Cisco to Invest USD 6 Million in Venture Capital Fund Monashees Capital to Foster Innovation and Entrepreneurship in Brazil
- The fund will invest primarily in early stage Brazilian startups; this is the second Cisco investment in a Brazilian Tech Venture Capital fund
SAO PAULO, BRAZIL, Dec 12, 2012. - Cisco announced today the investment of USD 6 million in the venture capital fund Monashees Capital, the leading Brazilian VC focused on Internet companies and online education. The locally managed and operated fund is based in Sao Paulo, Brazil.
Monashees Capital is a venture capital firm focusing on early stage Internet start-ups and education, with a long-term business model tailored to the Brazilian environment. The fund partners with outstanding entrepreneurs determined to build innovative high-growth businesses.
Last April 1, Cisco announced the investment of over R$1 billion during the next four years in Brazil. As part of this announcement, Cisco announced the investment in high-technology venture capital funds to foster the development of new Brazilian technology companies and entrepreneurship in the country. Monashees represent the second of these investments, after the first investment of USD 15 million in Redpoint e.ventures announced on July 24.
Innovation in information and communications technologies represents a significant market and an important economic driver for Brazil. Recognizing this potential, Cisco's intention is to accelerate the introduction of new technologies and provide a competitive advantage through early investments in burgeoning technology innovations, supporting the development of high-growth small and medium-sized companies in the technology, digital media and telecommunications sectors.
Cisco (NASDAQ: CSCO) is the worldwide leader in IT that helps companies seize the opportunities of tomorrow by proving that amazing things can happen when you connect the previously unconnected. For ongoing news, please go to http://thenetwork.cisco.com.
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