Outlier Ventures and Morgan Creek Digital have teamed up to launch their first accelerator program in Latin America.
According to a July 18 announcement, the chosen teams will receive up to $200,000 in investment funding along with three months of mentorship from industry experts in exchange for 6% equity or future token supply.
Other perks include token engineering support, an optional $30,000 interest-free repayable loan to help with initial legal costs and access to a network of investors.
The program targets startups working on consumer fintech solutions, borrowing and lendin applications, on-and-off ramps, cross-border payments and other financial solutions based on blockchain innovation. Support will be offered in English, Spanish, and Portuguese during the 12-week virtual program, which begins in September.
“We have seen firsthand the incredible founders in LATAM that are already in our portfolio and we are excited to focus on a program specifically for the region, as we continue to help build Web3 ecosystems globally,” said Benjamin Meyer, chief growth officer at Outlier Ventures.
According to Outlier, fintech companies in Latin America receive $5 billion of the $7.5 billion invested in the region, with Latin Americans receiving 20% of the total global remittance volume in 2021.
The Web3 market in the region was estimated at around $520 million in 2023 and is projected to reach a value of $7.93 billion by 2032, with a compound annual growth rate (CAGR) of 54.3%.
“As Latin America’s Web3 startup ecosystem continues to evolve and mature at incredible pace, we are looking forward to the kickoff of this program and supporting the cohort throughout their journey,” noted Mark Yusko, managing partner of Morgan Creek Digital.
Outlier Ventures claims to have over 300 Web3 startups in its portfolio. The Middle East and North Africa (MENA) region will also be included in Outlier’s accelerator program later this year.
Morgan Creek Digital is actively involved in the Web3 space, focusing on investments in blockchain technology, artificial intelligence, and data-centric chips. The company recently announced plans to raise $500 million for a new venture fund dedicated to AI and blockchain.