China-based internet company Baidu yesterday launched and made a lead investment in Brazil-based fund Easterly Ventures, a $60m investment vehicle focused on startups located in the Latin American country.
Easterly Ventures has not named any other limited partners. It will offer capital, technology, local traffic and industry expertise to technology startups with the aim of establishing a mobile service ecosystem.
Baidu revealed the fund at an event in São Paulo, where Yan Di, general manager of Baidu Brasil and president of Baidu-founded business community Brazilian O2O Association, also said that the fund will aim to support an international expansion of portfolio companies.
Easterly Ventures expects to invest in up to 15 startups, beginning in late 2016.
The initiative follows announcements earlier this month that Baidu was establishing a $200m corporate venturing subsidiary named Baidu Venture and a $150m investment fund aimed at the media sector.
Yan Di said: “We strongly believe that Easterly Ventures will be a winner in Brazil’s talent-rich market, applying learnings from China to build out the mobile ecosystem here.
“Brazil’s economy is expected to rebound in the year ahead. There is absolutely no better time to enter this market.”