Sequoia Capital hits Latin America 40 years later, with Scanntech US$10M investment

Editor’s note: The official press release was reported on December 7, 2011. 

This may seem like ‘old’ news, however, since we’re continuously hunting uncovered news about Latin America startup scene that haven’t received coverage in the English markets, we decided to publish this information regardless.

Back in 2011, Raul Polakof (Scanntech CEO) discussed the challenges and opportunities of building a business in a small market and how his company survived a financial crisis and the brink of bankruptcy. 9 months later, Scanntech, a Uruguayan based company that provides a platform for small business, received US$10M invesment from Sequoia Capital. The funding are for growing purposes and will help to strengthten Scanntech expansion in the region.

This is the first time that Sequoia Capital makes an investment in Latin America. Sequoia is one of the top vc fundings of the world (they raised 1,35 billion last year to fund new startups), and they are known by leading investments in companies that are developing new technologies and have high-growth potential such as AppleGoogleLinkedinPaypalOracle, Cisco and Yahoo! (check their Internet portfolio). Continue reading