Redpoint E.ventures today announced the close of their first fund in Brazil at US$130 million. The fund is the first new fund raised by E.ventures, formerly known as BV Capital, since rebranding just over a week ago. The deal makes Redpoint E.ventures the largest start-up venture capital company and first Silicon Valley-affiliated fund dedicated to the region.
As founding partner Yann de Vries says, “Brazil is one of the most promising emerging markets for the global technology industry.”
Brazilian startups funded by Redpoint E.ventures have access to E.ventures’ network across Asia, Europe, the USA and Russia, along with the firm’s expertise in consumer Internet, e-commerce, mobile, media and cloud services.
German clothing giant Otto, a long-time investor in E.ventures Europe, is supporting the Brazilian expansion by investing US$20 million in Redpoint E.ventures, as reported by Spiegel Online. These are some of the first funds for the newly launched company.
Otto already has investments in BV E.ventures (USA), E.ventures Europe, Infinity E.ventures (Asia) and E.ventures Russia and will now support the South American market by investing in Redpoint E.ventures. Through funding in E.ventures Europe (formerly Eventure Capital Partners), Otto has shares in countless German startups including Kaufda and Friendsurance.
Another major player in the German internet scene with a strong interest in Brazil is Rocket Internet, which backs twelve companies in the country, including Dafiti (similar to Zalando), GlossyBox, 21 Diamonds and up-and-coming Wrapp clone DropGifts.
Image credit: Flickr user Diego 3336