Itaú Unibanco, BayBrazil Corporate Member, and Redpoint e.ventures continue at the forefront of tech innovation with the launch of Cubo, a non-profit initiative that goes to market as the hub for tech startups in Brazil, beginning in September 2015.
Located in Vila Olimpia, in the southern part of São Paulo, Cubo offers more than 50,000 square feet, hosts about 250 residents, up to 50 startups, and will have the infrastructure to provide entrepreneurial education. Besides co-working, the multidisciplinary space includes an auditorium for 130 people, cafeteria, rooms for courses and an event space on the rooftop.
“The combination of forces between Itaú and Redpoint e.ventures creates in Cubo a new way to foster the technological entrepreneurship market in Latin America, making it more innovative and transformative for society,” explains Ricardo Guerra, executive director of Itaú Unibanco. “To do this, the initiative will support from later stage digital startups to entrepreneurs who need encouragement to get their ideas off the ground with state of the art infrastructure, networking and entrepreneurial educational content.”
“We are excited about the launch of Cubo and the milestone it represents. Supporting the development of the ecosystem is an important part of our mission at Redpoint. Besides being a new pillar and meeting place, we are confident that Cubo will mark the beginning of a new, faster and more collaborative phase in our market. Now, no one can stop the entrepreneurs! ” says Anderson Thees, founding partner of Redpoint e.ventures and BayBrazil Board Member.
The initiative proposes changes to the ecosystem in different ways. Offering co-working space for digital startups is just one of them. Residents will have the support of specialized mentors in various areas and Cubo will also offer an entrepreneurial education platform that provides workshops, lectures and events promotion for entrepreneurs and stakeholders in the ecosystem. Another distinguishing feature ofCubo is to create a network of global connections among all stakeholders — entrepreneurs, technology companies, investors, students, universities, and industry organizations, among others, to develop innovative solutions to society. In addition, Cubo will offer an event center and gathering place for the ecosystem of digital startups in Brazil and Latin America.
Itaú is the sponsoring partner and the main provider of resources forCubo. The selection of startups and entrepreneurial education activities will be curated by Redpoint e.Ventures, and will be led by the company’s team of experts. Itaú and Redpoint e.ventures will leverage their networks to support digital startups that use Cubo, and Redpoint also will apply its expertise to bring international know-how, offering quality content, best practices and tools.
The objective of Cubo is to carefully select startups that offer technological solutions relevant to their markets and that have the potential to transform society. Criteria such as performance, stage of development, ability to execute, scale, and value to other residents will also be considered.
“Cubo is the meeting point of digital entrepreneurship in Brazil and will fill a gap that has existed for a very long time in our market. We believe that entrepreneurs are critical to the future of the country,” says Flávio Pripas, Project Director. “The intersection of entrepreneurs, investors, mentors, researchers and large enterprises will exponentially increase the potential for success of startups,” concludes the executive.
Itaú Unibanco is one of the largest banks in the world based on market value. With total assets of R $ 1.03 trillion, the bank is a leader in private banking and credit card services, and has strong presence in corporate banking and as a lender of housing and payroll debt. With about 93,000 employees, more than 5000 branches and nearly 28,000 ATMs, Itaú Unibanco is present in 18 countries besides Brazil, and is listed on the BMF & Bovespa (ITUB3, ITUB4), the New York Stock Exchange (ADRs) and the Buenos Aires Stock Exchange (ITUB4). Its vision is “To be the leading bank in sustainable performance and customer satisfaction.”
Redpoint e.ventures is a venture capital fund based in São Paulo. Its mission is to support entrepreneurs in the Brazilian digital market in their journey to create high-growth companies. A joint venture between the renowned American funds Redpoint Ventures and e.ventures, the fund brings capital, access to Silicon Valley and global best practices to high-potential startups. In addition to supporting the companies in its portfolio, the fund’s team seeks to contribute to the development of the entrepreneurship ecosystem in Brazil.