailored packages of integrated back-office services to companies entering and doing business in Latin America and the Caribbean based on our comprehensive portfolio, which includes accounting & taxation, company formation, due diligence, hiring & PEO, and legal services, among others.
There are 16 teams in Latin America and the Caribbean. We also have trusted partners that take our coverage all over the region. Our regionwide presence makes it possible to support multi-jurisdictional markets entries and operations. No matter if you are a large corporation or an individual interested in starting a business in Latin America we can assist with your requirements.
Our hiring & PEO service means that we hire staff on the behalf of clients so that they can secure local staff without registering an entity — a service that is partiocularly useful to businesses in need of tech and other high-skilled workers.
Contact us todayLearn more about our support for business.
Read more our team and expert authors