Brazilian Development Bank to fund acceleration scheme in Rio

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The Brazilian National Development Bank (BNDES) will be funding a startup acceleration program in Rio de Janeiro for one year with a budget of 10 million reais ($2,5 million).

Dubbed BNDES Garagem, the project could be run by an accelerator or an acceleration consortium. The idea is that the program will be run at a entrepreneurship and innovation center to be set up at a cowering space in Rio, where the Bank is also headquartered.

“This pilot is the first step towards a new way of doing business with the Bank, creating an environment that is more conducive to the generation and growth of Brazilian startups,” says BNDES president Dyogo Oliveira.