Carey has helped Chile's Manutara Ventures invest in Chilean-US technology start-up Rhinobird with support from the Chilean Economic Development Agency (CORFO). US-based Rhinobird enlisted Morrison & Foerster LLP in Palo Alto and Garrigues (Chile) in Santiago. The investment gives Manutara a 16.5% interest in Rhinobird for an undisclosed value. The deal closed on 28 December.

It's unusual for a CORFO-backed venture capital fund to invest in a foreign company. This meant Manutara's acquisition needed to be structured according to CORFO's investment guidelines.

Rhinobird develops an application for watching and sharing videos. The company is valued at US$5 million.


Counsel to Manutara Ventures

Carey
Partner Francisco Guzmán and associates Carlos Alcalde and Benjamín García in Santiago

Counsel to Rhinobird

Morrison & Foerster LLP
Partner Timothy Harris and associate Shannon Sibold in Palo Alto Garrigues (Chile) Associates Cristóbal Fainé, Juan Eduardo Vidal and Thomas Dawes in Santiago

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.