Singapore-based venture capital fund focused on early-stage investments Antler is opening its first office in Latin America. The country chosen for its debut in the region is Brazil, due to the country’s booming startup scene. Antler is expected to invest up to $50 million over the next five years in Brazilian startups.
Antler has a thesis focused on early-stage startups and invests at the same stage as the so-called angel investors, providing the first venture capital to the startups. The fund usually finances the opening of the companies in return for a 10% stake and does not usually lead subsequent rounds, investing only to maintain the stake.
In Brazil, engineer Marcelo Ciampolini, who has worked in the financial market and founded an online lending company, is expected to lead the office.
With $500 million currently under management and offices in 21 locations worldwide, including North America, Asia, and Europe, Antler has already helped start 400 companies around the world by providing pre-Seed funding and is now taking its first step into Latin America. “The Latin American market is very large and has high growth rates of digitization,” Antler founder and CEO Magnus Grimeland told Reuters.
The volume of venture capital invested in Latin America set a record last year and reached $15.7 billion, more than Latin America raised in the entire previous decade, according to LAVCA (Latin American Private Equity Investment Association). Venture capital as a share of total private capital investment also rose to 54%, compared to 25% in 2020. Brazil attracted 48% of the total capital infused into the region and created 8 unicorn startups last year.