European venture capital firm Amadeus Capital Partners has made its first investment from its Amadeus IV Digital Prosperity Fund, with the B round funding of Brazilian online insurance price comparison business Bidu Holdings.
Bidu was established in 2012 with funding from a group of investors including Brazilian VC firm Monashees Capital. The funding round BRL$20m ($8.9m) was led by Amadeus with participation from Monashees Capital, Bertelsmann and Otto Capital Partners. It will be used to strike new partnerships, diversify the company’s products and build market share, the company said.
Amadeus partner Pat Burtis said, “Bidu is an exciting company using the internet to reach people, including the young, who might not typically buy or have insurance and thus, through a sophisticated online product, expand the whole insurance market in Brazil. The team, led by an experienced CEO, Eldes Mattiuzzo, comes from some of the best internet companies in the country. They have already demonstrated the ability to deliver rapid revenue growth and build market share in the world’s seventh largest economy with some 100m internet users. We are delighted to be able to support Bidu’s next stage of growth.”
The Amadeus IV Digital Prosperity Fund, which held a first close in July 2013 on $75m, invests in later stage venture and growth companies developing online and mobile applications and services targeted at the expanding middle classes in Latin America, the Middle East, Africa and Asia. The cornerstone investor in the Fund is MTN Group, the global telecoms provider headquartered in Johannesburg with operations in 22 countries.
Copyright © 2014 AltAssets