SAO PAULO, July 6 (Reuters) - Brazilian freight platform Frete.com expects to spend 300 million reais ($55.6 million) to acquire technology companies, CEO Federico Vega said in an interview with Reuters.

Frete.com, a freight marketplace with 712,000 active truck drivers, has hired Marco Fabio de Castro from medical labs company Fleury SA (FLRY3.SA) to head a new M&A division with five other employees.

"Now it's the perfect timing for M&A, we can find good companies at reasonable valuations," Vega said. Many venture capital firms are now focused on supporting the companies in their portfolios and it is harder for startups to raise money, Vega said.

Frete.com is analyzing around 20 companies for potential acquisition and intends to deploy the capital over two years. Among the targets are fintechs, companies working with tracking or security equipment. Frete.com is also interested in buying similar freight marketplace platforms in other countries.

Acquiring other companies will also be a good way of accelerating hiring, Vega added.

The startup has raised around 2 billion reais ($370.6 million) with investors led by Japan's Softbank Group Corp's (9984.T) Latin America fund, China's Tencent Holdings (0700.HK) and the InterAmerican Development Bank's investment arm. Frete.com reached unicorn status but the company did not disclose its exact valuation in the latest round.

Vega said truck drivers are using the platform more as prices for diesel rose and made the trips without cargo even more expensive. Annual freight payments made through the platform reached 109 billion reais in May, Vega added.

Reporting by Tatiana Bautzer in Sao Paulo Editing by Matthew Lewis

Source: Reuters

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