Transaction confirms the attractiveness of the Peruvian market for digital ventures to foreign buyers.
5 years ago Wayra Peru helped accelerate Cinepapaya and continued to invest in it during this time.
This is Wayra’s second exit, after divesting a Busportal shareholding package last July.
Cinepapaya, a company accelerated by Wayra Peru (the digital business accelerator of Telefónica Open Future_), was acquired by the american company Fandango Media LLC, owned by NBCUniversal and a subsidiary of Comcast Corporation. Wayra Peru maintained in its investment portfolio 7.8% of the shares of Cinepapaya.
5 years ago Wayra Perú joined the shareholders of Cinepapaya to accelerate its growth, as it envisioned that it was an innovative project for the entertainment business in Peru. “At Wayra we believed from the beginning in Cinepapaya and we have accompanied it throughout its acceleration and growth, this operation confirms the potential of digital businesses made by Peruvian entrepreneurs,” commented Alexander Gómez, director of Wayra Peru.
Wayra’s investment in Cinepapaya started with US $ 50,000 in its acceleration stage and reached US $ 217,000. “The purchase by Fandango is very positive news for the Peruvian startups ecosystem, and proves that a startup that was born and operates in Peru can attract the attention of large foreign corporations,” said Gómez. The sale of Cinepapaya is the second exit transaction (“exit” or sale of capital) made by Wayra Peru since it began operations. In July of this year, Redbus, leader in the sale of online bus tickets from India, bought the majority of shares in the Peruvian startup Busportal.pe, also of the portfolio of Wayra.
“These operations are important to the business model of business accelerators, as they return the funds necessary to continue investing and betting on the venture”, commented the director of Wayra. In recent months Telefónica Open Future_ helped Cinepapaya to establish contacts with several venture capital funds in Silicon Valley (United States) through its investment fund Telefónica Ventures. Precisely, the latter was the one who connected the Peruvian startup with Fandango. “We are very happy with this success of the Cinepapaya team. To their team, our congratulations and recognition. The Peruvian ecosystem of digital entrepreneurship is constantly growing, so we encourage all entrepreneurs to continue persevering in their projects.”, said the executive.