The sponsors of a new venture capital fund which aims financing of new companies is Latin America Life Sciences Focused Dodge Recurring Office Funding Crisis family members and wealthy investors.
investment banking firm advice on ficus and the scientific research center Pasteur Institute of Montevideo expect to close their first round of financing for US$10 million in mid-June with some 15 European and Latin American investors, said Ficus president Paul Elberse. Lab+ Ventures LP has commitments by more than half of that amount so far, he said.
“The first-time funds they have a tremendous problem to raise money in these markets volatile tan. I think we are an exception in that sense.”, Elberse said in an interview from Montevideo.
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Elberse expects to close a second round of financing by $15 million in the middle of 2024.
US venture capital funds raised only US$11.7 billion in the first three months of 2023 due to rising interest rates and inflated company valuations, according to a Pitchbook-NVCA Venture Monitor report. Those same factors made venture capital deals in Latin America fell 50% year-on-year to US7.8 billion in 2022, according to data compiled by the LAVCA group.
Latin America’s fintech sector has received billions of dollars in venture capital over the past decade, launching publicly traded companies such as payments platform Dlocal and online bank Nu Holdings. Lab+ Ventures is a bet that private equity can fuel a similar boom for Latin American startups of life sciences that develop everything from new cancer treatments to vaccines for livestock.
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The US-based fund has its operating structure and special purpose vehicles in Uruguay. laboratory + companies choose four Uruguayan scientific teams for seed funding and plan to invest in eight more A projectsLatin America or even outside the regionsaid the executive director of the Pasteur Institute of Montevideo, Carlos Batthyany.
The research center has already created several start-ups in recent years, including Uruguayan pharmaceutical company Eolo Pharma, which is conducting clinical trials in Australia. Will take a 10% stake in the companies laboratory + companies who uses its facilities.
“Association of a research organization and a venture capital fund to monetize the institute’s science is a combination very interesting that facilitates” fundraising, said Batthyany.
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