August 1, 2019 / 2:14 PM / 4 months ago

Brazil's Eurofarma launches venture capital fund

SAO PAULO, Aug 1 (Reuters) - Brazilian pharmaceutical company Eurofarma said on Thursday it has launched a 45 million reais ($12 million) venture capital fund aimed at funding healthcare startups.

Axon Ventures, as the new venture capital fund will be named, will take minority stakes in companies with the aim of having one Eurofarma seat on corporate boards. The investment in startups is one of the strategies Eurofarma is pursuing to expand its operations in Latin America, Eurofarma Vice President Maria del Pilar Muñoz said in a statement.

Headquartered in Brazil, Eurofarma operates in 20 countries and had gross sales of 4.3 billion reais ($1.12 billion) last year. ($1 = 3.8290 reais) (Reporting by Tatiana Bautzer Editing by Paul Simao)

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