In the wake of the hangover that hit the venture capital world after the euphoria of the post-pandemic period, Brazilian companies were forced to calibrate their expectations and plans for investments in startups.
Some companies that tried to get in on the game by structuring corporate funds to invest in startups, the so-called corporate venture capital (CVCs) , either dropped out or had to significantly reduce their ambitions and change their strategy, with some even divesting portfolios.
And those that remain are becoming increasingly selective, in line with the trend in the venture capital segment, resulting in a market with fewer deals in terms of quantity, but with larger checks.
A survey conducted by the Brazilian Association of Private Equity and Venture Capital (ABVCAP) for NeoFeed shows that there are currently 71 active CVCs, a stark contrast to the golden age of venture capital, when the number of proprietary funds exceeded 100 in 2021, according to a study conducted at the time by Apex .
“We are seeing some CVCs announcing strategic changes, because it’s not something that works the same for all companies,” Priscila Rodrigues, president of ABVCAP, told NeoFeed . “I think this is part of a maturing process of the ecosystem and this type of fund.”
Of the total in operation, 42 made some investment in the 12 months ending in June 2025, while in the previous year there were 48 CVCs, according to a study conducted by the association in partnership with the consulting firm EloGroup, ApexBrasil and Global Corporate Venturing (GCV).
The last few years have been marked by a review of this fund model, with some companies throwing in the towel and selling off their asset portfolios.
One company that opted to end operations was Braskem . The petrochemical company announced in early 2025 that it would shut down Oxygea, an innovation hub launched in 2022 with a budget of US$150 million for investments. At a time when it is facing difficulties in its core business , Braskem justified the decision by citing "reassessment and prioritization of its assets."
Americanas also ended its CVC operations. The company closed IF - Inovação e Futuro , the innovation arm that created Ame Digital, as part of its judicial reorganization, in which it decided to focus its operations on retail, selling assets.
Contacted by NeoFeed , Americanas stated that the closure of IF - Inovação e Futuro resulted from a "business decision, based on Americanas' transformation plan focusing on physical retail, the company's main activity."
Gerdau, on the other hand, has placed its CVC initiative under review. Created in 2019 with committed capital of US$80 million, Gerdau Next Ventures has put its portfolio under review, evaluating the sale of assets. When contacted, Gerdau stated that it would not comment.
According to Rodrigues, at the height of optimism, many companies structured travel agencies seeking those who could solve business pain points in times of digitalization, in addition to riding the wave of optimism surrounding startups, dreaming of high financial returns in the not-too-distant future.
Some companies have chosen to create their own business unit, aiming not only to attract companies with synergies, but also to obtain financial returns from the sale of stakes.
“But not all projects went well,” says the president of ABVCAP. “Sometimes, the expectation created about how quickly they would allocate money, how quickly these companies would grow, ended up being frustrated.”
The issue of impatience with startups is fundamental to the success of a travel agency and explains why many companies have decided to review their operations. If the fund is a cost center for the company, when the tide turns, waiting for the business to mature ends up costing money.
Making sales becomes even more difficult, especially in times of high interest rates, which require focusing attention and resources on the core business.
According to Frederico Wiesel, partner at Spectra Investments , an alternative asset management firm, a good number of investments made in recent years have been in early-stage companies, when startups are still finding their business models, which are subject to change and require close proximity from their investee companies.
"Sometimes, investing, especially in the early stages , seeking a very long-term strategic fit , only for companies to pivot after a year, looking for better, more creative models with better unit economics , ends up deviating from the strategic objectives that the company wanted," he says.
The situation faced by many CVCs has opened an opportunity for Spectra, which is negotiating the purchase of stakes in startups held by these funds, disillusioned by the deflation of multiples and valuations .
“We have seen CVCs wanting to unwind positions. We have made some secondary transactions and are in active talks with other CVCs to buy their portfolios, because this interest in divestment continues,” says Wiesel.
Maturity and selectivity
With fewer players and rising interest rates, the number of investment rounds with CVCs has fallen in recent years. On the other hand, average checks have increased, signaling that CVCs are becoming more selective, willing to pay more for assets with greater traction and reduced risk.
