By Nancy Dahlberg
The Miami Herald
WWR Article Summary (tl;dr) A new fund based in Miami at “TheVentureCity” is looking to invest in companies that can show at least six months of strong growth and customer engagement. TheVentureCity Fund I has already has already put $20 million to work, investing in about 14 companies globally — four of them based in the Miami area.
The Miami Herald
This summer, when former executives of Facebook, Google, eBay and other hyper-growth companies formed a global “city” based in Miami with everything a tech startup needs to scale internationally, they were missing one key element: the money.
But not anymore.
The founder and CEO of TheVentureCity, Laura González-Estéfani, former director of international business development and mobile partnerships for Facebook, and co-founder Clara Bullrich, a 20-year private banking and asset management veteran, have launched a $100 million fund for tech entrepreneurs. This will be a tool in its unique TheVentureCity, which offers a tailored fellowship program and consultancy for tech startups with global hypergrowth potential.
TheVentureCity Fund I has already has already put $20 million to work, investing in about 14 companies globally — four of them based in the Miami area.
The new fund has invested in Boatsetter, a boat-rental platform; gaming venture The FastMind; and financial-technology startups Above & Beyond and RecargaPay, all from South Florida. It has also funded three Silicon Valley companies; the remainder are from Latin America and Europe. One has roots in Angola. Another five companies are in the pipeline. TheVentureCity typically invests more than $1 million.
“We want to accelerate emerging tech hubs around the world with amazing entrepreneurs who want to make their dreams come true. The way to do that is to guarantee that the right, smart money is there,” said González-Estéfani, in an interview last week. “There’s a lot of money in Miami but many of the LPs [limited partners] don’t understand tech.”