Since 2019, various investment funds from the United States have increased their focus and interest in investing in Latin American-origin startups.
This interest is due to the number of “unicorns” that Latin America has generated in the last five years, as stated by Camilo Gómez, CEO of Phylo Legal, a legal technology company based in Colombia.
In response to this trend, Phylo Legal is launching a new platform named PhyloScale to facilitate fundraising for Latin American entrepreneurs.
PhyloScale represents the new tool of this startup, founded in 2016 by Gómez and Santiago Rojas, aiming to democratize access to legal services with mentors and experts in business growth, fundraising, user experience, interface design, or technology.
The co-founders explain that the most common requirements of American investors involve the new company establishing itself within their territory.
On the other hand, the main challenges for Latin entrepreneurs focus on the legal creation of their startups when seeking financing, as Gómez assures. Hence, the platform enables startups to more easily access US investors and obtain more substantial capital injections.
“If dealing with lawyers and accountants in your home country is complicated, imagine doing it abroad with language barriers, higher costs, technicalities, and sometimes having to travel there to set it up. Those are the pains we want to solve,” explains Camilo Gómez.
According to the founders, the main objective of PhyloScale is to streamline the creation of companies with special legal protections in the context of fundraising.
Furthermore, Gómez emphasizes that after the creation of the startups, they provide ongoing support to entrepreneurs in all aspects, including legal, accounting, and tax matters.
“This will allow the entrepreneur to start their fundraising process in the United States on the right foot,” said the CEO. He also revealed they aim to establish 150 startups per year in that territory.
“With this new tool, startups will be able to establish their company in approximately three weeks, always accompanied by a team of lawyers and accountants, instead of an automated bot,” detailed the CEO of Phylo Legal.
