Baidu has established a US$60-million investment fund to support Brazilian start-ups, the Macauhub website reports.
The fund would support businesses in a growth phase, with validated products and business models, Baidu Brasil country manager Yan Di was quoted as saying.Baidu says the Easterly Ventures fund will transfer technology, mobile traffic, international experience and facilitate start-up access to the mainland. The first investments to be made by the fund should be announced this year, the report says.
The fund would take a minority interest in up to 15 start-ups in the next five years.
Baidu has operated in Brazil since 2013 and this is the first fund the company has set up outside of the mainland, the report says.