A subsidiary of financial services firm Banco do Brasil has provided an undisclosed amount of capital for BR Startups Fund, a Brazil-based fund backed by several corporates, Baguete has reported.
BR Startups is managed by private equity and venture capital firm MSW Capital and was launched to invest in early-stage insurance technology and services providers. The holding company in question, BB Seguridade, oversees a range of funds for Banco do Brasil.
The fund’s limited partners also include Microsoft Participações, the Brazilian investment subsidiary of Microsoft, agribusiness Monsanto, mobile chipmaker Qualcomm, financial services firm Banco Votorantim, conglomerate Grupo Algar and the Rio de Janeiro State Development Agency, AgeRio.