The Brazilian Development Bank (BNDES) has announced yesterday the launch of a R$200m ($50m) fund focused on innovative technology startups.
The fund Criatec 3 will be managed by local firm Inseed Investments and has various development banks across several Brazilian states as investors, as well as the Foundation for Research Support of Minas Gerais and private backers.
BNDES itself will be providing R$130m ($32m) out of the total capital. The other backers are proving quotas of R$20m ($5m) minimum.
The fund is interested in backing businesses active within information technology, nanotechnology, biotechnology and agribusiness. To apply for a chance to get funded, the startups will need to be generating annual net revenues of at least R$12m ($3m).
The first Criatec fund was created in 2011 has already backed 47 companies, while the follow-up fund, launched in 2013, is halfway through its investment cycle and has supported some 15 companies so far.
It is not known how many startups will be financed by the third edition of the fund. Funding rounds for Criatec 3 will not surpass R$3m ($745,000).