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Enterprise capital companies Seaya Ventures and Cathay Innovation have created a joint fund aimed toward startups throughout Latin America which can be redefining their industries and society.
The 2 companies — Seaya is predicated in Spain, and Cathay in France — formally got here collectively in April and have since opened an workplace in Mexico Metropolis, the place they may handle the $125 million Seaya Cathay Latam Fund that may concentrate on Sequence A and B investments, with reserves for follow-on rounds.
Beatriz Gonzalez, founder and managing companion of Seaya Ventures, stated the connection between Spain and Latin America stays robust — her agency was began in 2013 and its second funding in Mexico was in Sin Delantal, which was acquired by Simply Eat a yr later.
“On the time, Spanish firms in industries like banking and utilities have been all increasing into Latin America,” she stated in an interview. “There weren’t many funds once we began in 2013, and at the moment, the market is aggressive. You possibly can’t simply deliver funding to the desk, it’s a must to have funding, community and assist. That mixture is highly effective as a result of it’s wanted now by the ecosystem.”
Main the fund domestically is Federico Gómez Romero, who beforehand led LatAm actions for seed fintech fund Accion Enterprise Lab. It targets client and enterprise firms growing applied sciences in areas like fintech, proptech, mobility, healthtech, meals, agriculture and cybersecurity. The fund additionally incorporates Cathay’s company ecosystem as buyers and strategic companions.
The group’s first funding was made in September when it went in on Chilean fintech Xepelin’s $230 million spherical. As solo companies, each have been lively within the area making different investments in Mexico’s Kueski and Lana, Brazil’s Facily and alt.financial institution, and Colombia’s RobinFood and Chile’s Fracttal.
The Seaya Cathay Latam Fund will spend money on 12 to fifteen firms and can write test sizes of between $5 million and $10 million, Jacky Abitbol, managing companion of Cathay Innovation, stated. Having already labored collectively on different investments, he stated it made sense for his agency and Seaya to come back collectively.
“Our intentions are to be a world participant, and we noticed alternatives to be a part of the native ecosystem,” he stated. “We share a number of values and the identical mind-set, so we determined to companion to assist greater tickets and put to work a platform we constructed with an preliminary funding to assist founders.”
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