Redpoint & BV Capital launch a Brazilian VC firm

Redpoint and BV Capital’s eVentures have combined forces to go after some of the fast-growing entrepreneurial activity taking place in Brazil, together launching a new firm — Redpoint eVentures. The joint venture, to be based in Sao Paolo, will be led by founding partners Yann de Vries and Anderson Thees.

The idea is to put feet on the ground as the two VC firms hunt for new opportunities in Brazil, Mathias Schilling, co-founder of BV Capital eVentures told me in a phone interview last week. Rather than fly back and forth between Silicon Valley and Sao Paolo (or other parts of Brazil), having a local office will increase the number of entrepreneurs that the firms can get exposure to and the speed at which deals get done. Already the two VC firms have made investments in three local Brazilian startups: Viajanet, Grupo Xango and Shoes4you.

Redpoint eVentures will focus on providing consumer Internet, e-commerce, mobile, media and cloud services to the Brazilian startups it chooses to work with. eVentures has already built teams around the world, and has a presence in Europe, Russia, China and Japan. By leveraging that international experience and combining it with Redpoint’s Silicon Valley focus, the two companies hope to bring best practices to the burgeoning Brazil startup market.

Together, Redpoint and BV Capital’s eVentures have more than $3 billion under management, and have invested in companies including Groupon, Angie’s List and HomeAway. That said, Schilling wouldn’t provide any financial details around the new joint venture, with respect to whether it would have its own cash to make deals or whether it would be used to funnel deals to the firms’ existing funds.