Monsanto and Microsoft to Invest in Agricultural Technology in Brazil

U.S. biotech company Monsanto Co and Microsoft Corp announced a partnership to invest in agricultural technology startups in Brazil.

According to executives, Monsanto will join a Brazilian investment fund with up to 300m reais (USD92m), managed by Microsoft and aimed at the evaluation of ideas for new digital tools to be applied to agricultural production in the country.

Selected ideas will receive initial funding of up to 1.5m reais (USD459k) for early development. Project owners will have the option of paying back the investment after three years or converting the money into equity.

"We want to foster new startups in the agricultural sector. There is a vast area for research and development," Rodrigo Santos, head of Monsanto in Latin America told reporters at the Global Agribusiness Forum (GAF 2016). Technology Company Qualcomm is also investing in the fund.