Written by Ian Cárdenas, Lawyer
In start-up news for Chile, the Biobío Region celebrates a significant achievement: Ecometric has become the first startup to secure innovative funding through Growth & Scale, a program by Start-Up Chile in collaboration with Corfo. This pioneering program offers grants of up to CLP 75 million to support startups and scale-ups on their journey to the alternative stock market ScaleX, driven by the Santiago Stock Exchange and Corfo.
What is ScaleX?
This initiative emerged from a public-private partnership between the Santiago Stock Exchange and Corfo through Start-Up Chile, aiming to implement a new system where companies can find financing through a platform designed with tailored mechanisms, regulations, and processes for potential market participants.
ScaleX allows public offerings that are exempt from the requirement of registration with the Financial Market Commission for the issuer or security, in accordance with General Rule No. 452, to trade securities of high-impact companies in their expansion phase. This broadens the scope of local and international financing, contributing to Chile’s position as an investment hub.
What is Growth & Scale?
Growth & Scale is a revolutionary initiative aimed at supporting scalable and innovative tech ventures on their path to listing on ScaleX. This program offers co-financing of up to 50% of the costs incurred in the listing process, with a maximum cap of CLP 75 million. Covered expenses include comprehensive due diligence and listing rights and fees defined by the Santiago Stock Exchange.
The goal of Growth & Scale is clear:
Since its inception 14 years ago, Start-Up Chile has focused on supporting and growing technology-based ventures. Now, we want to go further: helping them reach their full potential and go global from the Santiago Stock Exchange,”
– Javiera Araneda, Manager of Start-Up Chile by Corfo.
Ecometric: The First Beneficiary
Ecometric, based in the Biobío Region, stands as the first startup to benefit from this program. Last March, Ecometric was admitted to ScaleX Santiago Venture Exchange, notable for its focus on wind energy transition and the use of technology based on the Internet of Things (IoT) and Artificial Intelligence (AI).
“At Ecometric, our purpose is to optimise wind farm generation through artificial intelligence to drive the energy transition and promote sustainability. This Start-Up Chile grant allows us to advance our mission of using innovative technology to improve society and foster sustainable development. We are grateful for this opportunity, which reinforces our commitment to technological innovation and brings us one step closer to global energy transformation,” says Angelo Cares, CEO of Ecometric.
A Promising Future
With Ecometric leading the way, Start-Up Chile’s Growth & Scale program promises to be a significant catalyst in the evolution of tech startups in Chile. This initiative not only strengthens the entrepreneurial ecosystem but also encourages more startups to consider listing on the stock exchange as an achievable goal.
The Biobío Region and Chile as a whole are at the forefront of monumental change thanks to these initiatives that drive innovation and sustainable growth. Undoubtedly, Ecometric and future startups following this path have a horizon full of opportunities and challenges ahead in their mission to change the world through technology.
The application guidelines for Growth & Scale are available year-round at www.startupchile.org
