Early stage venture capital firm Magma Partners has teamed up with Chinese co-working space Kr Space to launch the first Sino-Latin America Accelerator to help Chinese businesses access Latin American market and vice versa, the company said in a statement.
Magma Partners announced the launch of the Sino-Latin America Accelerator as it made the first close of its second $15-million fund to continue supporting the growth of US incorporated startups with technology and sales teams based in Latin America.
The Sino-Latin America Accelerator will have a physical presence with Kr Space in Shanghai and Beijing, host monthly events, and provide a space for both investors and Chinese and Latin American entrepreneurs to come together, Magma Partners said.
“Cooperation between China and Latin America has never been more important, and we believe that the Sino-Latin America Accelerator will be a key building block for both startup ecosystems,” said Jie Hao, Partner, Magma Partners.
In addition to helping Chinese entrepreneurs access the Latin American market, the accelerator program will be an opportunity for Latin American entrepreneurs to learn about doing business in China. The accelerator will help entrepreneurs source products, services, technology, and investment from China.
“The Sino-Latin America Accelerator represents an opportunity for Kr Space to continue supporting Chinese entrepreneurs in new ways and in new markets like Latin America, which we see as a strategic next step over the next decade,” said Dong Bo, Vice President of Kr Space.
A spin-off of Ant Financial-backed 36Kr, Kr Space operates 30 co-working spaces in eight cities in China, including Beijing, Shanghai, Hangzhou, Suzhou, and Nanjing.
Meanwhile, Magma Partners said its $15-million Magma Fund II will invest in 60 pre-seed and seed-stage companies over the next three years in the Latin American region. Since 2014, the company has supported 32 pre-seed and seed-stage companies with founders from 10 countries.