Brazil launches fund to invest in Internet of Things startups
Brazilian public and private sector actors have announced the launch of a 240 million reais ($45 million) venture capital fund focused on early stage investments in companies active in the Internet of Things (IoT) and connectivity space.
Managed by Indicator Capital, the fund was created by the Brazilian Development Fund (BNDES) and Qualcomm Ventures following a tendering process in 2019 to find a company to structure and run the vehicle. The fund will support up to 30 startups in Series A rounds over the next 10 years and it expects to close 7 deals in 2021.
By Angelica Mari via ZD Net