- The fund may be invested within four years and the inclusion of startups from other Latin American countries is not ruled out;
- The company is focused on business development and innovation, including new products and tech solutions for areas such as distribution and logistics;
- ArcelorMittal’s innovation hub already maintains connections with 4,500 startups in the country.
The steel group ArcelorMittal announced that it will create a BRL 100 million investment fund aimed at the development of Brazilian startups.
ArcelorMittal will be the sole fund shareholder and its plan is to invest within four years in 15 Brazilian startups that already have developed tech solutions in distribution and logistics areas. The inclusion of startups from other Latin American countries is not ruled out
This is the first investment fund of this kind created by the multinational and is in line with the creation of a new board focused on strategy, innovation and business transformation.
According to Paula Harraca, innovation and transformation director at ArcelorMittal Brazil, the group is already talking with two startups – one focused on the construction sector technologies, and the other focused on the energy area. The investment in both may happen this year, said Paula.
Other traditional steel groups in the country, such as Gerdau and CSN, have also set up technology investment centers recently, to accelerate processes and the discovery of new business fronts.
The investment announced by ArcelorMittal represents a major step forward after the group created its own startup development structure in Brazil three years ago. Called Açolab, it is considered by the company as the world’s first innovation hub for the steel industry and already has connections with 4,500 startups in the country, according to ArcelorMittal.
Translated by LABS.