New generation of Start-Up Chile: More foreign ventures and gender parity is consolidated

Start-Up Chile, Corfo's public accelerator, announced its new BIG 7 generation, made up of 58 startups, which will enter their respective programs starting in March and will receive equity-free co-financing, that is, free of equity participation.

Among the selected projects, there was a 9 percentage point increase in foreign ventures compared to the last cohort, reaching 40% of the total. The countries of origin are the United States, India, Russia, Spain, Nigeria, Argentina, Colombia, Venezuela, Peru, Bolivia, and Costa Rica.

In addition, 17% corresponds to entrepreneurs from regions, specifically from Antofagasta, Coquimbo, Valparaíso, Maule, La Araucanía and Los Lagos.

Winners of Valparaíso

In the Valparaíso region, five startups were selected. These were Greentest.ai, an AI-enhanced software testing platform; Doctor 911, a platform that defines itself as a leader in preventive health in Chile, where users can purchase medical exam orders; eClariti, a company that uses the Alepa algorithm to facilitate the management and organization of various critical operational variables; Discovery, a company dedicated to AI-based digital solutions for the well-being of operators and process KPIs; and Remote Waters, a company that designs, integrates, installs, and maintains rapidly deployable water purification systems for communities with limited access to drinking water.

Etienne Choupay, regional director of Corfo Valparaíso, highlighted the quality of the regional companies that won the Start-Up competitions, noting their attractive and diverse products with significant growth potential. “On the one hand, we have an interesting platform that brings preventative healthcare closer to people, allowing users to access medical prescriptions through a website. On the other hand, we have a machine that purifies water anywhere in the region, an initiative that improves the quality of life not only for our residents. Our region has top-tier entrepreneurs and innovators whom we must continue to support to strengthen their growth and the productive development of our territory.”

Regarding female participation, for the second consecutive year, the Build program—focused on startups ranging from a validated idea to an early-stage prototype—achieved gender parity among the founders of its 16 selected startups. This aligns with Start-Up Chile's Female Founder Factor initiative, which aims to boost women's participation in the ecosystem and encourage their contribution to the country's economic activity. Five more female founders are included in the other programs, and these women have access to a higher percentage of co-financing (90% in Ignite and 60% in Growth).

“Our new generation is coming in strong in terms of the level of sophistication of the startups, which will undoubtedly contribute to productive diversification and technological development in Chile. Having 50% women in Build fills us with pride, but at the same time inspires us to continue motivating more female entrepreneurs to bring their projects to our programs. Likewise, we are pleased to receive more foreign ventures, since attracting international talent to our country has been part of Start-Up Chile's DNA since its inception 13 years ago,” commented Carmen Contreras, CEO of the accelerator.

Among the startups that will enter Build and receive $15 million for their acceleration are Rentia, Qentaz, 4roomis, No Pausa and HIVE Materials.

Projects and Industries
On the other hand, Ignite—a stage for startups that already have a functional product and are looking to achieve product-market fit—will be the largest program of this generation, with 28 projects. Among them are PaperLux, DigiScan AI, Coolebra, and Lank, which will receive $30 million in support.

Savia, eClariti, ATP Smart, and Carvuk are among the 14 startups selected for the Growth program, which aims to support them in their expansion, capital raising, and team growth phases. They will each receive a fund of $75 million.

In terms of the industries targeted by the new generation of startups, Education, Financial Services, Health and Biotech, and Retail stand out.

The acceleration program begins in March and runs for four months, except for the Growth program, which lasts eight months. In April, applications open for the second cohort of Start-Up Chile in 2024, BIG 8. The complete list of selected startups is available at startupchile.org.