BEIJING (dpa-AFX) - Baidu Inc. (BIDU), a Chinese language Internet search provider, announced Wednesday that it is the lead investor in a new $60 million Brazil-based investment fund named 'Easterly Ventures'. Easterly Ventures plans to invest in as many as 15 Brazilian startup companies during its investment period, with the first investment slated for late 2016.
Easterly Ventures will focus on providing funding, technology, local traffic and industry expertise for Brazilian tech startups, with the goal of building a robust mobile service ecosystem in Latin America.
Baidu noted that Easterly Ventures will be Brazil's first Internet investment fund of its kind to provide startups with the combination of capital, technology, traffic and experience necessary to penetrate national and international markets.
Easterly Ventures is the latest of Baidu's many initiatives to support the growth of Latin America's tech industry. Previously, Baidu Brasil teamed up with the Latin American Association and top universities to promote its startup incubator projects 'Baidu Accelerate' and 'Baidu Class'.
Yan Di, General Manager of Baidu Brasil and President of the Brazilian O2O Association, said, 'Brazil's economy is expected to rebound in the year ahead. There is absolutely no better time to enter this market.'
Copyright RTT News/dpa-AFX