(NXTP Labs) NXTP Labs, the leading early stage Latin American venture capital firm, has raised its first global fund with US$38.5m surpassing the initial goal of US$30m.

Its broad investor base of more than 120 investors in the vehicle includes successful entrepreneurs and business leaders such as Marcos Galperin, Wences Casares, Alec Oxenford and Gwyneth Ketterer, followed by Multilateral Investment Fund (MIF) and leading family offices from the region. The round also incorporates public agencies like CORFO from Chile, INADEM from Mexico and Buenos Aires City Government.

NXTP Labs has already invested in 168 companies across the region including Satellogic, Jampp, Auth0, Properati and had 9 exits comprised of acquisition of Comenta.tv by Wayin, and Sparkflow that was acquired by Undertone. With the recent funding, NXTP Labs will now be able to become more active in follow-on rounds up to $1M per company.

With local presence in Chile, Uruguay, Colombia, México and Argentina, and a founding participation in Puente Labs in Silicon Valley, NXTP Labs has built a powerful network of more than 1,200 entrepreneurs and over 300 mentors and investors.

Ariel Arrieta, co-founder and managing director of NXTP Labs concludes: “We are sparking the potential of Latin American entrepreneurs and their success on a global scale. It’s also true, that raising funds to increase their growth and impact is still a great challenge for these latitudes.”