ICMIF member the Sancor Seguros Group has launched Argentina’s first public trust for investments in early-stage sci-tech start-ups. The investment trust is being offered through CITES, Sancor Seguros Group’s own venture capital initiative and the only one in Latin America. The investment trust has a nominal value of up to USD 24 million and will invest in early-stage sci-tech start-ups based in highly profitable, dynamic sectors. It is the first such investment vehicle to be authorised by the National Securities Commission (the agency in charge of the promotion, supervision and control of the capital market).
Alejandro Simón, CEO of Grupo Sancor Seguros, said, "This initiative represents a milestone for our country, which will not only contribute to the economic and social development of Argentina but also respond to the challenge of raising global awareness of Argentina’s science sector, through companies that are growing in cutting-edge sectors such as biotechnology and nanotechnology, among others”.
Since its creation in 2013, CITES has been helping grow companies based on disruptive science that addresses global market needs. It has analysed more than 1000 start-ups and mentored about 50, of which eleven have already been invested in, and four more are in the process of receiving investments. It provides an average investment of USD 500,000 per start-up.