Telefónica accelerates to close in the coming quarters the first investments of its Brazilian fund

It will launch a first version of its 'edtech' product in Brazil before the end of the year

MADRID, 7 Ago. (EUROPA PRESS) -

Telefónica expects to announce in the coming quarters the first operations of Vivo Ventures, an investment fund of 320 million reais (60.4 million euros at exchange rate) created by the firm to invest in consumer-oriented startups that complement its offer in Brazil

Telefónica Brasil detailed in its presentation of results for the second quarter that the fund's management has already selected a list of 20 companies in which it would like to undertake an investment.

The investment fund will run for five years and will focus on sectors such as health, education, finance, home, digitization, entertainment and marketplaces.

Telefónica already has a Wayra open innovation hub in Sao Paulo and has made small investments through Wayra in the country such as the edtech Qranio, the fintech Monkey Exchange and the digital health firm Proradis.

The acceleration of the search for 'startups' by Telefónica in the South American country is carried out in parallel to the diversification of its offer with new booming businesses such as consumer loans and digital education.

In the first of these, Vivo Money, its digital loan service launched in October 2020, has granted more than 80 million reais (15 million euros) of financing.

The service has multiplied by 6.7 times its volume of credit managed in the second quarter, compared to the same period of the previous year, while the number of users has been 4.5 times higher.

The company is also finalizing the launch of VivaE, a digital education joint venture with Ánima Educaçao. The firms have already agreed on the entity's management team and hope to have a base product (MVP) ready before the end of the year.