Madison Based PerBlue’s Game Acquired for $35m

Category : Entrepreneurship
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The Madison startup scene got big news late week. Madison based game studio PerBlue’s game DragonSoul was acquired by GREE International Entertainment for $35m. Huge congrats to cofounders Justin Beck and Andrew Hanson, along with Forrest Woolworth and team.

In addition to being top notch entrepreneurs, Justin and Forrest have been huge supporters of Madison startups, Forward Fest and were founding members of Capital Entrepreneurs. Forrest continues to lead CE, along with being an integral part of PerBlue. It’s been amazing to see PerBlue grow from a few guys in Justin’s apartment to the amazing company they’ve built today. Thanks for all of your hard work, you guys deserve it!

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Peru Venture Capital Overview

Category : Latin America Startups and Investing
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This post is the second in a series about Latin American startup ecosystems. Greg Mitchell, Managing Director at Angel Ventures Peru, provided much of the research for this post. Thanks Greg! Read the post on the Chilean Venture Capital, Highlighting Latin American Startups.

VCs

Angel Ventures, a Mexico-based VC, has a local presence in Peru through its Angel Ventures Peru branch office. Angel Ventures Peru has sourced deals from Latin America for the regional fund, but the fund has yet to make an investment in a Peru-based company.

Accelerators

The Peruvian government, through the Ministry of Production has a program to support local incubators and accelerators.

Endeavor – Endeavor is a global organization that promotes high impact entrepreneurs. It arrived in Peru three years ago and has been a leader developing the ecosystem.

Wayra – Wayra Peru is part of the investment arm of Telefonica. They invest in startups generally with $50k + $25k of services for 5-10% equity on convertible notes. They prefer technology companies that can be Telefonica clients or have products that can integrate into its other solutions. (more…)

Latin American Entrepreneurs: Don’t be Scared of the US Market

Category : Latin America Startups and Investing
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Note: A version of this post appeared as a column in Spanish in Chile’s El Mercurio with the title Emprendedores chilenos: Pierdan el miedo a EE.UU. Although this post focuses on Chilean entrepreneurs, it can also apply to other Latin American entrepreneurs. From what I’ve seen, Mexican entrepreneurs are the least scared of the US market, followed by Argentinians, Colombians, then Chileans, who generally think they don’t have much of a shot at competing in the US. This mindset is slowly changing and this article’s goal is to push it along faster.

A few weeks ago, COPEC, a Chilean convenience store and gasoline service station chain, acquired Delek, a US convenience store and gas station chain with 348 US locations for $535MM. COPEC has operations in Mexico, Colombia, Peru, Ecuador and Panama, but this is their first foray into the US market. It’s an important step for Chile because it shows that both big companies and startups alike shouldn’t be scared of the US market. In fact, they should view the US market as a big opportunity to expand outside of their home markets.

For way too long, when Chilean companies large and small have wanted to expand out of Chile, they’d look at Peru, Colombia and maybe Mexico. But we’re recently seeing a big change, both by startups and by big companies like COPEC.
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How to Indentify and Recruit Latin American Talent for Startups

Category : Latin America Startups and Investing
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One of a founder’s most important duties is Identifying and recruiting top talent. Finding and convincing the best people to work for your startup can be the difference between success and failure. There are hundreds of great resources on how to find great talent in the US, but Latin America is very different. US strategies don’t usually work in Latin America.

Recruiting for startups in the US is difficult because the market is extremely competitive and well developed. But it can be easier because many people want to work at a startup because “startups are cool.” Sometimes they even pay well.

Many US workers choose a mission driven company that aims to change the world, or a company that offers workers the opportunity to work on interesting problems, rather than the company that pays the most or has the highest brand recognition. Additionally, structural advantages like recruiters and well developed stock options plans showcase startup opportunities and push more people to take a risk with a startup.

In Latin America, it’s different. It can be difficult to recruit for startups, but not because of competition from other startups. (more…)