Earlier today Riverwood Capital announced a Latin America Mobile, Web & Cloud Start-Up Challenge aimed at discovering and showcasing the next wave of highly successful technology startups they believe will be born in the region.
With their average investment check size ranging from US $20-70 million, you can imagine how ‘uber excited’ co-founder boy and I were when we received news that Riverwood Capital was expanding into the Latin America startup scene!
Furthermore, they generously extended an invitation for AndesBeat to be among their distinguished partners to help introduce and personally connect them with Chile’s startup community.
Alas, it is with great honor that we welcome and present to Chile’s startup community, Riverwood Capital, a globally-focused private equity firm that invests in high-growth businesses in the technology and services industries, across a variety of verticals and geographies.
Latin America Start-Up Challenge
Today Riverwood Capital in collaboration with Silicon Valley Bank and Qualcomm Ventures officially kicks off their Latin America Start-Up Challenge for businesses whose focus is in the mobile, web, cloud or big data space.
Two grand prize winners (one in web/cloud/data storage etc. will win a US $100,000 investment and one in mobile will win a US $100,000 investment with a chance to compete in the U.S.A. for another US $150,000).
The Latin America Mobile, Web & Cloud Start-Up Challenge is open to new and early stage high-growth potential technology startups that have raised less than $1,000,000 USD to date.
Multiple teams will have the opportunity to win cash, trips and a host of prizes.
Applications are open May 29 through August 15, 2012.
Some of the guest judges include Michael Copeland, Editor at Wired Magazine, Carlos Kokron, Managing Director, Qualcomm Ventures – LatAm and Oliver Alexander Flögel, Executive Secretary for Digital Development, Ministry of Transport and Telecommunications, Chile.
While Riverwood Capital is a U.S. based company it has several international offices including São Paulo, Brazil. Their previous investments have included several companies in the region, including Globant, the Argentinian provider of outsourcing services and solutions, Alog data centers out of Brazil and Chilean IT solutions provider, Synapsis (acquired by Enersis in 2010).
Who’s behind the Latin America Start-Up Challenge?
The Latin America Mobile, Web & Cloud Start-Up Challenge is co-sponsored by Riverwood Capital, Qualcomm Ventures (sponsor of the $100,000 USD Mobile Challenge) and Silicon Valley Bank.
And the challenge was conceived by Bill Tai, a serial entrepreneur and avid kite-boarder who has taken 19 companies public; Francisco Alvarez Demalde, a founding partner of Riverwood Capital and an active technology investor in Latin America; and Veronica Serra, a partner at Pacific Investimentos and Board member of MercadoLibre. They were mutually inspired by the continuous growth and excitement they saw building in their experiences with Latin America’s technology and entrepreneurship scene.
The Impetus: Last year Brazil’s economy surpassed United Kingdom as the world’s sixth largest. Additionally, a robust economic and technological environment is setting the stage for the next wave of highly successful startups to originate from Latin America.
Learn what types of things investor Bill Tai looks for in today’s tech startups…
What will the Grand Prize Winner Receive?
First, five finalists will be selected on October 4 to compete at the PuntaTech event to be held on January 7, 2013 at Punta Del Este, Uruguay. And then from those five finalists, one main winner will be chosen that will receive:
- US$100,000 in angel investor funding
- Media sponsorship in the U.S. and Latin America
- Legal advice from Machado Meyer
- 12 months of free e-mail, cloud server and e-mail marketing from Mandic
- Data center hosting from ALOG for 2-years
- Software development services from Globant
- 2 years of remote SOC (Security operations center) services; checking and monitoring of the winner’s implementation (application) from Synapsis
- 1 year of media promotions through Synapsis’ communications channels
- All-expense paid trip to Silicon Valley to meet with entrepreneurs, VCs and corporates
- Napa wine trip courtesy of Silicon Valley Bank
Punta Tech Meetup in Punta del Este, Uruguay (Jan 2012)
What is the Selection Criteria?
- Your business plan targets the mobile, web, cloud or big data space
- Your idea is innovative and disruptive
- Your business plan is viable, has a monetization strategy, targets a large market, is scalable and has the potential to be a “billion dollar plus” idea
- You have made some progress on the development of the application (at a minimum, you have a detailed set of design mock-ups)
- Your idea will have some positive human impact or contribution towards social good
- Your team members have a promising background
- You have raised less than US$1,000,000 to date
- Note: All applications must be submitted in English
One-on-One with Riverwood Capital Partners
After several strategy planning sessions, the partners and associates at Riverwood Capital generously extended a special invitation to AndesBeat to organize weekly one on one pre-evaluation sessions with select teams from the local Chilean start-up community to receive early stage feedback and evaluations.
Additionally, AndesBeat will be personally supporting local startups with the application submission process.
Please sign-up in our waiting list if you require assistance!
Ready to Apply Now?
Start your application at Latin America Start-Up Challenge !!!
Buena suerte y éxito a todos!