Corporations participated in 66 rounds of investment in Brazilian startups that, in total, generated US$700 million between July 2024 and June 2025. Although the number represents a drop in total business volume, corporate (CVC) led almost half of the sector’s fundraising in the period.
Of all 66 rounds, companies were ahead of 30, or 45% of the total, via CVC, in deals that generated US$358 million. When considering the 12 months prior to July 2025, there were 135 deals. In total, 42 Brazilian CVCs had investment activity in the 12-month period until June 2025.
The survey was carried out by EloGroup, in partnership with ApexBrasil, ABVCAP and Global Corporate Venturing (GCV).
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“This movement consolidates the maturation of the CVC sector in Brazil with a strong separation between the ‘chaff and the wheat’. While several companies have discontinued their CVC arms, those that used it as a long-term strategic tool are reaping valuable rewards”, says Jaime Frenkel, partner at EloGroup and one of those responsible for the study.
Series B+ rounds, from companies that had already gone through previous investment cycles via venture capital, corresponded to 27% of the total, an increase in representation and also in average value, which reached US$34.6 million. Investments in early stages, however, are still the majority: they represented 40% of investments, and the total contributions in early stages (Pre-seed to Series A) remained close to 52%.
“The 2024/2025 cycle marked the transition to a less euphoric and more strategic market, with a focus on assets with traction, maturity and reduced risk”, states Frenkel. “CVC is no longer an experiment and has become a structured lever for growth, learning and access to new markets in the long term.”
Investment profile
The market saw an increase in the representation of Series B+ rounds, which corresponded to 27% of the total. The average value of a Series B+ round jumped to US$34.6 million, indicating that Brazilian corporations are participating in larger deals and supporting startups in scaling phases.
There is still a concentration on the investment thesis of CVC funds, with more than half of the contributions in the financial sector, with 22 rounds. Technology and health come next, with 11 and 9 rounds, respectively.
Furthermore: companies tend to invest mostly in the sector in which they already operate. Especially in the case of CVCs in the financial sector, the majority of investments are directed to fintechs. In health and media and telecommunications the scenario is similar, with a trend of investments in the segment itself, the report points out. Companies in the industry and technology sector demonstrate greater diversification.
