2018 was an expansion year for Magma Partners. We started on a high note, closing our Fund II with backing from LPs in Chile, Colombia, Argentina, China and the US in January. We’re part of the movement that made 2018 the year people started to take Latin American tech seriously.
We added amazing people to our team across Latin America, China and the US, bringing us to seven full time and 10 part time team members. We have people on the ground in San Francisco, NYC, Austin, Beijing, Mexico, Chile, Colombia and Peru. Francisco supports Magma teams with Latin American connections, providing a link to top Latin American businesses that can make companies.
JT, Pedro, Sophia, Alejandra, Angel have been amazing additions to the full time team and are helping us build the support system for the entrepreneurs we’ve been lucky enough to be able to support. Pedro, Paolo, Eugenio, Codie, Neil and Pierre make up the amazing support team that allows us to have the reach we need. Our LPs in Latin America, China and the US are also a crucial support system, both in connections and advice, but also in follow on funding. Our LPs have invested and additional $5.5M into Magma portfolio companies this year, giving us the ability to help companies as they scale.
Truora is a Colombian startup that aims to combat fraud in Latin America by providing instant background checks and identity theft detection services for businesses.
Truora was founded in 2018 in Bogota, Colombia by Cesar Pino, Daniel Bilbao, and Maite Muniz who shared a vision of helping the Latin American economy develop by increasing trust during hiring or transactions.
In just over a year of operations, Truora has already expanded into Colombia, Peru, Chile, and Mexico, and soon expects to be in Brazil. Magma Partners recently invested an undisclosed amount which will help Truora with its expansion throughout Latin America.
“We’re really excited to support the founders on their mission to eliminate fraud in Latin America. The Truora service is really valuable for many of our portfolio companies going forward,” said Nathan Lustig, Managing Partner at Magma Partners.
Truora has also received investments from Kaszek Ventures and Accel Partners. Among the 100 companies that Truora has helped process background checks are Rappi, Uber, and Davivienda.
“I decided to launch Truora because I wanted to give back to the region where I was born by solving a big problem. I’m happy to partner with Magma Partners to make this a reality,” said Daniel Bilbao, CEO and cofounder of Truora.
Although Truora is based in San Francisco, California, the bulk of its operations are in Cali, Colombia, and Mexico City.
Fraud detection and background checks are an essential piece of the Latin American infrastructure that Truora will solve as Checkr has in the US market.
Our Managing Partner, Nathan Lustig, recently appeared on Parallel 18’s “Mentored” Series to provide tips and advice to startups and VCs operating in the Latin American ecosystem. Here’s what to expect from the episode:
To hear all of Nathan’s advice for startups and VCs, check out the video above for the full episode!