After a lengthy process of figuring out how to proceed with its CVC strategy, the Brazilian energy company will begin VC investing early next year.
Brazilian oil and gas company Petrobras is launching a BRL 500m ($93m) VC fund to back energy transition startups, having selected Valetec Capital to manage it.
Following a call for proposals that went out over the summer for a management team to handle the fund, which is being set up by Petrobras alongside Brazilian development bank BNDES and project finance agency Finep, Valetec Capital was announced as the winning bidder on Monday.
The new fund will back clean energy startups in areas including renewable energy, energy storage, electric mobility, carbon capture, sustainable fuels and other decarbonisation technologies.
Peter Seiffert and Ricardo Kahn, respectively Valetec Capital’s CEO and director for consulting and innovation, told GCV they found out about the award Monday, and that they expected to begin investing in the first half of 2026 – in line with the expectations set out in the call for proposals, perhaps as early as March.
They said that Valetec may seek to raise money for the fund, but, as it stands, Petrobras is committing up to 49% of the fund’s commitments, with BNDES taking 25%, and Finep up to BRL 60m.
As per the call for proposals, the fund will be operated under the auspices of Petrobras’ new innovation unit, Petrobras Innovation Ventures, but Valetec will have autonomy over investment decisions.
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
