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Telefonica to Invest in Technology Start-Ups
Published on:
Telefónica has launched an international network of technology venture capital funds, Amérigo, in order to detect and finance new businesses that are innovating in the digital space. The aim is for Amérigo to become a key source of financing for technology entrepreneurs globally, particularly outside of the main centres of VC activity, such as Silicon Valley and London.
The Amérigo program starts its activity with a capital of about EUR300 million, provided by its promoting entities -- in particular Telefónica has undertaken initially investments of EUR68 million for the next five years -- and the funds subscribed to the program. This initial capital will allow managing business projects with an aggregated estimated value of EUR1 billion.
In a first stage, the programme is focused on four countries, Spain, Colombia, Chile and Brazil, where Amérigo already has the support of governments and public financial institutions and also from other private partners.
In Spain, the program has already made investments in five technology companies whose customer bases amount to 3.5 million people.
'We have long understood that to succeed we need to understand and embrace the digital innovation ecosystem, recognising that great ideas can come from anywhere. This has driven our investment in initiatives such as Campus Party and Wayra. Amérigo marks the next stage in this strategy as we seek to combine the funding power of private and public funds to create a real engine for stimulating technology innovation' said Matthew Key, Chairman & CEO, Telefónica Digital.
Tags: [telefonica]
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