Chinese group Baidu, known for its search engine, has created an investment fund with an initial allocation of US$60 million to support start-ups in Brazil, announced the group’s country manager.
Yan Di, cited by the Brazilian press, said that the businesses that received support should be in the growth phase, and must have their products and a business model already defined and validated.
The manager for Brazil said that the group will transfer technology, mobile traffic and international experience, and would also facilitate the companies’ access to the Chinese market.
This is the first fund outside China set up by Baidu, which has had operations in Brazil since 2013.
The fund, which was dubbed “Easterly Ventures” and provides for investment in about 10 to 15 start-up companies in the next five years with minority interests, is likely to have its capital allocation doubled, if this “need is identified.”
Yan Di also said the first investments to be made by the fund should also be announced in 2016. (macauhub)