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BNDES launches Angel Fund of Co-Investment for innovative Brazilian startups

11/14/2017

With equity estimated at R$ 100 million, the Fund aims at stimulating entrepreneurship and the innovation ecosystem, in addition to spreading angel investment in Brazil

The fund shall support innovative startups, with annual revenue of up to R$ 1 million. Investee companies that excel may be selected for a second round of fund raising

Those interested in the Fund’s management should send proposals by 1/12/2018. A public notice and guidelines have been made available on BNDES’s website (in portuguese)

 

The Brazilian Social and Economic Development Bank (BNDES), through its branch of shares in other companies, BNDESPAR, structured a public notice for the Co-Investment Angel Fund’s selection to support growing enterprises (startups), that act mainly in the industries of Agribusiness, Biotechnology, Smart Cities, Creative Economy, Nanotechnology, New Materials, Health and Information and Communication Technologies (ICT).

For this purpose,  on Tuesday 14 it will launch a Public Notice for national selection of the Seed Capital Investment Fund and its respective manager, with the aim of supporting, alongside angel investors and/or accelerators, Brazilian innovative startups with high growth potential. 

The Co-Investment Angel Fund will have a 10-year duration (with the first five corresponding to the investment period) and committed equity estimated at R$ 100 million. It will be made available when a minimum of R$ 60 million has been reached, with BNDESPAR’s participation corresponding to R$ 40 million, in the first round. The remaining resources should be raised alongside other investors.

The Fund shall support enterprises with net annual operating revenue of a maximum of $ 1 million, in the year immediately prior to the investment’s approval. The Fund will be able to invest up to R$ 500 thousand in these enterprises, provided that there is joint investment, in the same proportion, of an angel investor and/or accelerator. 

In addition, the Fund is multi-stage, which enables other funding rounds to happen in startups of the portfolio with better performance, that reach the level of “small innovative company” (companies with annual revenue between R$ 1 million and R$ 16 million, in the year immediately prior to the investment’s approval). These additional investments, by company, may achieve a maximum limit of R$ 5 million, including amounts that have been previously loaned. 

Applicants for the position of manager of the Co-Investment Angel Fund have until 12 January 2018 to send their proposals, which will be evaluated by BNDESPAR according to the criteria listed in the Notice, such as the manager’s history, governance, quality of the proposal and cost structure, among other things. Details and other information are available on BNDES’s website (in portuguese)

 

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