Wayra and TheVentureCity sign a deal to invest jointly in deep tech startups
- Both organizations will co-invest up to 250k€ for each startup
- Main areas of interest: Artificial Intellingence, Machine Learning, Internet of Things, Video, Cybersecurity, Edge Computing, among others
Madrid, May 8th, 2019. – Wayra Spain, the open innovation hub by Telefónica and, TheVentureCity, global accelerator of tech ecosystems based in Madrid and Miami, have jointly signed a deal to invest in startups in the areas of Artificial Intelligence, Machine Learning, Internet of Things, Video, Cybersecurity, Edge Computing, among others.
Each startup they invest on will receive up to 250k euros, from which Wayra can provide up to 150k euros. By signing this deal, both entities are committing to go a step further from investment and will organize events and activities to promote deal-flow, drive growth and business development for companies that are already in their investment portfolios, and overall, strengthen the entrepreneur ecosystem in Spain.
“This deal brings to light the intention of Wayra to promote the deal-flow and co-investment in mature startups with a clear business plan and with a technological activity that matches the strategic projects of Telefónica” says Paloma Castellano, Director of Wayra Madrid.
“The companies in which we invest jointly with Wayra will be part of our Global Growth Program for 6 months and we will work on how to increase the company’s growth with our basic 3 pieces for a technology company: product, engineering and data” says Andrés Dancausa, VP Growth Accelerator EMEA at TheVentureCity.
Wayra is Telefónica’s most global, technological and connected open innovation hub in the world. Wayra operates through 11 hubs in 10 different countries: Argentina, Brazil, Chile, Colombia, Germany, Mexico, Peru, Spain, UK and Venezuela. More than 500 of the startups that participated in Telefónica’s Open Innovation program are still active and more than 100 companies are doing business with the company.
TheVentureCity has a new venture and acceleration model that helps different founders around the world to generate impact. Our mission is to give global founders the access to opportunities. TheVentureCity prepares founders with a global ambition to achieve their next milestone.