French Startup Accelerator Lands in Mexico to Kick Start Young Tech Firms

French startup incubator Venture Institute has formed a joint venture with its Mexican competitor Numa to prop up young and innovative entrepreneurs in the country. Named Numa México, the program aims to select and start accelerating the growth of at least 40 startups by the end of this year. According to a statement, applications for Numa México’s first batch will open this month.
Venture Institute, founded by Federico Antoni and Fernando Lelo de Larrea, raised nearly $3 million last year and organized programs for young entrepreneurs in global cities including Bangalore, Moscow, Casablanca, and Barcelona.
Venture Institute has an impressive track record and is passionate about spreading the entrepreneurial mindset, says Numa, adding that the connection to Europe and other growing ecosystems will give fresh market opportunities to Mexican entrepreneurs.
The Mexican accelerator is talking of widening its network to 15 global cities over the next three years, accelerating the growth of as many as 700 companies.
Numa is hoping to capitalize on Venture Institute’s experience in incubating technology firms, while the French accelerator appears to cash in on Mexico venture capital industry, which has tripled in size over the past five years, from $515 million in 2010 to $1.5 billion in 2015.
Unlike other accelerators, Numa partners with large corporate houses to incubate young entrepreneurs. Over the coming months, Numa México will gather support for its initiative by striking partnership agreements with Mexican education institutes, governments, venture capitalists, and angel investors.