Brazil's corporate venturing ecosystem is still relatively young, with the majority of progammes set up in the last three years.

In 2022, GCV supported a survey of Brazil’s corporate venture community by the Brazilian Association of Private Equity and Venture Capital (Associação Brasileira de Private Equity e Venture Capital – ABVCAP). The sample size of 41 responses is big enough to be statistically significant for a budding corporate venture ecosystem such as Brazil’s and the findings give a good indication of the emerging venturing scene. The following charts, provided by ABVCAP, show the highlights: Brazil’s corporate venture ecosystem is still relatively young compared with the rest of the world. The majority of the surveyed corporate venture programmes (72%) were set up over the past three years and only 12% pre-date 2018. In our global survey, only 36% of units were set up after 2018. Nearly six out of every 10 (59%) of surveyed corporate venturers said their company had a formal CVC unit – a sign that corporate investing is becoming increasingly professionalised and woven into the corporate structure. Brazil’s relatively young corporate venture units have not yet built up a large tally of investments. Some 57% of CVC programmes have made fewer than eight investments since inception and 9% have yet to make their first deal. Around 18% of respondents, however, say they have more than 15 under their belt. Among global corporate investors, the majority (60%) intend to make more than four new investments annually. There is also a small variation in the pace of investment. Some 79% of Brazilian CVCs say they plan to make up to six investments a year. Among global corporate investors, the majority (60%) intend to make more than four new investments annually. Brazilian corporates focus on broadly the same stages of investment, preferring series A and B. Financial performance targets at Brazilian CVCs follow global norms. Nearly half of those surveyed (48%), both in Brazil and globally, aim for financial returns of 1.6x to 2.5x (with an implied internal rate of return of 16% to 24%). Globally, 17% are aiming to reach the top quartile, with returns of more than 2.5x the capital invested. A more modest 12% of CVC teams in Brazil aim for this. Failure rates are similar. In Brazil, nearly eight (79%) of every 10 corporates say they have never had to write-off on an investment. This is roughly consistent with the high number of their global peers (86%) claiming to have had only 30% or less of their portfolios failing to return the capital invested.CVC initiatives in Brazil…

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Kaloyan Andonov

Kaloyan Andonov is head of analytics at Global Corporate Venturing.