Chilean firm Betazeta, founded by Endeavor Entrepreneurs Francisco Sandoval and Leo Prieto, announced that it has secured a $3 million investment—in the form of capital contribution and share purchase—from leading Chilean media firm Copesa Group. Copesa Group will own 20% of the company. This deal caps off more than $4 million in total investments secured by Betazeta, all through Chilean investors.
Betazeta is a network of ten online vertical communities, including some of the biggest-name blogs in the Southern Cone. Betazeta’s network of blogs makes up the second largest independent Internet community in Latin America. With a steady stream of online traffic and a pioneering interconnectivity among its content and classified sites, the firm is well-positioned to tap into Latin America’s market for online advertising – which is projected to grow more than 25% by 2012, and represents the highest-growing region worldwide.
The founders acknowledge their appreciation for Endeavor’s role in their business growth and investment. Leo and Francisco, who initially met at Endeavor Entrepreneur / Board Member Wences Casares’ Traweln event, have received ongoing mentorship from business leaders including Diego Piacentini, SVP, International Retail, Amazon. In addition to local mentorship and a global advisory board, the entrepreneurs have benefited from an Ernst & Young Fellow as well as the MIT G-Lab program.
In a blog post last week, Francisco assured readers that the investment does not signal major changes or a loss of independence for Betazeta, but rather that the firm will continue pushing forward in its quest to be the leading Hispanic media outlet. The investment signals that a regional media giant—Copesa Group—also believes in that mission. With Copesa Group’s support, in the form of both financial backing and industry “know how,” Betazeta can pursue projects necessary for growth.