STXNEWS LATAM-Microsoft, Espírito Santo set up Brazil fund for start-ups

jueves 13 de marzo de 2014 15:56 GYT

The venture capital units of Microsoft Corp and Portugal's Espírito Santo Investment Bank launched a fund to promote investments in Brazilian start-ups, according to a statement on Thursday. Other partners in the fund, named as Brasil Aceleradora de Start-ups FIP, include Qualcomm Inc's venture capital investment unit, and AgeRio. The fund expects to raise up to 300 million reais ($127 million) from investors and focus on research and development in education, oil and gas, aerospace, sports, farming and environmental issues, the statement noted.