LatAm List – Morro Ventures Partners launched a $20M early-stage venture fund to support and fuel Puerto Rico’s thriving tech scene, which has continued to grow since Hurricane Maria in 2017. The initial tickets will range from $50K to $250K, with the possibility of growing the investment to $1M in Pre-Seed, Seed, and Series A financing rounds.
“Our initial goal was to raise $10 million; however, strong investor interest both locally and from the mainland has pushed our ultimate target to $20 million. A first close at $17.5 million, with a highly sophisticated investor base, is a great validation to the opportunity in establishing Puerto Rico as a hub for Latin American tech,” commented Cyril Meduña, Managing Partner of Advent-Morro.
The fund will invest mainly in tech companies based in Puerto Rico or startups that can use the island as a gateway for cross-border growth to the US. Many Latin American tech companies have already discovered the benefits of relocating to Puerto Rico, such as the bilingual talent and tax system. Parallel18, a local equity-free accelerator, has also played a huge role in transforming Puerto Rico’s tech ecosystem.
“We are seeing significant traction in the development of the LatAm startup ecosystem, with thousands of companies founded each year; however, the size disparity in capital markets – $1.5bn in LatAm venture in 2018 vs. $85bn in the U.S. – continues to push hungry startups to more developed markets. Puerto Rico is the perfect conduit through which LatAm tech can access the U.S.,” commented Allison Kern, Founding Partner at Morro Ventures.
Morro Ventures will provide capital, mentorship, access to local partners, and global scale opportunities to transform the island into a multi-regional tech hub.
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