Ecuador-based BuenTrip Ventures, a Latin American-focused VC fund, and accelerator, has secured its ﬁrst institutional investor in its second fund.
The funding included the participation of the Inter-American Development Bank (IDB) through IDB Lab. IDB Lab aims to support innovation and the development of the startup and venture capital ecosystem in Latin America and the Caribbean. The investment is said to open the door to other institutional investors.
BuenTrip Ventures Fund II seeks to invest in early-stage B2B software startups in Latin America.
BuenTrip Ventures states that unlike traditional VC funds, which ﬁrst raise capital and then seek to make investments, it focuses on ﬁrst developing the ecosystem around tech founders.
BuenTrip’s ﬁrst fund holds a portfolio of 23 startups from seven countries across the Americas and supports 46 tech founders.
More than 30% of the startups that received funding were women-led, as it looks to support founders from diverse backgrounds.
The fund invested primarily in software-based startups that enable and accelerate the digital transformation of the region in important sectors of the economy, like Nuvocargo, Kriptos, Altscore, and others.
BuenTrip Ventures is led by Fernando Rivera and Carmen de la Cerda.