Chinese web giant Baidu is launching a support and mentoring scheme for Brazilian tech startups as it continues to drive its expansion strategy in the country.
The program will be run in partnership with the Latin American Angels Society (LAAS). The organization runs an angel investment network and will be seeking to identify scalable ventures that are active in a growing market segment.
The idea is that the startups will be able to drive further growth by taking advantage of Baidu's experience, traffic, and connections within Brazil and internationally, while benefiting from the financial support and community knowledge offered by the LAAS.
After the applications for the program are processed, the information provided by the interested parties will be initially assessed by LAAS, who will then select the companies that will also benefit from Baidu's resources.
Baidu will take a 10 percent stake in the capital of the companies selected in the program in exchange for the support and mentoring.
The Chinese firm is looking to expand its presence in Latin America as part of a strategy to invest in developing markets. Baidu believes that over 43 million Brazilians will be online within the next three years and has the country as one of its priority markets for growth.