Startup News

Bancóldex launches a ‘fund of funds’ for startups

LatAm List – Colombia’s export bank, Bancóldex, recently launched a new $30M fund to support new business projects in the creative and cultural industries.  

The Colombian bank will be in charge of managing resources for startups that wish to strengthen their business and use smart capital to support the Orange Economy, a term coined by Colombia’s current president, Ivan Duque Márquez, which refers to the development of a creative economy.

“[Bancóldex] will act as a venture capital firm investor that will invest in companies that have a market-tested product that is already generating revenue. In addition to the primary focus on startups, the fund will also invest in the commercial, service, and tourism industries,” said a Bancóldex representative.   

Bancóldex’ President, Javier Díaz Fajardo, says they have received positive feedback on the initiative, “This next step responds to an evolution in the Bancóldex Capital program, which is adapting to the needs of the business sector by providing new forms of support”.

Read more on La Republica.

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