In a story originally reported by El Mercurio and brought to our attention by LAVCA, the Chilean VC fund DisrupTech is currently raising US$19M from public and private investors to invest in high tech Latin American startups. Founded by the creators of mifutu.ro and Foris AI, DisrupTech looks to invest US$19M into startups innovating in blockchain, IoT, and artificial intelligence.
The fund will plan to raise 100,000 UF (~US$4.5M) from private investors, then apply for a grant from Chilean development fund, CORFO, to supply the other 300,000 UF (~US$13.27M). DisrupTech will invest over three rounds, starting with investments up to US$100K for 25 startups. The second round will invest up to US$400M each in 12 startups. The final round, used for expansion and scaling, will provide up to US$1M in follow on funds for successful startups from the first rounds.
DisrupTech is already evaluating five projects, including tech companies from the US that want to expand into Latin America. The founders have already raised 45% of the private funds they need to start investing.