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Banco Votorantim to invest in Microsoft startup fund

is investing 3 millionBrazilian reais in Microsoft Corp.'sBR Startups fund in a partnership to make joint investments in Brazilian financialtechnology start-ups, Reuters reported Oct. 10.

The bank's initialinvestment is expected to finance roughly six small firms in amounts of between250,000 reais and 1.5 million reais, according to the newswire.

"We'relooking for start-ups that have passed the validation and product development stageand need capital to scale up and gain traction in the market," Gabriel Ferreira,Banco Votorantim's head of strategy, planning and retail lending reportedly said.

Franklin Luzes,chief operating officer for Microsoft's Brazilian investment arm Microsoft Participações,said the fund has been focused in 2016 on partnerships with "anchor investors,"or the first to invest in a venture, Reuters added.

As of Oct. 10, US$1 was equivalent to 3.22 Brazilianreais.