Just two months after announcing the closing of a fund worth US$130 million dedicated to early-stage startups in Brazil, Redpoint e.ventures has closed its first deal with the capital.
The organization has funded the Series A round of Minuto Seguros, a Brazilian online insurance broker. Though the financial details of the investment have not been disclosed, it has been estimated that Redpoint e.ventures has contributed somewhere between US$3 million and US$5 million.
Minuto Seguros was founded in 2011 by Marcelo Blay. The company offers insurance products for individuals and businesses and is a pioneer in bringing a traditionally offline sector to the web.
Regarding the investment, Yann de Vries, Managing Director and Co-Founder of Redpoint e.ventures, expressed optimism:
The experience, credibility and connections of Minuto Seguros are unmatched in the industry. After much time spent looking into this market, we are convinced that they have the vision and capabilities to build an amazing company and redefine this space. This is our biggest investment to date and we are proud to be working with this outstanding team on this exciting journey.
This is the first of what will likely be many investments to come from Redpoint e.ventures in Brazil. As Anderson Thees, who co-founded and leads the organization alongside de Vries, indicated when we spoke with him weeks ago, Redpoint e.ventures will seek out the best and brightest in social, mobile and local technologies.