LAVCA reports that Mexican venture capital fund, Angel Ventures, has raised US$120M to invest in 30 entrepreneurs from Perú, Chile, Colombia, and México. The fund recently announced that they closed US$30M for their Pacific Alliance VC Fund, which will be used for Series A and Series B investments.
Angel Ventures was founded in 2008 as the AV Network, helping connect angel investors to startups and raising over US$14M in investments. In 2016, Angel Ventures launched its second fund to help entrepreneurs in the Pacific Alliance.
The fund is looking to support companies that will be industry leaders and become dominant platforms in their regions. The investments, which will be chosen starting in early 2018, are also backed by the Development Banks of Mexico and Colombia, as well as the Inter-American Development Bank (IADB).
Entrepreneurs who are interested in receiving backing must apply to the fund, although some may be chosen in events run by the Pacific Alliance, such as the South Summit. Angel Ventures already has 400 members across Mexico and Peru, and is looking to add a Colombian network.