This session featured Daniel Moczydlower (president and chief executive of Embraer-X) alongside Bruno Francisco (head of corporate VC at Petrobras Fund), discussing the evolution of corporate venture capital within large Brazilian corporates and its strategic role over time. 

Key takeaways

  • CVC often emerges from internal entrepreneurial push rather than top-down mandate; at Embraer, the function was initiated by an employee to address future technology awareness and diversification challenges. 
  • Early rationale centred on using venture investing as a strategic intelligence tool — to track emerging technologies, explore adjacent markets and mitigate disruption risk without altering core operations. 
  • Over time, Embraer evolved to a hybrid model: LP positions in multiple funds (Brazil and US) alongside selective direct investments, enabling both global exposure and targeted strategic bets. 
  • CVC strategy must remain dynamic and aligned with shifting corporate priorities; portfolio resilience is critical to accommodate strategic pivots (e.g., Embraer’s move into eVTOL and autonomy). 
  • Petrobras’ newer CVC initiative reflects a transition-driven mandate, focused on energy transition technologies and leveraging partnerships with public institutions to derisk entry. 
  • Governance is a decisive factor in effectiveness: 
    • Clear investment mandates and pre-approved capital improve speed. 
    • Delegating decision-making to GPs or internal teams avoids bureaucratic drag. 
  • Despite criticism, being “strategic” is not a flaw but the core purpose of CVC — with financial returns expected but secondary to insight and capability building. 
  • Corporates can provide “superpowers” (market access, expertise, infrastructure) that materially accelerate portfolio companies’ growth. 
  • Brazil’s ecosystem is maturing, with improved access to risk capital, increasing unicorn creation and attractive valuations relative to developed markets, creating a compelling investment case. 
  • A key challenge is internal alignment and ongoing stakeholder education; CVC teams must continuously justify their role as corporate strategies and personnel evolve. 
  • Establishing CVC is itself a dual transformation — external (venture engagement) and internal (organisational change) — requiring sustained effort to integrate into the corporate “mothership”. 

This summary was generated by AI and lightly edited by GCV staff.