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Brazil's B3 stock exchange tests online platform for startup funding rounds

·1-min read

By Tatiana Bautzer

SAO PAULO, May 12 (Reuters) - Brazil's B3 stock exchange has tested an online platform where startups can raise capital using blockchain technology, and is considering whether to offer the service to companies.

In a partnership between B3 and venture capital fund Redpoint eventures, online donation platform Ribon tested a platform developed by London-based fintech Globacap to raise money in April. Ribon, a Brazilian startup which is part of Redpoint's portfolio, raised $100,000 during the test.

Tarcísio Morelli, B3 managing director, said the stock exchange aims to develop closer relationships with startup and venture capital funds and is considering whether to offer the use of the platform for funding rounds.

Morelli said the software makes it easier for the startup to present documents to investors and proposals for the funding round. The use of blockchain technology increases safety of the investment registration, he added.

Latin America had $4 billion in venture capital invested last year, including $2.3 billion in Brazilian startups, according to data released by industry group Lavca. Mexico received $831 million. (Reporting by Tatiana Bautzer; Editing by Richard Chang)

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