During an event held in Buenos Aires, two accelerators focused on promoting greater female representation in traditionally male-dominated sectors showcased three young female founders. These entrepreneurs introduced their startups, each designed to innovate within the realms of mental health treatments, agriculture, and medical data. The presentation was orchestrated by Emprendedoras LAC and WeInvest, two initiatives that have been actively working since 2012 and 2019, respectively, to address the disparities in representation and funding for women within the entrepreneurial and investment landscape of Latin America. “All three projects are scalable globally, will have a significant impact on improving people’s health, and their economic impact will stem from having successfully identified the right business model based on the genuine and compelling value proposition they offer,” stated Marta Cruz. “After investing in more than 30 or 40 companies, I realized that I wasn’t observing any companies led by women. The standard image featuring a predominance of men alongside a solitary woman. Cruz recounted, “I said: ‘We have to do something.’”
She asserts that the startup ecosystem is predominantly male-oriented and that men are afforded preferential treatment. “Investors inquired of men regarding growth prospects. Women were queried regarding their approaches to risk mitigation. To the first: ‘What is the timeline for your regional expansion?’ To the second: ‘If you don’t close the funding round, how will you survive?’” she illustrates. In 2019, she, alongside Susana García Robles, established WeInvest — a community of female investors dedicated to Latin America. This initiative has successfully united over 400 members who have collectively invested in more than 2,000 startups. The data presented indicates a significant disparity: 62% of funds in the region lack female representation in decision-making roles, a mere 6.5% feature at least one female partner, and the venture capital directed towards women-led projects remains below 2%. However, the data also illustrates the rationale for altering this reality. Community figures indicate that funds with female involvement exhibit an internal rate of return that surpasses others by 4.5%. For each dollar allocated to startups spearheaded by women, a return that is 7.2% greater is produced.
In light of this, three startups have been selected for acceleration –
EYWA: Cultivated psilocybin for mental health treatment
Research indicates that 75% of patients with depression fail to respond to conventional treatment or experience relapse. Victoria Costa Paz presents an alternative treatment approach. According to EYWA, the organization aims to utilize psilocybin, a naturally occurring psychoactive substance present in hallucinogenic mushrooms, for the treatment of mental health conditions. Recent studies have focused on the substance, with some yielding promising results. A Phase II trial published in 2022 in the New England Journal of Medicine demonstrated that a single 25-mg dose was effective for participants experiencing treatment-resistant depression. Costa Paz articulates that EYWA’s objective is to produce the substance on a large scale. Her company successfully trained microorganisms, including bacteria and fungi, to produce psilocybin in industrial bioreactors, demonstrating a significant advancement in biotechnological applications. The substance is then extracted and purified, resulting in a powder from which a 25-mg dose of pure psilocybin is produced — the standard currently employed for treatment-resistant depression. EYWA’s technology seeks to reduce treatment costs by 60% compared to conventional extraction methods.
The company has secured $4.5 million in funding, with notable support from United States venture capitalist Tim Draper among the investors backing the initiative. The primary market consists of Australian clinics specializing in the treatment of depression, where the use of psilocybin is already sanctioned by law. Costa Paz recognizes the inherent risks associated with ventures of this nature. Tim Draper, for instance, made an investment in Theranos, a medical biotechnology startup established by American Elizabeth Holmes, which claimed to transform blood testing through a device requiring merely a single drop to diagnose various diseases. The technology was ultimately revealed to be fraudulent, leading to Holmes’ conviction for fraud in 2022. Draper offered a public defense of her despite the surrounding controversy. “I consistently inquire about that case due to my own identity as a woman in the biotechnology sector, where I am engaged in a controversial endeavor.” I inquired about the lessons to be gleaned from the situation, to which he responded, ‘Always speak for yourself.’ Advocate for your organization. “That is what establishes your trustworthiness and transparency, encouraging people to offer their support,” she stated.
Nunatak: Extremophile Microorganisms for Enhanced Sustainability in Agriculture
Julia Mensa, pursues insights in the most unwelcoming environments on the planet: Antarctica, the Beagle Channel, and various other extreme ecosystems. In that setting, she investigates the microbiome of plants that endure harsh environments and, employing bioinformatics and biotechnology methodologies, identifies the most advantageous microorganisms for the development of agricultural products. “Fewer than 1% of the world’s soil microorganisms have been examined by scientific inquiry.” Mensa says “We understand very little of what happens on our planet, which is why we need to advance science further to better solve these problems.”
The product is utilized on seeds or leaves, assisting farmers in enhancing their yields sustainably, serving as a complement to traditional fertilizers. “We do not harbor the illusion of substituting all chemical products. Our clients are companies that seek to enhance their existing capabilities sustainably — a task they are currently unable to accomplish independently,” states Mensa. Their inaugural product, tailored for wheat and barley, is presently in the approval process with SENASA, the Argentine governmental body responsible for the regulation and certification of animal and plant origin products. They are currently collaborating with food companies and the fertilizer sector in Argentina and plan to carry out field trials in Mexico this year. Investors hailing from Italy and Spain are expressing interest in the shift towards a more sustainable food system.
Cromodata: A health data platform in Latin America
Keila Barral Masri, shares the stage with Harry, her guide dog, who holds the title of the company’s “Chief Firuláis Officer.” Barral Masri is addressing a fundamental issue: Latin America is deficient in standardized health data of its own. “Our competitors originate from various global regions, utilizing data from diverse patient populations and distinct genetic backgrounds. “Today, we are the leading provider of Latin American health data to the world,” states the entrepreneur.
In order to remain compliant with emerging regulations in the region, they have created a digital informed consent platform. This platform is utilized by medical centers at no cost, enabling them to secure explicit consent from patients prior to the dissemination of their data to the scientific community. The company successfully raised an initial round of $1.2 million and subsequently closed a second round of $4 million in January, facilitating its expansion throughout Latin America.