Brazilian public and private sector actors launch IoT investment fund

The Brazilian Development Fund (BNDES) and Qualcomm Ventures create a $45 million venture capital fund to encourage early-stage investments in IoT companies. The fund for IoT investment, which Indicator Capital will manage, will support up to 30 startups in Series A rounds over the next ten years, and it expects to close seven deals in 2021. Other sponsors involved in this project are Brazilian bank Banco do Brasil, Telefônica Ventures, the V.C. arm of telecoms firm Vivo, Multilaser, and Lenovo.