Investment VC Funds

Chilean startups in Silicon Valley close $600K in fundraising through Founderlist

LatAm ListFounderlist is a Chilean startup investment platform that brings AngelList-style investment to the Latin American ecosystem. They recently coordinated two Syndicates that contributed to tickets in the multi-million dollar funding rounds of two Chilean startups based in Silicon Valley: Praxis Biotech and Levita Magnetics.

In total, these startups raised over $600K, far exceeding their goals for the rounds. Praxis reached 307% of its funding goal through Founderlist, while Levita exceeded 170%. Founderlist helped involve smaller and newer startup investors in the round by offering them a portion of a ticket through a Syndicate, meaning the startup adds only one legal entity to their Cap Table.

“We are offering an opportunity to invest in startups who have had major successes worldwide to local investors who normally could not invest in a round of this size,” commented Pedro Varas, CEO and Co-Founder of Founderlist.

Both Praxis and Levita are seeking to resolve medical problems with technology. Praxis is working to synthesize molecules and proteins that could fight cancer and Alzheimer’s. Its founder, Sebastián Bernales, was VP at Medivation when it sold to Pfizer for $14B.

Levita Magnetics creates minimally-invasive surgical procedures using magnetic technology. It was recognized among the most innovative companies in the world in 2017 by Fast Company. However, neither startup forgets their Chilean roots.

“To date, most of our investors have been Chilean because we started here,” said Dr. Alberto Rodríguez-Navarro, CEO of Levita Magnetics. “We did all of our clinical trials in Chile. We wanted to offer part of this round via Founderlist to continue working with local investors who want to learn more about startups and innovation.”

To date, Founderlist has helped raise 17 rounds for companies in Chile, Ecuador, Mexico, and the US.

Learn more in Diario Financiero.

Pedro Varas is also a contributor on LatAm List. See his past articles here:

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