In the 12 months leading up to June of last year, the total number of sales rounds involving CVCs was considerably lower than in the previous 12 months, according to research by ABVCAP and partners – 66 compared to 135, respectively, generating a total of US$700 million.
Although the largest number of funding rounds occurred at the seed stage – 26 in total – the market observed an increase in the representation of Series B and higher rounds, which accounted for 27% of total transactions, compared to 12% last year.
The average value of a Series B funding round jumped from US$7.4 million to US$34.6 million, indicating that Brazilian corporations are participating in larger deals and supporting startups in scaling stages.
This movement reflects the search for greater strategic synergy, since more mature startups have a greater capacity to act as business partners for companies.
“The first wave was marked by FOMO [fear of missing out], because there was surplus capital, allowing for increased investments,” says Jaime Frenkel, partner at EloGroup. “But when interest rates rose, those who remained were the companies where the expected return on investments is aligned with the strategy.”
The game continues.
Those who maintained their strategy are doubling down on initiatives related to their core business , in addition to increasing their mandate. This is the case with BB Ventures.
Created five years ago, the Banco do Brasil fund announced, in November of last year, an additional R$ 300 million to what was already planned for the CVC program, bringing its capital to up to R$ 500 million for investments in companies in seed and Series A stages.
BB Ventures currently invests in 53 startups through five funds: three multi-investor funds managed by SP Ventures , Astella , and Indicator Capital , and two exclusive funds managed by MSW Capital and Vox Capital .
"Over the past two years, we have been able to highlight the value of what we understand to be our thesis, initially focused on fintechs, agtechs, and govtechs," says Rodrigo Vasconcelos, director of digital business at BB.
He cites as an example an initiative called BB Expenses, created in partnership with the startup Payfy. It's a platform for managing corporate expenses using BB cards that the bank is offering to its clients.
With more resources at home, the bank intends to expand its range of investment topics, adding bioeconomy, ESG (Environmental, Social and Governance) and DEI (Diversity, Equity and Inclusion).
Itaú is also expanding its venture capital operations. In June, the bank announced the internalization of Kinea Venture, the fund that managed its investments, which is now called Itaú Ventures .
The fund has R$ 500 million in committed capital, taking into account the bank's commitment to contribute an additional R$ 250 million in the coming years.
With six years of operation and ten companies in its portfolio, Itaú's proprietary fund is targeting investments in Series A and B funding rounds, seeking significant stakes in sustainable startups to have influence in strategic decisions and extract synergies from its investments.
“When we look at our portfolio of investments, almost all of them have this type of relationship. And when we look at it from the bank's perspective, this gives us much more comfort in wanting to do business with startups,” says Philippe Schlumpf , superintendent of Itaú Ventures. “And the bank needs to be confident that this partnership will be a new business, or an improvement in customer experience and efficiency, and that the relationship will be long-lasting.”
In addition, Vivo Ventures increased the size of its fund to R$470 million through an investment of R$150 million. Speaking to NeoFeed , Rodrigo Gruner, Vivo's vice president of innovation and new business, said at the time of the announcement that the idea is to be prepared to seize opportunities that arise, which are few at the moment.
Vivo Ventures, along with L4 Venture Builder , a CVC listed on the B3 stock exchange , appears as one of the CVCs that invested the most last year, each with eight investments. Vivo's fund signed the largest check in its history in 2025 – R$ 35 million for Asaas , a management platform for SMEs.
According to Rodrigues, from ABVCAP, this "shake-up" in the market should mature the CVC mechanism, with companies finding the best formats for themselves, whether with their own structure or by investing in partnerships with specialized management companies.
“I think it’s a natural part of the process. Initially, there was a slightly higher peak in the number of CVCs, then they decrease because the models adjust. It’s part of the evolution,” he says.
Contacted by NeoFeed , Americanas stated that the closure of IF - Inovação e Futuro resulted from a "business decision, based on Americanas' transformation plan focusing on physical retail, the company's main activity."
Gerdau said it would not comment.
