Vale Ventures seeks to provide initial funding and early-stage investments in start-ups worldwide, with a goal of holding stakes of up to 5%
Brazilian mining giant offers $100m to invest in start-ups around the world. Picture: BLOOMBERG
Vale Ventures is starting with a $100m budget to invest in firms involved in sustainable mining initiatives. The unit seeks to provide initial funding and early-stage investments in start-ups worldwide, with a goal of holding 3% to 5% stakes in the firms. Vale’s outlay will be enough to build an initial portfolio of investments in about five years, generating financial and strategic return, he said. The first in Vale’s portfolio is Boston Metal, a firm focused on steel decarbonisation technology that has the backing of cleantech venture capital funds, mining companies and steel users. Vale invested $6m in the US company in September.
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