LatAm Net Startup Nabs US$30M in VC Funds

FORT LAUDERDALE, FLA. (04/17/2000) - Technology stocks may be experiencing turbulence, but Latin America-oriented Internet startups keep luring investors.

The latest startup filling its pockets with venture capital dollars is Inc., which today announced it received US$30 million in funding from a group of investors including T. Rowe Price Investment Services Inc., The Washington Post Co., Hartford Life Insurance Co. and CitiCorp Strategic Technology Corp. bills itself as a "supermarket" of financial products and services. Its target audience is speakers of Spanish and Portuguese worldwide, although the company is focused primarily on Latin America.

Based in Fairfax, Virginia, also has offices in Fort Lauderdale, Argentina, Brazil, Chile, Colombia, Perú, México and Venezuela. The company offers its services to users in 19 Latin American countries, the U.S. and Spain.

The site receives about 500,000 unique visitors per month and hopes to be profitable by 2002, Greg Keough, the company's chairman and chief executive officer, told IDG News Service recently. [See "Site Bets on LatAm's Dearth of Finance Information," March 24.] can be reached at

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