EDP has 7 million euros to back up Brazilian startups
Currently extending its reach throughout Latin America and creating the first investment vehicle for the Brazilian energy sector, EDP Ventures reinforces its corporate risk capital strategy.
Lisbon, May 23th, 2018 - EDP has just created the first corporate venture capital investment vehicle in the Brazilian energy market. It aims at supporting and investing in innovative startups in the energy sector. Initially, EDP Ventures Brasil has about 7 million euros available for entrepreneurial projects in five areas: Customer Focus Solutions, Digital Innovation, Renewable Energy, Energy Storage and Intelligent Networks.
The creation of this investment vehicle will allow for the development of innovative technology providing not only improvements for EDP but also for the Brazilian and world electric sector. In addition to capital investment, EDP Ventures Brasil also provides financial support for pilot projects, access to business areas and assets of the EDP Group, present in 14 countries. Startups will also be backed up by a partner network of incubators, accelerators and Brazilian and international investors.
EDP Ventures Brasil targets both startups that are taking their first steps (seed investment) and more mature startups (A series) with the possibility of co-investing with other companies or partner funds.
"With the creation of a Corporate Venture Capital, we have consolidated our position as pioneers in innovation in the electrical sector, in addition to contributing to the development of the national entrepreneurial ecosystem", says Carlos Andrade, vice president of new businesses at EDP Brasil.
This launch allows for the reinforcement of EDP's strategy for Brazil, a strategy that was initiated in 2008 in Portugal through EDP Ventures. EDP Ventures has already invested 26 million euros, and currently has 16 Portuguese and foreign startups (Europe, USA and Israel) in its portfolio. These companies now generate 38 million euros in revenue/year and have created more than 500 workstations.
With the creation of this new vehicle, EDP is able to help accelerate the potential of Brazilian entrepreneurship and closely follow the most innovative projects in the company's strategic areas.