ImpactAlpha, November 26 – Santiago-based non-profit Fundación Chile has invested $300,000 each in agtech startup Instacrops and logistics venture SimpliRoute.
Instacrops monitors agricultural and climate conditions and sends alerts to farmers about pattern changes, like when they should expect frost. The company claims they can help reduce farmers’ expenses up to 30%.
SimpliRoute is a logistics company that focuses on reducing the delivery sector’s carbon footprint with a fleet of electric cars and software that optimizes delivery routes. Green logistics will have a growing environmental impact as e-commerce expands globally, as it is in SimpliRoute’s home market, Chile.
The two startups are the first investments from Fundación Chile’s $18 million venture fund CLIN, whose mission is to “mobilize the entrepreneurial talent that is solving Chilean problems that have global relevance.” CLIN is housed under the organization’s ChileGlobal Ventures arm, which has invested over $100 million in 163 ventures and made 17 exits, according to its website.
The fund is backed by public and private sector partners, including Chile’s development fund CORFO, which committed $12 million, and private backers Zoma Capital, Entel and Engie Factory invested a combined $6 million.