Brazil-based pharmaceutical firm Eurofarma has launched a corporate venturing fund that will invest up to R$45m ($11.7m) in early-stage healthcare companies, Crunchbase reported on Wednesday.
Axon Ventures will target startups developing technologies that have the potential to change the healthcare ecosystem, Paulo Braga, head of corporate venturing for Eurofarma, told Crunchbase.
Braga said the fund will be sector-agnostic and will focus on companies based in Brazil, though it will consider partnering with venture capital investors for deals in countries like the US and Israel.
Axon will look to invest up to 12 companies in total, providing approximately $130,000 to $1m for each and preferably taking a board seat in the process. It has already marked its first deal by investing an undisclosed amount in Brazil-based content marketing software developer Rock Content.
Braga has headed Eurofarma’s corporate VC activities since November 2017, having previously been head of Wayra Brasil, an accelerator subsidiary of telecommunications firm Telefónica. He recently earned a place in Global Corporate Venturing’s 2019 Rising Stars list.