Portugal Tech, a “fund of funds” managed operationally by the European Investment Fund (EIF), has announced it secured €273 million ($309 million) in funding pledges at the Web Summit in Lisbon.
Speaking at the launch of the Portugal Tech II program, Portuguese Finance Minister Pedro Siza Vieira claimed the multiplier effect was “much higher” than had initially been expected.
“In total, Portugal Tech II aims to mobilize 250 million euros of investment in risk capital to support technology transfer from universities to the market, as well as high-potential technology startups in areas such as artificial intelligence, machine learning, fintech, health tech and cybersecurity”, he added.
The new programme is described as being inspired by Portugal Tech I, which launched in 2018. Portugal Tech I, which supported companies such as Bizay, Sword Health, Tonic App, iLof, Unbabel, Infraspeak, Casafari, Anchorage, Student Finance, Barkyn, Findster, Codacy, Raws, Ydata, and Eattasty, reportedly generated about five euros of investments for each euro of national funding.
Portugal Tech II will be funded by a €50 million ($57 million) allocation from the government, to be matched with an additional €50 million from EIF-managed resources. The first fund is expected to be announced in 2022.
Source: Diario de Noticias / EIF