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Contxto – Usually, an equity round entails a startup announcing its plans for scaling up, product development, hiring, and so on. Although that’s not exactly the case with Salvadoran Hugo. This last-mile delivery startup recently raised a Series A investment for an undisclosed amount.
But instead of highlighting the types of programmers it’ll hire, it touted how some of these funds will be directed towards a new project: Hugo Ventures.
This vehicle will hold up to US$10 million for seed investments in startups that want to launch ops in Latin America or are from the region. Nonetheless their markets must be from Central America and the Caribbean.
Why it’s a big deal: A key component to building an ecosystem is to attract digital solutions to a region in the first place. So Hugo Ventures is a major step towards promoting digitization within Central American and Caribbean markets.
Another part of Hugo’s Series A will be used to continue expanding throughout Latin America.
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Hugo Ventures wants Central America to shine
Tickets from Hugo Ventures will range from US$10,000 to US$250,000. Moreover, it’s interested in startups from the following industries: finances, insurance, food and beverages, e-commerce, logistics, import/export, entertainment, tourism, blockchain tech, healthcare, software development, and customer service.
Whew! It’s an exhaustive list. But here’s the catch: They must be startups that address users in Central America and the Caribbean.
- Related article: HugoApp from El Salvador to launch in the Dominican Republic
“During these times of crisis we know thousands of entrepreneurs have lost hope due to the shortfall of economic activity as a result of the global Covid-19 emergency,” stated hugo’s CEO and co-Founder, Alejandro Argumedo.
“But at Hugo we want to garner support for them because we’re Central Americans, we believe in the region, and in our people. That’s why we want to make them a part of our success.”
Wanna hear more? We recommend you listen to the following podcast episode: Nuevo fondo para América Central Ft. Emilio González de Nu México. You can find the time stamp available in the description.
Related articles: Tech and startups from Central America!