TheVentureCity and Wayra create joint-initiative to support Latin American tech

Contxto – Great minds think alike, exemplified by Wayra and TheVentureCity, at least when it comes to supporting promising Latin American startups focused on Deep Tech. 

Both companies recently announced that they intend to co-invest up to approximately US$270,000 for startups developing sophisticated tech solutions. Recently, they announced the big news at the LAVCA Summit and Investor Roundtable in New York City. 

Areas of interest range from Artificial Intelligence, Machine Learning, Internet of Things, Video, Cybersecurity, Edge Computing, among others. 

Searching for Latin American talent

As the open innovation hub for Telefonica, Wayra aspires to attract talent from countries where it’s innovation hubs are present. While based in Madrid and Miami, it also operates in Mexico, Argentina, Colombia, Venezuela, Peru, as well as Chile.

Besides financial contributions, the company also intends to increase its investment portfolio, according to a recent press release. Moreover, Wayra has seen over 500 startups partake in Telefonica’s Open Innovation program.

“Wayra’s experience in the region, its network and technical knowledge become the perfect partner to boost the startups in Latin-America that want to have a greater impact,” said Ricardo Sangion, VP of Growth Accelerator Americas. “The joint investment and the union of strength will take these startups to the next level.” 

Regarding TheVentureCity, the global accelerator joined the joint-investment for similar reasons. Part of its mission is to assist startup founders to generate impact in their respective industries. 

“From its foundation, TheVentureCity has had a strategic position inside the Venture Capital industry in relevant geographies for both Wayra and Telefonica such as Spain and Latin America,” said Agustín Moro, Global Head of Partnerships at Telefonica Open Innovation. 

“The deep commitment with the companies they invest and the valuable support they provide in the development and scaling of businesses make TheVentureCity a key partner.”

Side by side, both of these industry players will surely make impactful contributions to Latin America’s growing startup ecosystem.

-JA