Brazil’s National Bank for Economic and Social Development, BNDES, and the Financing Agency for Studies and Projects, FINEP, have received 19 proposals from firms seeking to manage the planned FIP Conexões Startups investment fund. The initiative is designed to mobilize up to R$250 million for early-stage Brazilian startups and strengthen the transition from public innovation support to institutional venture investment. The proposal submission period closed on August 12, 2026, with the final ranking of prospective fund managers expected by November 23.
Building a Bridge to Institutional Capital
FIP Conexões Startups is intended to address a persistent financing gap between the initial support startups receive through grants, accelerators, innovation programs, and research institutions and their ability to secure institutional capital. Most of the fund’s investments are expected to target startups that have already participated in recognized innovation promotion, grant, or acceleration initiatives in Brazil. By focusing on companies that have passed through these programs, BNDES and FINEP aim to improve the pipeline of startups considered ready for seed, venture capital, and other institutional investment.
The fund’s strategy will connect companies supported by public innovation programs with private-sector investors and fund managers that can finance their next stages of development. Eligible initiatives may include FINEP programs such as Centelha, Inovacred, Economic Subsidy, Tecnova, and Mulheres Inovadoras, as well as BNDES programs including Mais Inovação and BNDES Garagem. The institutions noted that this list is not exhaustive, allowing startups from other qualifying innovation and acceleration initiatives within Brazil’s ecosystem to potentially receive investment.
Up to R$250 Million in Capital
The planned investment vehicle could mobilize as much as R$250 million, combining commitments from public institutions with capital raised from additional investors. BNDESPAR, the investment subsidiary of BNDES, plans to commit up to R$100 million, while FINEP is expected to contribute R$50 million using resources from Brazil’s National Fund for Scientific and Technological Development. The selected fund manager will be responsible for attracting the remaining capital from private and institutional investors.
Beyond providing financing, the manager will be expected to tailor investments to the size and development stage of participating startups. The fund structure also calls for portfolio companies to receive support in executing business plans, improving governance, strengthening commercial capabilities, and preparing for subsequent fundraising rounds. Such assistance may be delivered directly by the manager or through partnerships with accelerators and specialized organizations.
Strengthening Brazil’s Startup Pipeline
BNDES President Aloizio Mercadante said the 19 submitted proposals demonstrate strong interest in the initiative and the broader challenge it is designed to address. According to BNDES, the fund seeks to turn support already provided through public funding and acceleration programs into a more continuous path toward investment, development, and growth for technology-driven businesses. The initiative therefore combines long-term capital with efforts to improve the investment readiness of early-stage Brazilian companies.
The fund is also expected to encourage greater integration among acceleration programs, innovation hubs, scientific and technological institutions, public agencies, and private investors. Its broader objectives include increasing the number of startups capable of attracting institutional capital, expanding access to follow-on financing, and encouraging greater participation from private investors in Brazil’s early-stage ecosystem. If implemented as planned, the structure could create a more systematic link between publicly supported innovation projects and Brazil’s venture capital market.
The strong response to the FIP Conexões Startups manager selection process represents an early milestone for BNDES and FINEP as they prepare the new investment vehicle. With up to R$250 million in potential capital and a mandate focused on startups emerging from innovation and acceleration programs, the fund is positioned to target one of the most difficult financing transitions for young technology companies. The selection of the fund manager, expected by November 23, 2026, will determine how the initiative moves from its current structuring phase toward active investment in Brazil’s startup ecosystem.