Corfo

Start-Up Chile is a public accelerator launched by Corfo in 2010. It provides equity-free grants — typically around $30,000 to $80,000 — to early-stage global founders who relocate to Chile for a fixed period. The program's goal is to seed a pipeline of investable companies that later-stage domestic VC funds, often anchored by Corfo itself, can back.

Corfo does both, through separated internal programs. As an LP, it anchors Chilean venture capital funds with cornerstone commitments, having backed managers like Aurus and Fen Ventures. Through Start-Up Chile and grant-based initiatives, it also deploys direct, non-dilutive capital to pre-seed and seed-stage companies operating within Chile.

Corfo's mandate prioritizes sectors aligned with Chile's national economic strategy. These include climate adaptation, renewable energy, lithium and green hydrogen value chains, agri-tech, and enterprise software. Generalist FinTech and marketplace models also fall within its broader innovation remit.

Final investment authority rests with the Executive Vice President, currently José Miguel Benavente. The agency operates under a governing council whose members are appointed by Chile's Ministry of Economy. This structure ensures public-accountability oversight for all LP commitments and grant allocations.

Corfo is a development agency, not a sovereign wealth fund. Its primary mandate is measured by economic development outcomes — job creation, export diversification, domestic innovation — rather than by maximizing long-term portfolio IRRs on a pool of commodity savings. Its capital is allocated from the annual national budget, not a permanent endowment.