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Contxto – Canary Ventures wants first-time founders to take flight with its latest project. The venture capital (VC) from São Paulo disclosed last week that it’s created a program for founders who are close to graduating and want to launch their startups in Brazil.
Through its JetPack initiative, Canary wants to draw in first-time founders from abroad into the country. And those that are selected will be taken under the wing of this VC and they’ll each receive an equity injection to get the idea off the ground.
Note that it’s irrelevant whether you’re Brazilian or not. Moreover, JetPack isn’t catered to a specific industry. But the project does require a tech component to solve issues in Brazil whether it’s in regards to financial services, healthcare, real estate, or any other large-sized pain point.
So, if you’ve got an idea that can tender to one of the problems in the country, Canary wants to know.
What’s in it for founders
So what’s in store for fledgling founders? One serious support system brought to you by this early-stage VC. Specifically:
- One uncapped investment for US$50,000
- Office space in São Paulo
- Access to Canary’s network
- Help for when the startup wants to raise its first equity round through VC
- Coverage of establishing the startup as an LLC
And do keep in mind that in exchange, Canary is highly interested in leading the startup’s first VC investment. When such an event takes place, the founder will have to legally establish the startup in Delaware, in the United States.
And it should go without saying, but, founders and their teams are expected to be accountable and focus on the business.
Flocking talent and startups
Brazil is a large market with the most sizable VC funds and the most startups in Latam. And of course, its GDP is the biggest. But its needs are far from covered.
The size of its population only pushes for a larger number of problems that need solving. Consequently, projects like Canary’s JetPack are a key push towards startup stimulation. Whether it’s from fellow Brazilians completing their studies abroad, or others who have an outsider’s perspective to untangle these challenges.
If you’re up for it, you can learn more about JetPack here.
Related articles: Tech and startups from Brazil!