Algar Ventures, the venture capital branch of Brazil-based conglomerate Grupo Algar has agreed to invest in BR Startups, the fund launched by private equity and venture capital firm MSW Capital and several corporates, Baguete has reported.
BR Startups targets Brazil-based tech startups in what it calls the post-acceleration stage, where they are still not quite big enough to raise series A rounds. It typically invests R$1m to R$3m ($300,000 to $900,000) in return for a minority stake.
In addition to Algar, the fund’s limited partners include Qualcomm, Microsoft, Monsanto, Agerio, Banco Votorantim and Espírito Santo Ventures, a subsidiary of financial services firm Banco Novo.