Amadeus picks up $4.5M stake in Brazilian insurance broker Bidu
British venture capital firm Amadeus Capital has acquired an undisclosed stake in Brazilian online insurance broker Bidu.com. The value of the purchase is pegged at $4.5 million, according to The Wall Street Journal (WSJ).
Amadeus partner Andrea Traversone explained the reason for the investment: "There is a big trend of financial enablement through services, which happened offline in Europe and the U.S.,that is happening online first in emerging markets. It has the potential of being a $1 billion business. This is a company that-if successful, as proven by Moneysupermarket and others in Europe and the U.S.-has got the likes to be an IPO."
The London-based firm had led a funding round in Bidu that closed at $8.9 million. Under the terms of the deal, Amadeus partner Pat Burtis will become part of Bidu's board, the report detailed.
Founded by Eldes Mattiuzzo, Bidu's main products include credit cards, and auto and travel insurance. The firm plans to begin marketing other financial products such as home insurance, life insurance, mortgages, and personal loans to become the Brazilian version of UK price comparison platform Moneysupermarket.com, WSJ reported.