Telefónica expects to announce in the coming quarters the first operations of Vivo Venturesan investment fund of 320 million reais (60.4 million euros in exchange) created by the firm to invest in consumer-oriented startups that complement its offer in Brazil.
Telefonica Brazil detailed in its presentation of results for the second quarter that the management of the fund has already selected a lList of 20 companies in which you would like to invest.
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 an open innovation ‘hub’ of Wind in Sao Paulo and has made small investments through this in the country as the ‘edtech’ Craniumla ‘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, I live Moneyits 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.
Likewise, the company finalizes the launch of Vivaa digital education joint venture with Anima Education. The firms have already agreed on the entity’s management team and hope to have a base product ready before the end of the year (MVP for its acronym in English).