ArcelorMittal Brazil, the local subsidiary of steelmaking group ArcelorMittal, launched a $19 million (BRL 100 million) investment fund for innovative startups, the company said on Tuesday.
The Smart Ventures fund will aid not only companies, but will also support the company’s strategy, innovation and business transformation department.
The fund’s investments, which were labeled by the company as “corporate venture capital (CVC)” should cover the next four years and will support companies both in Brazil and other Latin American countries that have “high impact growth.”
The company said it aims to select start-ups that already have a validated solution and new businesses, products or services in the sectors of steelmaking, mining, civil construction, industry, sustainability, logistics, commercial, retail and distribution.
Paula Harraca will lead the new department, whose responsibilities include overseeing the Smart Ventures fund.