26 years of momentum: Corfo has invested US$ 1.061 billion in 72 venture capital funds
Between 1998 and 2024, the Corporation has financed 72 venture capital funds, providing support for investments valued at US$ 1.061 billion for a total of 497 companies, of which 73% are micro and small.
In a meeting led by the Undersecretary of Economy and Smaller Companies, Javiera Petersen, and the Executive Vice President of Corfo, José Miguel Benavente, the main milestones and results of Corfo's support to the Venture Capital industry in Chile were presented, a momentum that has been going for over 25 years.
Through its various programs, between 1998 and 2024, Corfo has financed 72 venture capital funds through credit lines, thus providing support for investments evaluated at US$1.061 billion for a total of 497 companies, of which 73% are micro and small (Mipes).
In total, during the past year, Corfo disbursed more than US$23 million in funds with current credit lines, also adding 21 beneficiary companies with investments during the period, such as Keirón, a company that offers SaaS - or Software as a Service - for Health Institutions; AInWater, a startup specialized in optimizing water treatment processes through artificial intelligence; and Soquimat, a company that revalues forest waste.
Among the 2024 milestones, the launch of two new funds was also highlighted: Invexor Discovery-2, specialized in Chilean startups based on technological or scientific innovation; Zero Waste One Planet, focused on Green Mining, whose companies must be linked to the generation of social impact. Three payments and pre-payments of credit lines from funds that have been successful in their management and portfolio were also reported: Manutara I, Venture Equity and Austral, for an amount that exceeded US$36 million in total.
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"The Venture Capital industry is poised to be one of the relevant industries for the economic growth challenges our country faces. This is because it is one of the main financiers of innovative companies with a high growth potential that are based on science and technology, which are precisely those that can give the best responses to the economic, social, and productive challenges our country faces. They are also a very good source of quality job creation. In this sense, the work that Corfo has done for many years to support the development of this industry has been fundamental," affirmed the Undersecretary of Economy, Javiera Petersen.
"The development of an industry like this takes time and Corfo has been supporting these kinds of initiatives for 25 years. In this administration, we have aimed for venture capital funds to have a broader focus, particularly on issues that have to do with positive externalities within the economy, such as gender inclusivity and decarbonization, going beyond just promoting entrepreneurship and innovation. This is a more evolutionary view of public policy where Corfo plays a crucial role because, as much as we have financing, if we lack these types of ideas, we will not progress towards the development that the country needs," stated the Executive Vice President of Corfo, José Miguel Benavente.
Upcoming Challenges
Among the challenges, Corfo will enhance the link between the venture capital funds it supports with Scalex, an alternative market that was born thanks to a public-private partnership with the Santiago Stock Exchange, to promote more liquidity to companies, as well as to facilitate the exit of investment funds through a secondary market (also present at this event). Likewise, it will begin positioning the brand Venture Capital Chile, to promote the attraction of foreign investors to the national venture capital industry.
During the day, emphasis was also placed on the incentives offered to those funds that invest in strategic sectors or segments such as Gender and Decarbonization. Among the benefits is the reduction of rates on credit lines.
"Today we are seeing funds being structured around investing in women-led companies or with a focus on decarbonization. From this point of view, in strategic terms, our venture capital programs are aligning with the axes that Corfo is promoting, understanding that this is a chain where we have a global corporate strategy in which all business areas participate," stated the Investment and Financing Manager of Corfo, Mauricio Escobar.
In the case of Gender, the strategic sector refers to funds focused on investing in a group of companies led by women, understood as one or more women owning at least 50% of the firm's capital or one or more women owning at least 30% of the capital and also one or more women being the legal representatives.
In the case of Decarbonization, it is aimed at supporting companies with innovations related to reducing carbon emissions into the environment, replacing or substituting energy sources based on coal or hydrocarbons with other alternatives such as green hydrogen, solar power, wind power or other unconventional renewable energies.