Nearshore Americas

StartupBootcamp to Invest $3.5 Million in Salvadoran Startups

European business accelerator StartupBootcamp (SBC) landed in El Salvador with plans to invest US$3.5 million in up to 30 startups in the Central American country.

SBC is looking for startups focused on solving specific problems in El Salvador, such as those related to Web 3.0, fintech, energy, travel and tourism, agritech and foodtech and proptech.

The Copenhagen-based firm has been looking to expand into Central America for some time. El Salvador’s recent promise of tax cuts for technology enterprises was the final push it needed to make the move.

SBC’s acceleration program includes mentoring, training and access to a network of similar organizations. It also provides companies with capital, office space and other tools to help them scale up operations quickly.

To date, SBC has accelerated over 1,400 businesses, helping them raise over US$1 billion in capital. “Our startups have created over 6,000 jobs and had a positive impact on the economies of the countries in which they operate,” the accelerator claims.

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Experts believe that fintech businesses looking to break into the competitive cryptocurrency industry will benefit the most from SBC’s pressence in El Salvador.

In 2021, El Salvador became the first country in the world to adopt Bitcoin as a legal tender. The government has also announced plans to build Bitcoin City, a planned city that will be powered by geothermal energy and funded by Bitcoin.

Narayan Ammachchi

News Editor for Nearshore Americas, Narayan Ammachchi is a career journalist with a decade of experience in politics and international business. He works out of his base in the Indian Silicon City of Bangalore.

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