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Contxto – Chile, Colombia, Peru, and Mexico aspire to be a fearsome foursome for their entrepreneurs through their regional trade bloc, the Pacific Alliance. Proof of this can be narrowed down to two key events within the last week.
The first—perhaps more eye-opening—task they undertook was in conjunction with Angel Ventures and Nestlé.
Update: Today they announced the corporation joining Angel Ventures’ fund as a limited partner (LP). The fund totals a whopping US$100 million for startups or innovative ideas in foodtech.
The fund will be distributed between 20 to 25 startups in the aforementioned Pacific Alliance countries.
Read the fine print, participants
If there are any startups interested in applying they should take into account that in the future, Nestlé could potentially negotiate with startups that see mutual value, although not necessarily. That’s a kicker! Such a travesty would occur if the startup’s innovative model be compatible with the food giant’s portfolio of products—not exactly an incentive to align.
Angel Ventures also clarified that disbursement of capital wouldn’t be immediate but rather it would take place in two to three years. Thus, really having the time to tie up any unfortunate startup which may have the misfortune of looking like a tasty to the titan corporation.
Meanwhile, Nestlé and Angel Ventures like to frame this extended time scale in a different manner. They claim to want to take their time to evaluate proposals and projects that come their way, as well as evaluate the phase in which the startup finds itself. From there, they will make a decision.
So no need to rush, just make a good case.
The Magnificent Pacific Alliance Startup Roadshow!
As for the second event, during the closing ceremony of this organization’s LAB4 Summit last Thursday, the announcement of Venture Capital AP was made. Details on this project have yet to be fully presented but we’ll probably be hearing more soon. Keep an eye on this space. *wink*
In general, this regional organization has been very busy with programs to accelerate startups through networking financing opportunities. The Alliance has sought to showcase entrepreneurs and their innovative ideas to angel investors and funds.
In fact, the LAB4 summit illustrates this promotional push. Rather than showcasing one of the Alliance’s countries, the get-together served as more of a roadshow, strutting its stuff in San Fransico, California.
It seems to be working. Crummy conditions or not, the Nestlé and Angel Ventures deal is certainly a big deal in terms of foreign startup investment.