One of the world’s most important events for entrepreneurship and innovation, the Web Summit, took place in Rio de Janeiro last week. This was the first time the event was held in a Latin American country. There were more than 17,000 visitors including business people, speakers and innovation enthusiasts on 19 stages with more than 300 lectures, about 700 startups and more than 500 investors.
During Web Summit Rio, Wayra and Vivo Ventures Director Gabriela Toribio spoke to the program innovation path about investing in startups and the role of the company in the entrepreneurial ecosystem in Brazil.
Gabriela explained that Vivo is looking for opportunities to innovate and invest in startups, especially related to artificial intelligence.
Wayra Brasil, Telefónica/Vivo’s open innovation hub in Brazil, has increasingly expanded its role in the innovation ecosystem. In 2022 alone, the company generated BRL 74.2 million in business with Vivo through its 26 invested startups – which together have a market value of more than BRL 2.3 billion. Wayra’s investments are focused on startups in the “early stage” of development and total around BRL 2 million.
Gabriela says most of these startups do business with Vivo, a major value driver for the entrepreneurial ecosystem.
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The director also commented on the creation of Vivo Ventures, an investment fund of up to R$320 million aimed at more mature start-ups. The fund is looking for Brazilian B2C startups in an accelerated growth phase, known as Series A and B investment rounds, with BRL 25 million in tickets.
According to Gabriela, Vivo Ventures and Wayra want to invest in companies that fit the company’s innovation horizon with solutions in artificial intelligence, smart home, marketplace, health, finance and education.
The main goal is to develop digital ecosystems together. “The idea is indeed to be a great partner, not as we say in terms of investments, to limit the entrepreneur’s liquidity, but to be a revenue lever,” says Gabriela.
Gabriela mentioned that while the startup investment market experienced a slowdown in 2022 compared to 2021, corporate venture capital (CVC) investments are still hot. She believes the market should adjust and heat up again in the coming years.
Another big company also looking for investment opportunities and good startups is KPMG. Diogo Garcia, Managing Partner at KPMG and head of the Emerging Giants program, spoke about the importance of this type of initiative for the innovation ecosystem in Brazil: I think Brazil is very good, not only in terms of content but also in terms of connections.”
KPMG has Emerging Giants, an initiative created to help startups accelerate their growth. The program includes startups that have already received venture capital investments and want to accelerate their growth. KPMG connects Brazilian startups with emerging giants from other countries, creating a global community of innovative companies with great growth potential that can become unicorns or go public in the future.
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In addition, KPMG provides mentoring and support for these startups, helping them to reach their maximum potential. According to Diogo, this type of initiative is important for the Brazilian innovation ecosystem because emerging companies can give back to the community by helping other startups and contributing to market growth.
KPMG also has the Tech Innovator program, an award presented in more than 25 countries that aims to identify and reward early-stage startups with great growth potential. In 2021, Krilltech, a Brazilian startup operating in the agribusiness market, received the award in the first edition of the program.
According to Diogo, KPMG is committed to connecting startups and entrepreneurs through mentoring and global networking, thereby contributing to the growth of the innovation ecosystem in Brazil and other countries.
Startups from various industries attended the Web Summit Rio in search of investors such as Wyra and KPMG. This is the case of Pinguim, a platform that connects people with the same profile so they can share travel expenses. The startup also acts as a marketplace for products and services in the industry.
Renata Franco, CEO of Pinguim, launched the startup in 2019 just before the pandemic. “We really had to take a few steps back, but it was good because we managed to organize ourselves better to come back with everything.”
It was then that he realized people needed to communicate, especially during the pandemic. “So Penguim became a platform where people came in to meet other people, chat, plan their next trip and keep the ‘flame burning’ that travel was possible again,” says Renata.
Today, Penguin has more than 100,000 registered users and is forecast for even greater growth this year.
According to Renata, the next step for Penguin is a major technological development. The company is focused on growth and user engagement and expects 2023 to be a very promising year.
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