Brazilian integrated steelmaker, Gerdau, through its business arm, Gerdau Next, has launched a startup accelerator, known as Ventures Gerdau. The company said it expects Ventures Gerdau to support the steelmaker’s new business growth.
Gerdau said the startup accelerator will seek innovations in the civil construction segment at a first stage. New solutions that might receive Gerdau’s funding include the use of digitizing and disruptive technology in the sector.
The civil construction sector in Brazil is a key revenue source for Gerdau and other steelmakers. Gerdau said it will select 10 startups to jointly develop partnerships and potential new businesses.
Gerdau expects new business to reach about 20 percent of its revenues in ten years, according to CEO Gustavo Werneck. Ventures Gerdau is expected to help the company achieve such a goal.