Brazil-based multi-corporate venture capital (CVC) firm MSW Capital plans to raise R$100m ($24m) for its second fund.
Richard Zeiger, MSW Capital manager, said at the Corporate Venture in Brasil conference co-hosted by Global Corporate Venturing and ApexBrasil: “We want to take a step further with a robust seed capital/series A corporate fund. We are also looking to bring in financial investors to join it other than corporate.”
MSW Capital launched the BR Startups fund in 2014 with limited partners including corporate backers Microsoft, Qualcomm Ventures, Banco Votorantim, Bayer, BB Seguros, Grupo Algar, ES Ventures and AgeRio.
Financial services firm Banco Votorantim invested in Olivia, a US-based artificial intelligence fintech previously backed by BR Startups, last month.
Fernando Carvalho, Banco Votorantim’s consultant on strategy and corporate venture capital, told BNAmericas: “We made a proprietary follow-on move in Olivia because the solution made a lot of sense to our business. Olivia is now in roll-out process and from next year our credit card users should be able to rely on artificial intelligence support provided by it.”
