A Venture Perspective of Different Investor Effects in the Brazilian VC Market

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Raoni Arruda Bacelar da Silva
Fábio de Oliveira Paula
Jorge Ferreira da Silva


Objective: Venture capital has garnered global interest, attracting policymakers, investors, and entrepreneurs. However, its implementation in emerging nations, particularly in the challenging seed-stage segment, requires adaptive strategies from investors. This article investigates whether these adaptations lead to performance differences among various VC investor types. Methods: We examine the impact of different investor types on the performance of seed-stage ventures in Brazil, comparing our findings to existing literature on the United States. Analyzing investments in the Brazilian seed-stage VC market from 2000 to September 2022, we evaluate outcomes for ventures supported by IVCs, CVCs, Angels, and Accelerators. Results: The results reveal significant disparities in the performance of these entities in Brazil compared to the United States. Conclusions: We conclude that these differences likely stem from unique Brazilian market dynamics that have shaped investor profiles and operational approaches distinct from those in developed nations.


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Silva, R. A. B. da, Paula, F. de O., & Silva, J. F. da. (2024). A Venture Perspective of Different Investor Effects in the Brazilian VC Market. Brazilian Administration Review, 21(2), e230093. https://doi.org/10.1590/1807-7692bar2024230093
Research Articles


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