While the U.S. and allies distance themselves from Chinese tech companies such as Huawei, China has become Latin America’s top investor of its booming technological sector.
Tencent invested $180 million in Latin America’s top unicorn company, Brazilian fintech firm Nubank.
Large Chinese companies have acquired local startups, such as Didi Chuxing purchasing Brazil’s 99 Taxis and initiatives such as Chinnovation, which pairs up Latin American and Chinese tech investors, signal this trend will only increase.
Even Baidu’s discontinued $60 million fund for Brazilian startups last year, left the country saying they intended to continue to invest but directly from their home front.
The Bottom Line:
China is highly interested in South American investment, and has been gradually taking over where US markets have pulled out. Many of the largest Brazilian tech companies are now owned in large part or whole by Chinese enterprise. The trend seems to only be starting, and it it will be fascinating to see how Latin America responds to this massive influx of both benefits and disadvantages.
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