Foundation Chile has officially backed ScaleX, an alternative stock market created through a collaborative effort between the Santiago Stock Exchange and Corfo, driven by Start-up Chile.
This project has been established to assist high-tech startups in their growth phase to obtain financing through an innovative investment core that provides processes and mechanisms tailored to the demands of potential participants in this market, as detailed in a press release.
During an event held at the facilities of the Santiago Stock Exchange, attended by Pablo Zamora, CEO of Foundation Chile; Hernán Araneda, General Director of the same entity, and several representatives from the ecosystem, José Miguel Benavente, Executive Vice President of Corfo, and José Antonio Martínez, General Director of the Santiago Stock Exchange, highlighted the entity’s extensive experience in financing at various stages and the variety of initiatives focused on supporting the local ecosystem of innovation and entrepreneurship.
ScaleX has specialized professional institutions with experience in the stock market or venture capital, which will provide advice to startups regarding entry requirements and listing requirements on ScaleX.
José Miguel Benavente, Executive Vice President of Corfo, expressed that Foundation Chile is essential due to its deep connection with the world of financing throughout its history, and its significant role in developing business flow projects and initiatives, showing a truly solid structure. He emphasized its crucial role in diversifying the sources of sponsorship in ScaleX, especially given its public role, adding an additional dimension to the process.
José Antonio Martínez, General Director of the Santiago Stock Exchange, mentioned that they currently have 19 sponsors and aspire to continue growing that number. He praised the pioneering experience of Foundation Chile in innovation and the development of new industries, generating entrepreneurship and opportunities for Chile.
Pablo Zamora, CEO of Foundation Chile, reiterated that the entity plays a significant role as a catalyst since it has a large number of incubated and invested companies, which have historically had connections with Chile. He highlighted that the main merit of this initiative is that it aligns with the vision of how the public and private sectors should contribute to the development of Chile and how these strategic pillars are being strengthened to develop a more sophisticated economy.
As a sponsor, Foundation Chile will have the support of important strategic allies, including Guerrero-Olivos, a pioneering legal firm in Venture Capital matters, with over 35 years of experience and more than 20 years advising startups. It also commits to providing comprehensive service to all companies wishing to list on the market, in addition to offering constant and active support, access to networks and mentorship, among other benefits.
According to StartupBlink, Santiago de Chile is the country’s main innovation ecosystem and the fourth most important in Latin America, preceded by Mexico City, São Paulo, and Buenos Aires. Investments in capital funds increased from US$160 million in 2020 to nearly US$3,000 million in 2021, according to data from the Chilean Venture Capital Association.
However, in the first quarter of 2023, Latin American startups, including Endeavor and Glisco Partners, raised only US$406 million, 40% more than in the first quarter of 2021, indicating a recovery but a slowdown compared to previous years." data-image-caption="
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