Spain-based bank BBVA has made its first investment since opening an office in Silicon Valley last year, by backing seed fund 500 Startups.
BBVA added it has now made contact with more than 100 businesses, incubators and private equity funds in Silicon Valley, searching for partners in the region.
BBVA added 500 start-ups had entered its start-up competition BBVA Open Talent & Red Innova.The Spain-based bank will select 20 of the companies to present to BBVA in person, with two winners set to receive €100,000 from BBVA. The majority of the startups, or 305, came from Spain, 60 came from Argentina, 29 came from Colombia, 23 came from Chile y and 21 from Brazil.