Wayra Mexico to invest MXN$45.5 million in startups

Since 2011 , Wayra Mexico has invested MXN$45.5 million in 48 startup companies and it expects to partner up with 28 by the end of this year.

, the international startup seed fund and accelerator backed by Spanish telecommunications giant Telefónica , promotes entrepreneurship and accelerates disruptive start-ups in Europe and Latin America by providing funding, office space, and mentoring.

In particular, Wayra's Mexican division has favored startups within the business services sector ( 29% ) and marketing, media, and entertainment ( 27% ).

"Telefónica seeks to help underbanked economies, thus there is an open interest in FinTech ," assured Miguel Arias Global Director of Open Future , an open innovation platform that integrates all Telefónica Group’s investment vehicles and initiatives to foster entrepreneurship and innovation globally such as Wayra.

In that vein, Wayra Mexico has supported three FinTech startups : Kubofinanciero , Zaveapp , and Saldo .

Overall, Telefónica has supported 800 startup companies from all over the world and it has partnered up with more than 100 companies .

"We are shareholders in the 800 companies, some have had a relevant output and some have not survived, it is a high-risk business ," Arias concluded.

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