The Chilean underground startup ecosystem is finally starting to rise to the surface (meaning little known startups launched by Chileans).
Proving that startups can be successful outside of the popular government sponsored Start-Up Chile program, the team at BOMBAcamp has recently announced they have been successful in raising 100% of their first fund for their new BOMBAstars accelerator. Geared toward startups in Latin America, the program will award USD $25,000 to up to 20 selected startups a year.
We’re super excited about it at AndesBeat because it’s one of the few models we have seen that is more aligned with accelerators and equity stakes with the states. Less than 3 years ago it was not uncommon to hear of local investors who took up to 40% equity in startups and offered no mentorship, training or access to networks in exchange.