NXTP Labs and Naranya Labs announce a partnership for establishing the most important seed capital fund in LatAm
Miami, May 6, 2014.- As part of the eMerge Americas 2014 conference, NXTP Labs, a seed capital fund with an acceleration program for Latin America, and Naranya Labs, a Latin American accelerator and seed investment fund based in Mexico announced their partnership.
The agreement was achieved after a successful phase as co-investors and after obtaining a commitment to invest at least 8 million dollars in Mexico, which includes the contribution by the Mexican Government through INADEM (Acronym in Spanish of the National Entrepreneurship Institute)
This partnership will ensure full coverage in the main Latin-American markets including Argentina, Brazil, Chile, Colombia, Mexico and Uruguay.
With this partnership NXTP Labs and Naranya Labs aim to manage a regional fund with a USD $50 million target. The fund raising stage is expected to be complete by December 2014.
“The support of the Mexican government, through the INADEM is essential to promote the talent of innovative Mexican startups throughout the region. It sets an example to be followed by other countries in Latin America, ” said Arturo Galván, founder and CEO of Naranya Labs
On the other hand, Ariel Arrieta, co-founder and CEO of NXTP Labs, highlighted: “This alliance is a sign that Mexico has a solid capital market willing to lead the technological innovation in LatAm”
The partnership adds the experience of Ariel Arrieta, Marta Cruz, Francisco Coronel, Gonzalo Costa of NXTP Labs, and Arturo Galvan and Pablo Salazar of Naranya Labs.
The Fund’s portfolio includes now more than 150 companies invested in line with the objective to support 300 startups with focus on the Latin American market.