Contxto – Spanish phone company Telefónica wants to further tap into Brazil’s startup ecosystem. And by “tap” I mean its investment capabilities.
That’s why Telefónica’s corporate venture arm, Telefónica Innovation Ventures, will now be doubling down on its funding tickets. Sources report it will disperse up to R$1 million (around US$215,000) per startup. However the exact amount that’s been transferred is undisclosed.
What is known is that this bag of funding will be handled by São Paulo-based venture capital (VC) firm, Redpoint eventures.
There is no designated deadline for burning through the fund, but it does have specific industries and tech in mind.
So if you’re interested in learning more about what Telefónica is looking for, you know the deal: keep reading.
Related article: Proptech Kzas raises US$4 million with Redpoint eventures
Telefónica goes a searching
The fund has been tagged to be dispersed among key areas of interest for Telefónica.
Tech-wise its sweet spots are startups working with 5G networks, the Internet of Things (IoT), blockchain, artificial intelligences, and cloud-based solutions.
When it comes to industries, fintechs, cybersecurity and digital consumer startups are much appreciated.
And despite the fact that this new fund that’s been placed in Redpoint eventures’ reliable hands, Telefónica will continue investing and co-investing in startups for its part.
Telefónica (Wayra) in Brazil
Prior to this announcement Telefónica, through its innovation hub, Wayra was already quite (literally) invested in Brazil
According to this VC’s website, it already has over 75 startups in its investment portfolio, among which were two exits. One of these being Teravoz that was bought out by San Francisco’s Twilio in January of this year.
Perhaps the sweet taste of victory left it hankering for more? Or perhaps it’s just the overall benefit of tapping into startups that feed its needs internally and externally as vendors.
My money’s on all of the above.
Related articles: Tech and startups from Brazil!