The Institut Pasteur and Ficus Advisory incubator expects to close its first round of investment for US$10 million in mid-June.
the research center Pasteur Institute of Montevideo and investment firm Ficus Advisory seek to close their first round of investment with the incubator Lab+ Venturesin mid-June and with a total amount of 10 million dollars for the financing of Latin American startups.
Lab+ Venture has the objective of financing Latin American startups focused on life sciences from the collection of funds from, for the moment, 15 European and regional investors. The first step would be to close the first round for 10 million dollars in mid-June, and then close a second one in mid-2024, for a total of $15 million.
Until now, and according to the president of Ficus, Paul Elberse, the incubator has commitments for more than half of the target amount.
A fund for Uruguay to export knowledge
The Lab+ Venture incubator was born in 2021 with the aim of becoming a accelerator for companies focused on life sciencesand demonstrate, in the same actions, that Uruguay he is able to export knowledge in a profitable way, as well as that the economy can take advantage of the export of products of high scientific and technological value.
The first round of funding was launched in November of last year, with the original idea of raising the money in one month. However, the expected amount was not reached —something that Ficus understands as usual for first-time funds, a situation that was exacerbated by the difficulties that all venture capital funds had during the first months of 2023—, so extended the deadline, with much more positive prospects.
Lab+ Venture, based in USA, has its operational structure and special purpose vehicles in Uruguay; and chose four Uruguayan scientific teams for initial funding and plans to invest in eight more projects in Latin America or even outside the region.
The research center has already created several start-ups in recent years, including Uruguayan pharmaceutical company Eolo Pharma, conducting clinical trials in Australia. It will take a 10% stake in the Lab+ Ventures companies that use its facilities.