By Tatiana Bautzer
SAO PAULO (Reuters) – Singapore-based early-stage venture capital Antler is opening its first office in Latin America in São Paulo, attracted by the effervescence in the creation of startups in the country.
The volume of venture capital invested in Latin America hit a record last year and reached US$15.7 billion, more than the total raised in the previous ten years, according to data from the Lavca association. Brazil attracted 48% of the region’s total capital and last year created 8 unicorns.
Antler, a venture capital fund that acts in the same phase as the so-called angel investors, provides the first external capital for startups and has a total assets of 500 million dollars. The fund has offices in 21 locations worldwide, including North America, Asia and Europe.
“The Latin American market is very large and has high growth rates from digitization,” Antler Founder and Chief Executive Magnus Grimeland told Reuters.
The fund has already helped to create 400 companies around the world, providing financing before the start of the operation. In Brazil, engineer Marcelo Ciampolini, who has worked in the financial market and founded an online loan company, is expected to lead the office.
Antler usually finances the startup of companies in exchange for a 10% stake and does not often lead subsequent rounds, investing funds just to maintain the stake. The fund dedicated to Brazil should invest up to 50 million dollars over the next five years, says Ciampolini.
