A merger of game development studios has occurred within the Rockaway group’s start-up division. Dreadlocks Ltd, which to date has focused mainly on developing games for computers and game consoles, is taking…
The Rockaway Ventures start-up division has sold its share in the Brazilian fintech company Creditas. The value of the share increased nearly 10 times over the past three years.
Creditas (previously known as BankFácil) mediates peer-to-peer loans and other financial services on the Brazilian market, where it is number one in its sector. Rockaway had held a minority interest in the firm since 2014. “The rapid success of Creditas crowned by the nearly a 10x return on our original investment is for me an example of successful disruption of the traditional financial market. I believe that other start-up firms in our portfolio will enjoy similar success,” says Viktor Fischer, head of Rockaway Ventures.
The exit was carried out in the context of the second round of financing, when Creditas received an investment in the value of $19m from World Bank’s International Finance Corp, Naspers Fintech and existing investors incluoding Redpoint eVentures, Kaszek Ventures, Quona Capital and QED Investors. “Rockaway has been a key partner in this journey and their support was crucial to bring the company to the next level” said Sergio Furió, CEO Creditas.
The Rockaway investment group’s start-up division has been in operation since 2014. Rockaway Ventures currently has 15 start-ups in its portfolio and continues to actively seek the entry of new projects. “Since the beginning of the year, we have been in contact with 300 projects that have expressed interest in investment. That is double the growth compared to last year, which we view as confirmation that the start-up scene in the CEE region is in great shape,” says Viktor Fischer.