Magical, the Chilean accelerator launches investment fund for technology startups in Latam

With an investment fund of 5 million dollarsthe Chilean accelerator Magical seeks to support technological entrepreneurship in Latin America.

Magical II is the second fund launched by the accelerator and focuses on promoting early stage startups or that have a pilot or a minimum viable product in the testing stage, and seed, those that have a team dedicated to the venture and already have a viable product on the market.

Through a statement, the accelerator highlighted that it will invest in 17 o 20 startups that seek to solve the problems of the key industries of the region’s economy, mainly those that operate in retail, logistics, finance, mining and agriculture.

In addition to capital, the accelerator will provide selected startups personalized advice to develop and perfect the product or service and from a diagnosis, the opportunities, weaknesses and strengths of the project are sought and then an action plan is worked on with one-on-one accompaniment with the founders.

“This corresponds to the first fully private accelerator fund, since the previous one had the collaboration of Corfo,” the company highlighted.

It was also specified that the contribution for startups will be higher, reaching $125,000and will be allocated to Latin American ventures, so that in addition to Chile, startups from Mexico, Colombia, Uruguay, Argentina and Peru may benefit.

“We believe that there is a lot of digital talent in Latin America and there are entrepreneurs who need both capital and good advice to achieve success, which is why we launched our first private investment fund with more capital to boost the growth of technology startups. of the region”, commented Chris Thompson, scouting manager of Magical Startups.

Startups interested in applying to the Magical II investment fund can do so on the accelerator’s website.

Magical I Achievements

The first investment fund, Magical I, reached a total of 2.8 million dollars and allowed financing the growth and development of 30 startups chilenasamong them, Lazarillo, SimpliRoute, Zippedi, Colektia, Instacrops, Datamind, Shipit and Vita Wallet, as well as Ninja Excel, the most recent “exit”.

In case of Zippedi is one of the highlights. A Chilean startup that created a robot that reports bankruptcy stock in retail, which when it received the financing and advisory contribution from Magical Startups was in the development stage and today it is already exported to the United States and is implemented in The Home Depot stores.