Contxto – If you’re a startup, funding opportunities exist… if you know where to look. Have you tried the southern cone of Latam recently?
Start-Up Chile (SUP) announced it’s launching “Growth,” a new program for more consolidated startups.
Through it, select companies are eligible to receive up to CLP$75 million (~US$100,000) in equity-free funding as well as participate in a 12 month-long accelerator program.
It’s worth noting that the amount granted for the 2020 edition will be less given the Growth program wasn’t slated for launch until next year.
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Nonetheless, it’s still good news for more mature companies based in Chile as it gives them the chance to take the next big step. This is also a strategic move by the SUP to strengthen the country’s startup ecosystem.
Putting Chile on the map with “Growth”
Unlike its accelerator program that targets companies with an idea or a prototype, Growth wants startups that are already generating sales or have proven their businesses’ traction among users or customers.
In that sense, Start-Up Chile is offering a more all-encompassing role in startups’ stages of growth.
For María de los Ángeles Romo, Director of Start-Up Chile, it’s another way to help the country by creating jobs.
Rightly so, early-stage startups often have very small teams. However, once they begin to mature, they open many employment opportunities to keep up their momentum—if they have the funding for it that is.
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This publicly-run Growth program will also be of great help to connect startups with private investors.
“We’re convinced it’s an opportunity to bring in the private sector, which has manifested its interest in helping these businesses’ consolidation, through co-investments, strategic counseling, and access to their own networks,” said Romo.
Founders needn’t be Chilean to apply for the Growth program. They do however have to already work within Chile.
Furthermore, it will favor companies that are operating in more than one market or want to expand regionally. Likewise, it will consider startups that are generating sales for up to US$1 million.
So if you think your startup fits the bill, stay tuned to Start-Up Chile’s website and social media for more updates.
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