As reported on Montreal Tech Watch, three Montreal startups are moving to Chile and joining the Start-Up Chile incubator program. Companies receive $40,000 equity-free capital and a temporary 1-year visa to develop their projects for six months in Chile. Apparently the program is quite popular – they announced 154 startups joining this time around, from a total of 650+ applications. They note that their goal is to provide capital to 300 startups per year.
The three companies joining from Montreal include Ateneo Digital, Bespoke Mobility and Art Sumo. We covered Art Sumo back in May. I know at least one of those companies was looking to raise $2M+ in financing over the last 6 or so months, and was clearly not able to do so.
We certainly wish the companies the best of luck. And look forward to hearing about their progress in Chile.