Redpoint Ventures, in partnership with e.ventures, have raised a $130 million fund from LPs to invest in early stage tech companies in Brazil. The fund is the first new fund raised by e.ventures, formerly known as BV Capital, since it announced its rebranding just over a week ago. Redpoint e.ventures will be led by Yann de Vries and Anderson Thees in São Paulo, Brazil.
The firm, which focuses on consumer Internet, mobile, media and cloud services, already is managing five investments: Viajanet, Grupo Xango, 55Social, Shoes4you and Sophie & Juliete.
Redpoint e.ventures said this is the largest and first dedicated fund from Silicon Valley focused on the red-hot Brazilian market. Prior to raising the fund, the firms announced in March their joint venture to invest in Brazilian companies with existing capital from each firm. At the time, Jeff Brody, Redpoint’s founding partner, told peHUB that “with a strong economy, fast growing middle class and emerging entrepreneurial environment, Brazil is ripe for great venture capital investing returns.”
Photo of Brazil moneybox from Shutterstock.
Correction: A previous version of the headline incorrectly stated the amount of the new fund.
Redpoint e.ventures Closes USD $130 million First-Time Fund Dedicated to Brazil
São Paulo, Brazil July 23, 2012 – Redpoint e.ventures today announced that it has closed its first fund at USD $130 million. With this fund, Redpoint e.ventures becomes Brazil’s largest early-stage VC fund and the first Silicon Valley-affiliated fund dedicated to the region. The firm will use the fund to continue supporting Brazilian startups with capital, best practices and access to its global network of investments across the U.S., Europe, China, Japan and Russia.
Founding partners Yann de Vries and Anderson Thees will manage the fund, which already includes five active investments: Viajanet, Grupo Xango, 55Social, Shoes4you and Sophie & Juliete. The fund will leverage its global expertise in consumer Internet, e-commerce, mobile, media and cloud services to help local entrepreneurs build market leading companies in Brazil and throughout Latin America.
Redpoint and e.ventures first began operating and investing independently in the region in 2009 and earlier this year joined forces to build an independent and locally based team, Redpoint e.ventures. The firm quickly raised its first fund to most effectively support the growing local startup ecosystem with a dedicated team and focused strategy. This approach offers Brazilian startups a unique combination of local, hands-on support, coupled with insights from the firms’ proven global Internet successes, with portfolio companies ranging from Groupon and Netflix to Angie’s List and HomeAway.
“For the first time in Brazil we have an international top-tier VC bringing the combination of true local presence, a large dedicated fund and local expertise, networks and resources. Without a doubt, Brazilian entrepreneurs and the local startup ecosystem will benefit greatly from the level of focus and support Redpoint e.ventures provides,” said Romero Rodrigues, a pioneering Brazilian Internet entrepreneur and CEO of Buscape (Naspers).
“Brazil is one of the most promising emerging markets for the global technology industry,” said de Vries, co-founder of Redpoint e.ventures. “This is why we’re making the long-term commitment to the country’s entrepreneurs with a significant and focused local fund. Our unique platform will serve to build bridges with Silicon Valley and other key markets such as Europe and China who are all seeking new growth opportunities in Brazil,” added Anderson Thees, the other co-founder of Redpoint e.ventures.
Redpoint e.ventures will continue to back Brazil-based entrepreneurs building startups at the seed, Series A and Series B stages with an investment focus on consumer Internet, mobile, media and cloud services.
About Redpoint e.ventures
Formed as a joint venture between Redpoint and e.ventures, Redpoint e.ventures is a new Venture Capital firm based in São Paulo, serving entrepreneurs in the fast- growing Brazilian market. Redpoint e.ventures brings capital, Silicon Valley access, and global best practices to promising start-up companies. The firm was established with a dedicated local team and will leverage its Silicon Valley and global networks to help develop the rapidly growing entrepreneurial ecosystem in Brazil. For more information visit: www.rpev.com.br
About Redpoint Ventures
Founded in 1999, Redpoint Ventures is a leading technology focused venture capital and growth equity investment firm with over $3B in capital under management. Redpoint focuses on investing globally in technology ventures across the Internet, digital media, mobile, and enterprise sectors to accelerate growth and build industry defining companies. Its partners have been involved in 41 IPOs and 66 upside acquisitions. The firm is headquartered in Menlo Park, CA with offices in Los Angeles and Shanghai, China. For more information visit: www.redpoint.com
Founded in 1998 and built on a strong, shared culture of entrepreneurship, e.ventures is a venture capital firm with global scale. The firm invests out of dedicated funds in five geographies, namely BV e.ventures (U.S.), e.ventures Europe, e.ventures Russia, Infinity e.ventures (China and Japan) and Redpoint e.ventures (Brazil and Latin America). The e.ventures team has been investing in Internet companies for more than 15 years and operates as one team by combining a global investment strategy and philosophy with local presence and insights. Focused exclusively at the intersection of consumer Internet, media and mobile, e.ventures aims to help entrepreneurs build transformative companies. For more information visit: www.eventures.vc
Take your pick!
- Buyouts delivers exclusive news and analysis about private equity deals, fundraising, top-quartile managers and more. Get your FREE trial or subscribe now.
- VC Journal provides exclusive news and analysis about venture capital deals, fundraising, top-quartile investors and more. Get your FREE trial or subscribe now.