Uruguay and the U.S. launched angel investor network for up to US$ 1 billion

Uruguayan Foreign Minister Omar Paganini, U.S. National Security Advisor Jake Sullivan, and U.S. Agency for International Development Administrator Samantha Power participated in Washington in the launch of the Angel Investor Network of the Americas, an initiative designed to mobilize early-stage investment for innovative entrepreneurs in Latin America and the Caribbean.

This innovative network—supported by Endeavor Miami and IDB Lab—represents a milestone in fostering entrepreneurial progress in the Americas. Up to $1 billion in capital will be dedicated to Latin American entrepreneurs. The proposal encourages Latin American startups to expand into the international marketplace by strengthening economic development throughout the Western Hemisphere and improving economic ties with the United States.

According to information provided by the Uruguayan Foreign Ministry, the White House recognizes that economic security is integral to regional security. By strengthening the startup ecosystem and promoting sustainable economic growth, the network fosters innovation and strengthens economic resilience and security.

The project is part of the Alliance for Economic Prosperity in the Americas (APEP), which seeks to make the Americas the most economically competitive region in the world. With this goal in mind, ministers from the 12 member countries, meeting in Washington on Wednesday, July 17, identified opportunities to build on early successes, expand entrepreneurship to foster greater innovation and access to training in the digital economy and promote clean energy and decarbonization goals to reinforce the rule of law and strengthen food security and sustainable food production. These efforts will collectively improve the economic outlook for the Americas to ensure strong growth and stability in the years ahead.

“Our collaboration on this initiative, through the Uruguay Innovation Hub, underscores our commitment to fostering entrepreneurship and economic development in Latin America. We believe this network will catalyze new businesses to thrive and expand into international markets, including the United States, thereby enhancing economic security and stability throughout the region,” said Minister Paganini.
With the support of Endeavor Miami, Uruguay Innovation Hub will play an essential role in facilitating connections between investors, founders, and Latin American companies. By leveraging their extensive network and experience, they will ensure that startups receive the necessary access to funding and the strategic advice and mentorship required to scale their businesses successfully.

“When President Biden held the Inaugural Alliance of the Americas Leaders Summit, he pledged to help entrepreneurs access the skills and investments needed to succeed. Today, we are delivering on the President's commitment with the launch of the Angel Investor Network for the Americas, which will channel $1 billion in private capital to fuel the next generation of entrepreneurs in Latin America and the Caribbean. And I believe that, if we - governments and investors - continue to work together to invest more in innovation in our hemisphere, then we can reach the full potential of the region,” stated Sullivan.

Source: Presidency of Uruguay