A Chilean company stolen in 2018, was the home of many Cornershop, housing supply supermarkets, which American Walmart bought for about $ 225 million.
Initially, the founders of Cornershop increased funding from angel investors' networks and later to some investment funds, all of which were foreigners, especially from the United States and Mexico.
Like a start-up company that became a successful company, there are hundreds of other venture capital companies in Chile that initially receive funding from angel investor networks. At a local level, this type of network operates through the subsidies they receive from Corfo to fund their activities, and then attract funds from investors and manage them in venture capital companies by charging a commission for this service.
According to data obtained from Corfo through the Transparency Act, 12 angel investors' networks received $ 2,212 million in subsidies from a state-owned company between 2008 and 2018, but only nine managed investments in companies. Thus, during this period, 96 projects or start-ups received $ 11,175 million from networks.
In other words, investment management increased the resources generated by the subsidy by 4.5 times.
The network that managed most of the venture capitalists in this period was Broota's investment and collective financing platform: $ 2150 million in 17 projects, despite the fact that Corfo received a subsidy just two years ago, where it received $ 200 million.
The second was the Southern Angels associated with Adolfo Ibáñez University, where $ 1970 million was put into four projects. The state unit, on the other hand, granted them $ 50 million.
Third place was awarded to Chile's Global Angels (now Chilean Global Ventures), which is linked to the Chilean Fundación, which reported a total investment of more than $ 1,870 million in 25 projects. Meanwhile, Corfo awarded him a subsidy of $ 439 million.
On the other side, there were three networks that could not manage resources for start-ups: Santiago Angels, which received $ 80 million in subsidies, FEN Ventures ($ 79.8 million) and the National Chamber of Commerce. Electronic Investment Platform ($ 79.9 million).
"The important thing about Corfo's subsidies is that networks are able to increase it," said José Antonio Berros, founder and CEO of Broot. He added that "network investments in start-ups are very low, nearly $ 3 million a year, and our job is to get more success stories and investors make money to attract more investment."
Venture capital companies
Among venture capital companies that have received resources from angel investor networks, Orionx stands out for a platform that exchanges with cryptocurrencies and that, along with Buddha and CryptoMarket, they face the banks of the free competition court after they close their accounts. This company received $ 40 million from 2017 to 2018.
Initially, receiving the biggest money was Super, an application that was similar to Cornershop, over $ 446 million.
Other companies include Pago Fácil, SolarChile, Mestra Beer, Capitalization and Weeshing.