Local event planning company to receive investment from Google CEO

Thursday, January 13, 2011

Chilean online corporate event administrator Welcu will be the first Latin American company to receive investments from Tomorrow Ventures, an investment company owned by Google CEO Eric Schmidt, local media outlets reported.

The investment will carry great weight and open many international doors for Welcu, company founder Nicolas Orellana was quoted as saying.

Tomorrow Ventures chose Welcu because it enables the company to use Chile as a launching point for the rest of Latin America, Orellana said. During a September 15 meeting, Tomorrow Ventures partner Joseph Nejman told Orellana about the company's interest in technology as well as in doing business in Latin America.

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"Joseph explained to us that they see potential, capabilities and talent in the region, and they don't see it far from possible that the new Facebook or Twitter will be born here," Orellana said.

Although other Chilean companies have vied for investment from Tomorrow Ventures, Orellana said his company stood out with a solid team and a product capable of moving a lot of money. Welcu offers administration services for everything needed to plan an event - such as selling tickets and sending invitations, confirmations and promotions - all through its network. Some of Welcu's clients include Coca Cola, Universidad del Desarrollo, Hotel W and the Chilean economy ministry.

To date, Tomorrow Ventures has invested in 20 companies, 18 from the US, one from India and now one from Chile. Some of the companies include social media gaming manufacturer Social Gaming Network and mobile phone application developer Pocket Gear.