CSN Ventures, the investment arm of Brazilian steelmaker Companhia Siderurgica Nacional (CSN), made an investment in OICO, a local startup that aims to sell civil construction products online.
CSN Ventures joined other investors, including Valor Capital Group and Tiger Global, in the BRL 30 million ($5.6 million) investment. OICO sells and delivers civil construction materials. It has 100 clients, 900 suppliers and 100,000 products.
OICO, which allows clients to buy civil construction materials and pay in up to 90 days, will use the investment round to hire new employees, mainly in the technology area.