The IDB adds 3 million dollars to the CITES fund to invest in startups

by Kelvin
The IDB adds 3 million dollars to the CITES fund to invest in startups

IDB Lab, MATBA-Rofex and Rosario Stock Exchange support CITES to promote science-based technology firms in Argentina

The Inter-American Development Bank, through its innovation lab IDB Lab, Mercado a Termino de Buenos Aires (MATBA) and Rosario Stock Exchange join forces with the Centro de Innovación Tecnológica Empresarial y Social S.A. (CITES) to stimulate the process of company building, acceleration and investment in startups based on science and technology that are in early stages in Argentina.

  

The joint project will put special emphasis on disruptive innovations in sectors such as medical technology, big data, technology for agriculture, agribusiness and food, artificial intelligence, 3D technologies, renewable energy, aerospace, life science technologies, molecule development and finance technologies, among others.

CITES is a member of the so-called Sancor Seguros Group based in Sunchales (Province of Santa Fe), and is one of the scientific accelerators selected by the Secretariat of Entrepreneurs and SMEs of the Ministry of Production of the Nation to access the co- Investment of the "Acceleration Fund" program launched under the Entrepreneurs Act of 2017.

CITES has been supporting scientific-technological entrepreneurs from all over the country since 2014 and has a solid and multidisciplinary team of professionals with a strong entrepreneurial and business profile, with experience in science, engineering, biotechnology, information systems, entrepreneurial capital , private capital, finance, and intellectual property management.

Through its triple impact approach, CITES will invest in companies that are focused on innovation with competitive advantage, that have high growth potential, with good governance practices, with a well-defined plan to expand into regional and global markets, and that are dedicated to the generation of a positive social, economic and environmental impact on society.

To that end, the Inter-American Development Bank, as administrator of IDB Lab, approved a support for 3 million dollars, added to the 12 million Sancor Seguros and other support of MATBA-ROFEX and Rosario Stock Exchange.

"CITES is the first initiative, not only in Argentina but in Latin America and the Caribbean, which has an entrepreneurial capital investment vehicle and a company building and acceleration program for scientific-technological startups, targeting a market niche so far virtually unattended, "said Susana García-Robles, head of the Investment Unit of IDB Lab.

In this sense, the institutions that carry out this announcement intend to strengthen the work that CITES has been carrying out with the support of the Secretariat of Entrepreneurs and SMEs of the Nation to generate a conglomerate of science-based technology startups. In this way, it seeks to reach society with new products and high impact technologies, based on the knowledge that is usually generated in the science and technology institutions of the country and the region, which have positive effects on the creation of new positions of
work, a greater level of genuine wealth for society, increased exports and generation of opportunities that counteract the flight of talent in a key sector for the development of a nation.

In this regard, Alejandro Simón, President of CITES and CEO of the Sancor Seguros Group indicated: "This joint intervention between IDB Lab, MATBA-Rofex, Rosario Stock Exchange and Sancor Seguros is a very great incentive to continue advancing with the vision we had when we created CITES more than five years ago: the conviction that the private sector must participate in actions and investments that allow the country to enter the knowledge economy through the generation of new technology-based companies. "

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