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Carey 

November, 2020 - Santiago, Chile

 

 

Venture Capital Industry in Chile Registers a Moved Last Quarter of the Year

 

Future Positive decided to invest in The Not Company, Frontier Car Group merged with OLX Group, creating a new Chilean “unicorn” valued at more than USD 1 billion, Manutara Ventures invested in the Chilean startup ETPay and several Chilean investors invested in the Fintech based in the USA, Xepelin.

An intense September had the VC industry in Chile. On the one hand, the Future Positive company invested in the Chilean enterprise, The Not Company (NotCo), with an interesting figure of USD 85 million. Carey locally advised Future Positive, an international Venture Capital company, on its investment in the star of the moment, The NotCo, a food technology company that operates in Chile, Argentina, Brazil and the United States. With this new round of financing, NotCo has raised a total of USD 118 million to date, the highest amount of foreign investment for a Chilean start-up. NotCo's current investors are some of the most relevant funds in the Venture Capital arena, including Future Positive, L Catterton, Kaszek Ventures, The Craftory, Bezos Expedition, General Catalyst, Endeavor Catalyst, Indie Bio, Humbolt Capital and Maya Capital, among others.

The new Chilean unicorn

Also, in September, Frontier Car Group, owner of the VendenosTuAuto.com brand, merged with OLX Group, creating OLX Autos, a new car buying and selling platform. In this way, OLX Autos becomes the new Chilean unicorn, valued at more than USD 1 billion and with a presence in 12 countries: Argentina, Chile, Colombia, Ecuador, Peru, Mexico, India, Indonesia, Pakistan, Nigeria, Poland and United States. In Chile, it is led by partners Ignacio Detmer and Ricardo Donoso. This is the first time that a start-up founded by two Chileans reaches this category.

This new player in the used car buying and selling industry bases its model on an “instant purchase” service, managing to make sales more efficient for private sellers, buyers and professionals in the sector.

Investments in Fintechs

On the other hand, Manutara Ventures, Venture Capital investment fund, participated in an investment round in ETPay, a Chilean start-up that develops an electronic payment system based on bank transfers, with a frictionless experience during the purchase and after sale services. The system allows the transfer and collection of money and integration with other payment systems.

Carey advised Manutara on all aspects of the transaction.

Finally, several Chilean investors invested in Xepelin, a Chilean financial platform that helps SMEs to grow, which raised a seed round of USD 2.5 million. Carey advised Ideas Impact VC and Manutara Ventures, who led the round, in which Chilean and foreign VC funds also participated, along with local family offices.

Carey's participation in all these deals, ratifies the position of the firm in the Venture Capital industry. Recently Carey was the sole Chilean firm ranked in Band 1 in this practice area in Chile by the British publication The Legal 500. Carey's Venture Capital area is led by partners Francisco Guzmán, Guillermo Carey and Cristián Eyzaguirre.

Francisco Guzmán commented: “We are very happy to be able to participate in the growth of the local Venture Capital industry. We have witnessed the change that has occurred at a local level, both on the part of investors who are betting on this type of assets, and on the part of Chilean entrepreneurs of the highest level, who are working hard to grow their businesses internationally."


 

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