The investment represents a first for BASF Venture Capital in Brazil. Other international development agencies, banks, and local investors also contributed to the round.
The AgVentures II fund, managed by SP Ventures in São Paolo, invests in agritech startups in Brazil and aims to support 20 to 25 startups operating in Latin America.
Agriculture accounts for more than half of Brazil’s exports, and the agrotech sector is one of the fastest growing markets in the region over the past two years. AgVentures II is the only fund that focuses exclusively on food and agriculture technology in Brazil.
“From this investment, we seek to support promising new companies and BASF business areas. As investors in AgVentures II, we are laying the foundations for our own future investment in Brazil and Latin America,” explains Markus Solibieda, CEO of BASF Venture Capital.
The fund will support agriculture startups through improved business management, product production, software, and technologies.
Read more on Startupi.