Currently, the venture fund is registering with Brazilian authorities to put the platform to test. If proved successful, the investment model will be replicated elsewhere in the world.
“Brazil was a fantastic candidate for our first market: there’s an abundance of brilliant, highly analytical founders with compelling ideas about how to solve important problems locally and globally, and a funding gap at the seed stage that we can help address,” writes Ashley Carroll, Partner at Social Capital in a blog post.
Social Capital says it will invest between US$50,000 and US$250,000 in each startup it selects, with a preference for companies in health, education, financial services, B2B, and emerging technologies.
Applying for fund through the platform is easy and almost akin to signing up for Google Adwords, or applying for a credit card, Carrol added.
The beta version of the platform, unveiled early 2017, evaluated 5,000 startups from 25 countries around the world, of which 70 companies received investment. The platform was developed by software professionals who previously worked for Facebook, Dropbox, and Survey Monkey.
While Social Capital is not a business accelerator, it is talking of building more startup services, such as an online community, online content, and webinars on retention, acquisition, and pricing.