A new Panama-based investment fund has been launched targeting innovation, technology, infrastructure, and sustainable initiatives across Latin America and the Caribbean.
Notarc Management Group says the Panama Development Fund will operate as a Latin American-focused venture and opportunity fund, using Panama as a hub to facilitate deals in the region. The company says 20% of the fund’s capital will be deployed in technology and innovation companies “selected and curated” by Fuel Venture Capital Partners, an established Miami-based firm backing a wide variety of companies.
Latin America is a market with over 625 million consumers, the firm noted in a statement. The new deal has already “opened the door” for 30 companies backed by Fuel venture to “leverage the Panama Development Fund as a hub to expand into the LatAm region,” the company said in a press release.
“Demand for innovation and enterprise-driven solutions are growing exponentially and catapulted by the COVID pandemic,” Jeff Ransdell, managing director and founding partner of Fuel VC, said. “We are very focused on expanding our investment and business footprint across this region with this new partnership,” said
We see these types of announcements more and more in Panama. Investment groups see the opportunity for growth and diversification in the region. New companies are expanding their presence and establishing brands that will be part of the business world for the next generation.
For technology and innovation companies, Panama is seen as the perfect hub, in the same fashion that traditional companies are drawn to Panama for the Canal, logistics infrastructure, and Panama Real Estate.
Notarc advisory board chairman Sir Baltron Bethel cited Panama’s “business-friendly environment and a strategic location that is well-established with convenient access and connectivity” to the region as key Panama attributes. “These and many other factors are key components that companies and investors find attractive in this key growth region,” he said.
It’s also noteworthy that Panama President Laurentino Cortizo participated in the company’s announcement, emphasizing that Panama is “the perfect location and hub for multi-national companies” looking to expand internationally.
“Today we want to send a message to the world, and especially to the technology/innovation sector, that Panama is here to facilitate connecting the dots as a key global hub and we are open for business,” President Cortizo said in the statement.