Communications company Telefónica has announced the launch of Amérigo, a €300m ($377m) network of venture capital funds.

Telefónica plans to invest an initial €68m ($85m) in the next five years. The firm expects the initial capital will generate an estimated €1bn ($1.25bn) worth of business projects.

The fund, which is promoted by Telefónica Digital, will act as an accelerator for promising and innovative tech companies, primarily targeting companies outside venture hotspots like Silicon Valley and London. At first, the fund will be focused on Spain, Colombia, Chile, and Brazil.. The governments of all four starting countries back the fund.

The firm also manages Wayra, a startup accelerator which has backed more than 145 start-ups across 12 accelerators. It also has its own venture unit Telefónica Ventures.

“We have long understood that to succeed we need to understand and embrace the digital innovation ecosystem, recognising that great ideas can come from…

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