(Cisco) July 24, 2012 – Cisco announced today the investment of USD$15M in the venture capital fund Redpoint e.ventures Brazil, RPeV, a joint venture between Redpoint and BV Capital/e.ventures, two venture capital funds based in Silicon Valley. The locally managed and operated RPeV fund is based in Sao Paulo, Brazil.
The fund has closed USD$130M on July 19th, with Cisco committing $15M.
The new venture capital fund will focus on early-stage investments in Brazil, a key market for Cisco.
On April 1st, Cisco announced a plan to invest over R$1 billion (Approx. US$494M) over the next four years in Brazil. As part of this announcement, Cisco announced the intention to invest up to R$50 million (Approx. US$25) in high-technology venture capital funds to foster the development of new Brazilian technology companies and entrepreneurship in the country. Redpoint e.ventures represents the first of these investments.
Brazil’s information and communications technology market has huge economic and innovation potential. Recognizing this potential, Cisco’s intention is to accelerate the introduction of new technologies and provide a competitive advantage through early investments in burgeoning technology innovations, supporting the development of high-growth small and medium-sized companies in the technology, digital media and telecommunications sectors.
Cisco (NASDAQ: CSCO) is the worldwide leader in networking that transforms how people connect, communicate and collaborate: http://www.cisco.com, http://newsroom.cisco.com. Cisco equipment in emerging markets is supplied by Cisco Systems International BV, a wholly owned subsidiary of Cisco Systems, Inc.