The telecommunications multinational Telefónica expects to make its first investments from Vivo Ventures in the coming months, a fund created by the company in Brazil of 320 million reais, equivalent to 60.4 million euros, with the purpose of investing in consumer-oriented startups and complement their offer in the South American country.
The investment fund will have a duration of five years and will focus on sectors such as health, education, finance, home, digitization, entertainment and marketplaces.
Telefónica’s headquarters in Brazil already has a Wayra open innovation hub in Sao Paulo and has made small investments in the country such as the edtech Qranio, the fintech Monkey Exchange and the digital health firm Proradis.
The company, during its presentation of results for the second quarter, explained that the management of the fund has selected some 20 companies in which it would like to undertake an investment.
Diversifying offers
Telefónica is searching for startups in Brazil simultaneously with the diversification of its offer with new booming businesses such as consumer loans and digital education. The first of these, Vivo Money, is a digital loan service that, since October 2020, has granted more than 80 million reais in financing, about 15 million euros.
On the other hand, the company is planning for the end of 2022 the “launch of VivaE, a digital education joint venture with Ánima Educaçao. Both companies have already selected the management team and aspire to complete their base product MVP, for its acronym in English, in the coming months.
M. Rodríguez
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Source: negocios.com
