Brazil: Valor-01/Sao Paulo

Date Filed
12 Mar 2021
Status
Open
Phase
Dispute Resolution (DR)
Country
Brazil

Case Tracker

Eligibility
Eligibility
Assessment
Assessment
Dispute Resolution
Mediation
August 20, 2021-February 09, 2022
Monitoring
Status as of February 09, 2022
Compliance
CURRENT Status
Monitoring (DISPUTE RESOLUTION)
Status as of February 09, 2022

Complaint Overview

Complainant

Residents neighboring an iFood-Tembici support point in São Paulo

Concerns

Health and Safety

Cross-Cutting Issues
Community Health and Safety Risk Management

Project Information

Region
Latin America & the Caribbean
Institution
IFC
Name & Number
Valor 43308
Company
Valor Venture Partners Management LLC
Sector
Financial Markets
Department
Finance and Markets
Category
FI
Commitment

$35 million in equity investment

Synopsis

Project Overview

IFC has an active equity investment of up to USD 25 million in Valor Venture Fund III and up to USD 10 million in Valor Opportunity Fund. Valor Venture and Valor Opportunity invest in early-stage technology companies and international technology companies seeking to expand into Latin America, and specifically into Brazil. Valor has an active investment in Tembici, the largest bike-sharing company in Latin America. In 2020, Tembici partnered with iFood—a mobile platform where customers can find and order food from restaurants—to implement the project “iFood Pedal”. According to information on Tembici’s website, the project includes flexible plans for iFood delivery partners to use Tembici’s bikes and to create support points—where delivery partners can check-in and return e-bikes, eat, and charge their phones, among other services.

Complaint

An individual submitted the complaint to the CAO on behalf of himself and the residents of the building in which he resides in São Paulo, Brazil. The complaint raises concerns related to the establishment of a Tembici/iFood support point in October 2020, close to the building, which resulted in crowding the sidewalk to the point where residents had to walk on the road, putting their physical integrity at risk, according to the complainants. These concerns were exacerbated by the pandemic because delivery partners using the support point allegedly did not comply with restrictions and regulations to prevent COVID-19 infections. Furthermore, the complaint alleges that delivery partners rode their bicycles carelessly, generating additional risks to residents’ safety.

CAO Action

The complaint was found eligible in April 2021 and an assessment of the complaint was conducted. During the assessment, the complainants and the company agreed to engage in a voluntary dialogue process to try and resolve the dispute. 

Status

On February 2022, the parties signed an agreement addressing the issues raised in the complaint and the case moved into the dispute resolution monitoring phase.

 

Status as of February  11, 2021

Case Documents

  • Complaint & Assessment

    Complaint
    Letter of Complaint - Brazil: Valor-01/Sao Paulo - Redacted
    Mar 12, 2021
    Português
    Letter of Complaint - Brazil: Valor-01/Sao Paulo - Redacted
    Assessment Report(s)
    Brazil: Valor-01/Sao Paulo - Assessment Report
    Jul 02, 2021
    English
    Brazil: Valor-01/Sao Paulo - Assessment Report
    RELATÓRIO DE AVALIAÇÃO DO CAO
    Jul 02, 2021
    Português
    RELATÓRIO DE AVALIAÇÃO DO CAO
    IFC Response to CAO Assessment - Brazil: Valor-01/Sao Paulo
    Jul 16, 2021
    English
    IFC Response to CAO Assessment - Brazil: Valor-01/Sao Paulo