Alfa Collab, the CVC arm of Brazilian insurance holding Conglomerado Alfa, announced an investment of up to ~USD120m over three years in E-ctare, a credit platform and digital wallet for rural producers in Brazil.
(LABS News) – The Brazilian Conglomerado Alfa, which brings together companies operating in different financial and insurance segments, has just announced its first investment agreement in a startup. Through its innovation hub, Alfa Collab, the group plans to invest up to BRL 600 million over three years in the startup E-ctare, which develops credit solutions focused on agribusiness. With the injection of resources, Alfa Collab will operate the structuring of E-ctare’s digital wallet.
“The investment is aimed at improving the platform, enhancing technology, and bolstering the operation. Alfa becomes the funding provider to expand E-ctare’s credit offer. There are ‘two monies’. One for the startup’s operation and another to expand the business’ credit offer,” explained Francisco Perez, New Business director, responsible for the Alfa Collab Innovation Hub and for Alfa’s ESG Area.
E-ctare is the first company participating in the Alfa Collab program to receive an investment from the innovation hub, which already has 16 companies. The program was launched less than a year ago, last November, with the objective of doing business with startups from various segments, aligned to the markets in which Conglomerado Alfa operates. In addition to E-ctare, the following companies are also participating in the program: 88i Seguradora Digital, Bot Nicks, CashU, Fiduc, Finpec, Go Bots, InstaCasa, LooqBox, Marvin, Prestho, Predify, Size, SMU, Vuxx, and Zink.
Read more at LABS News.