BASF Venture Capital shutters Brazil operations following Agricultural Solutions carve out

BASF Venture Capital, the investment arm of the Germany-based chemicals company BASF, has closed its Brazil operations, following restructuring at the parent company to separate out the Agricultural Solutions business.

The São Paulo-based Brazil team had been heavily focused on agricultural investments, with Karime Hajar, investment manager (pictured above), leading notable tech and agriculture investments — including backing financial platform Traive— in the region. Hajar, who had been a foundational member of the Brazil team since 2021, had already announced her departure last month.

BASF said the following the restructuring BASF Venture Capital had adjusted its scope to support the company’s remaining core businesses: chemicals, materials, industrial solutions and nutrition and care. As part of this it was “centralising its operations in Germany, China, and the United States.”

The South American portfolio will now be managed directly from Germany, where Heike Pfistner, managing director is based. Pfistner joined the venture unit in March this year.

BASF Venture Capital will remain a shareholder in the startups it has invested in and will continue as a limited partner in investment funds. The venture unit is, for example, an LP in the SP Ventures’ AgVentures II fund which invests in food and tech startups across Brazil, Argentina, Chile, Colombia, and Mexico.

“The best course of action for these assets will be assessed as appropriate over time,” the company said in a statement.

BASF noted that AgroStart, the open innovation programme run by BASF Agricultural Solutions, will not be affected by these changes and will continue operating as before.

Recent BASF Venture Capital investments in startups.

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