Recently, Amerigo, a $378 million (_300 million) worth fund was introduced by the telecom giant to focus upon the regions of Latin America, following which, Telefonica has also decided to offer help to the much-need new venture capitalist funding. It has also decided to introduce the same into the emerging markets of the area.
All thanks goes to its digital arm, Telefonica Digital. Apart from this, there is a planning to introduce a new fund, which will offer and support promising business based "outside of the main centres of VC activity". These include areas such as Silicon Valley or London.
In the entire targeted region, Columbia, Chile, Spain and Brazil are the countries that feature some of the premier profile established markets in the entire region. And as a beginning, Amerigo will be focusing on these four and will then further proceed into Latin America. It has plans to go in Asia and Europe also.
As told by Telefonica, Amerigo has been supported in all of the four initial countries because the individual governments along with a number of financial institutions and private investors are in favor of the planning.
As a helping hand, Telefonica itself has decided to fund $85.7 million (_68 million) in the form of initial investments for the next five years. According to Telfonica, this amount will surely help projects worth $1.3 billion (_1 billion) to work smoothly.
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