The corporate venturing unit of US-based chipmaker Intel has invested in two Brazil-based fashion companies.
Intel Capital-backed social network Fashion.me and purchasing club Coquelux, according to an announcement on Thursday last week.
Fashion.me was originally called Bymk and was launched in 2008, while Coquelux gives customers discounts of between 30% to 90% on fashion items. It is the first round both start-ups have raised, according to news provider Exame.
Arvind Sodhani, president of Intel Capital and executive vice-president for Intel, said: "Intel Capital began investing in Brazil in 1999 and as one of the first private equity and technology venture capital organizations in Brazil, we long ago recognized the need to stimulate the local creation of unique and compelling online experiences to keep pace with Brazil’s rapid internet and technology adoption. The investments in social commerce site Fashion.me and e-commerce site Coquelux build out critical components of the online shopping ecosystem, offering consumers and fashion brands opportunities to create customized online experiences tailored specifically to interests, needs and cultural preferences."
Intel Capital has invested approximately $140m in 40 companies across Latin America, since it opened in the region in 1999, with about $75m of this investment going into 25 Brazilian companies. In 2011, Intel Capital invested in five Brazilian companies, including the two announced today, and expanded its local team to four investment professionals.
The team is led by David Thomas, and also includes Alexandre Villela, Ricardo Arantes and Fabio Iunis dePaula. Iunis dePaula was investment director for the Fashion.me deal, and Arantes had the same role in the Coquelux transaction.