Cisco to Invest USD 15 million in Venture Capital Fund Redpoint e.ventures to foster innovation and entrepreneurship in Brazil
The fund will invest primarily in technology and digital economy early stage Brazilian startups
SAO PAULO, BRAZIL, July 24, 2012. - Cisco announced today the investment of USD 15 million in the venture capital fund Redpoint e.ventures Brazil, RPeV, a joint venture between Redpoint and BV Capital/e.ventures, two successful venture capital funds based in Silicon Valley. The locally managed and operated RPeV fund is based in Sao Paulo, Brazil.
The fund has closed USD 130 million on July 19th, with Cisco committing $15 million.
The new venture capital fund will focus on early-stage investments in Brazil, a key market for Cisco.
On April 1st, Cisco announced a plan to invest over R$1 billion over the next four years in Brazil. As part of this announcement, Cisco announced the intention to invest up to R$50 million in high-technology venture capital funds to foster the development of new Brazilian technology companies and entrepreneurship in the country. Redpoint e.ventures represent the first of these investments.
Brazil's information and communications technology market has huge economic and innovation potential. 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.
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