Rio Bravo CEO Leads an Investment in Israel-Based Venture Fund

A group of 25 Brazilian businessmen led by Rio Bravo Investimentos S.A. CEO Mario Fleck committed to invest around $10 million in a new fund by capital firm Maverick Ventures Israel, Maverick managing partner Michel Abadi and Mr. Fleck said in interviews with Calcalist Tuesday.

Sao Paulo-based asset management firm Rio Bravo Investimentos has $3 billion under management. In 2016, China's Fosun International Ltd. bought 51% of the company making Rio Bravo the conglomerate’s first acquisition in Latin America. The deal was finalized in October 2016, said Mr. Fleck.

Israel-based technology startups can benefit from operating in Brazil, Mr. Fleck said. “Brazil is a very large market with slow technological development, while Israel is the reverse,” he said.

Tel Aviv based Maverick Ventures, founded in 2013, invests in Israel-based startups already generating revenues. The firm raised a $40 million investment fund in 2013. The firm’s portfolio includes Puls, an on-demand gadget repair startup backed by Samsung and by Singapore's governmental holding company Temasek.