Inter-American Development Bank to Invest $9M in VC Funds in Brazil and Chile

The Inter-American Development Bank’s Multilateral Investment fund (MIF) will invest up to $9m in two venture capital funds supporting life sciences entrepreneurs in Brazil and Chile.
The MIF, an autonomous vehicle administered by the Bank that promotes the development of microenterprises and small and medium-size businesses in Latin America and the Caribbean, will invest up to $5m in Burrill Brazil Fund. The fund, which plans to raise about $100m, will also be backed by international and local institutional corporate investors and family offices.
The second investment (of up to $4m) will be made in the Burrill Chile Fund, which plans to raise about $40m, including contributions from Chilean investors.
The two funds will support from 16 to 25 companies involved in activities such as healthcare services and delivery, medical devices, clean technologies, agricultural biotechnology, and biopharmaceuticals. They will be managed by local subsidiaries of Burrill & Co, a Silicon Valley venture capital fund manager with more than 15 years of experience in investing in life sciences deals in the United States, Europe and emerging markets. 

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