Venture builder Dream2B has secured $10 million in funding to accelerate the internationalization of Brazilian early-stage startups and boost its own global expansion.
The investment by Victory Square technologies (VST) will go towards startups in future batches of acceleration and companies that are already in the Dream2B portfolio. The fund and the venture builder will take percentages in the companies that stand out in the acceleration program, with cheques ranging between $250,000 and $5 million.
With the ability to invest, Dream2B will be able to enhance its value proposition. With headquarters in Vancouver, Canada, and a presence in the Brazilian capitals of São Paulo and Florianópolis, the venture builder has supported nearly 50 Brazilian companies in setting foot in North America. The program includes immersions in Canada with travel expenses paid for by the venture builder and mentoring, business development, as well as connections with companies, institutions, and investors.
“[The investment] complements the thesis we already had by further increasing our reach,” says Dream2B’s founder and chief executive Regina Noppe, in an interview with Startups. According to Noppe, the fact that Victory Square has a global presence is also helpful. “Although our entry platform is in Canada, we aim to expand globally.”
Global mindset
VST and Dream2B have known each other since the venture builder’s inception in 2015. “Our relationship developed organically and mutually, as [the fund] started to notice the quality of our work and ability to attract great entrepreneurs”, Noppe says.
According to the chief executive, conversations about a potential investment had been taking place between the parties over the last three years. “I always had in mind that I would only raise with an investor who has the same vision and total fit with us, and that’s what happened with VST.” Over the last six months, the negotiations gathered pace, and with the opening of Canadian borders following the restrictions imposed by Covid-19, Noppe traveled to Canada to close the deal.
Commenting on the factors that made her conclude that Victory Square was the ideal partner for Dream2B, Noppe says that in addition to the capital, the most crucial factor was the possibility of offering the continuity of international expansion for the startups in the venture builder’s portfolio.
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“With this partnership, startups that are ready for expansion after our program and will be able to count on strong investments made by our fund, and also count on a top-notch team that will be able to open doors”, says the chief executive.
Noppe also mentioned her admiration for Victory Square’s chief executive Shafin Diamond. “He has a global mindset and believes in portfolio diversification beyond what the vast majority [of the investment community] is watching. He is a visionary, and this is reflected in the success of his portfolio,” she adds.
Before shaking hands with VST, Dream2B had some conversations with Brazilian funds but concluded a global partner would be a better option. “Having an investor abroad has always been the priority due to the nature of our business, which focuses on international expansion,” Noppe points out.
Companies that Dream2B has supported across seven acceleration cycles include artificial intelligence firm Data H, which transferred its headquarters to Canada after taking part in the program and became a venture builder itself. Other startups that have gone through the program include biotech SafeTest – which has also been backed by Victory Square – HRtech Sólides and blockchain firm ZeroBank. The portfolio also includes companies active in virtual and augmented reality as well as healthtech and cannabis.
New acceleration batch
For the seventh acceleration batch, the venture builder will select up to 10 Brazilian startups active in artificial intelligence, blockchain, Web3, focusing on digital health, cleantech, and immersive technology companies. As well as English fluency, representatives of the companies taking part need to be able to scale globally and have an international expansion roadmap.
As well as the chance to receive an investment, participating startups will be able to apply for a startup visa that grants permanent residency through a partnership between Dream2B and Spark Centre. Brazilian startups that meet the criteria for the acceleration program can apply by March 31, and the startups to be accelerated will be announced by April 4.
