Telefonica has launched a new €300m fund to invest in technology start-ups in partnership with governments.
The fund, named Amerigo, will focus on Colombia, Chile, Brazil and Spain. Telefonica said it has the support of governments and public…
Telefonica has launched a new €300m fund to invest in technology start-ups in partnership with governments.
The fund, named Amerigo, will focus on Colombia, Chile, Brazil and Spain. Telefonica said it has the support of governments and public financial institutions.
€300m in capital has already been committed to the fund that will allow managing business projects with an aggregated estimated value of €1 billion, Telefonica said in a statement.
The Spanish telco has committed to investing €68m into the fund over the next five years.
“We have long understood that to succeed we need to understand and embrace the digital innovation ecosystem,” said Matthew Key, chairman and CEO of Telefonica Digital.
“Amerigo marks the next stage in this strategy as we seek to combine the funding power of private and public funds to create a real engine for stimulating technology innovation.”
Other telcos have also launched tech venture funds over the past few months, including France Telecom and Deutsche Telekom.
