SAO PAULO : Early-stage venture capital fund Antler, based in Singapore, is opening its first office in Latin America in Sao Paulo, as the region keeps attracting record capital volumes.
According to industry group Lavca, venture capital investments reached $15.7 billion last year, more than what the region's startups had attracted in the decade before. Brazil garnered 48 per cent of total capital and minted eight new unicorns.
Antler, an early stage fund that provides startups their first capital, has around $500 million in assets under management. "The local market is large and digitalization is growing fast," said Antler founder and CEO Magnus Grimeland.
The fund has helped create 400 companies worldwide, with offices in 21 locations, funding the startups before they start to operate.
Marcelo Ciampolini, an engineer who worked for banks and founded an online lending company in Brazil, will head the Brazilian office. Antler typically finances the opening of startups for a 10 per cent share in the new company and is expected to invest up to $50 million in pre-operational startups in Brazil over the next five years.