Brazilian investment fund Indicator Capital said it raised BRL93 million ($18.5 million) in its last round in 2022 to invest in internet-of-things start-ups, a company partner told Latin Finance on Thursday.
The fund, which has now raised a total of BRL333 million, was launched in 2021.
The 2022 figure was only released now due to bureaucratic reasons, said Derek Bittar, CMO and co-founder of Indicator.
“It was not easy to complete the last one”, Bittar said. “Global markets became more cautious towards venture capital due to interest rate hikes”.
The fund received the backing of state development agencies, such as the research financing state agency of São Paulo, Fapesp, and the federal support agency for small businesses, Sebrae.
(Por: Thierry Ogier)
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