Brazilian startup platform Velvet raised $200 million to expand operations in emerging markets. Initially using resources from the founders themselves, Velvet last year began to involve resources from third parties in the business, such as the Estonia-based venture capital fund Yolo Investments, which led this latest round of fundraising.

According to Edouard de Montmort, the Brazilian co-founder of Velvet, the funds will be used to make 40 deals in the next 12 months, with 20 in Latin America, 10 in India, eight in Southeast Asia and five in Africa.

Formally created last September, the platform buys stakes in promising, privately owned startups, allowing their partners and employees to monetise their equity before the company has gone public.

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