OurCrowd, the Jerusalem-based crowdfunding venture capital firm, is opening an office in Brazil, its 13th globally, to tap into new technologies stemming from the nation and Latin America in general.
“We foresee a huge increase of venture capital investments in the Latam region in the coming years,” said OurCrowd CEO Jon Medved at an OurCrowd conference in Sao Paulo, the first organized by the VC fund in Latin America.
“Israel is going to have $8 billion invested in venture capital by the end of the year, while an entire continent like Latam has $2 billion. This is an opportunity and the place to invest in,” Medved said. “That is why our newest office will be right here in São Paulo. That $2 billion is also going to be $8 billion or much more in the next couple of years.”
OurCrowd’s Brazil office will be headed by OurCrowd General Partner Rodrigo Monteiro.
VC investment in Latin American startups has quadrupled since 2016 to a record $2 billion in 2018, according to The Association for Private Capital Investment in Latin America. Brazil has secured 73 percent of venture capital investment in dollar terms, in 2017 and the first half of 2018.
In March, Japanese conglomerate SoftBank Group Corp. said it was setting up the SoftBank Innovation Fund, a technology fund focused exclusively on the fast-growing Latin American market.