The distance between China and Latin America has just gotten a little smaller. Magma Partners, an early-stage venture capital firm based in the U.S. and Latin America, has teamed up with Kr Space, a Chinese coworking space, to create the first Sino-Latin American accelerator.
This news comes as Magma Partners announced its second fund of US$15M to support Latin American startups.
The accelerator will help Chinese entrepreneurs access the Latin American market, and vice versa. Accelerator programs will have a physical space in Kr Space’s locations in Beijing and Shanghai and will host monthly events to bring together Chinese and Latin American entrepreneurs.
From the original Deal Street Asia article:
“Cooperation between China and Latin America has never been more important, and we believe that the Sino-Latin America Accelerator will be a key building block for both startup ecosystems,” said Jie Hao, Partner, Magma Partners.
The accelerator will help China and Latin America become close business allies, expanding opportunities for both Chinese and Latin American entrepreneurs.
Read more about the Chinese-LatAm business relations here:
Nathan Lustig’s article for VentureBeat on Chinese investment in Latin America