The Development Finance Institution (IFD) and the European Investment Fund (EIF) announced the launch of an investment program of 100 million euros in Portugal.
“IFD and the EIF have concluded negotiations for the launch of a new investment program, a combination of national funds from IAPMEI and Europeans to invest in technology transfer projects, Portuguese startups and SMEs,” they said.
The program, designed by Portugal Tech, “also aims to attract private and institutional capital for investment in technology-based companies headquartered in Portugal,” they explain.
“Both the IFD and the EIF will allocate € 50 million to this program, with the national component to be provided by IAPMEI. In addition to this global amount of € 100 million, the program aims to mobilize between € 40 million and € 100 million from private investors and institutional, “they explain.
Portugal Tech “will be able to capitalize up to 70% of venture capital and tech transfer funds, provided they are able to raise the remaining 30% from private and independent investors.”
The program will select Portuguese teams experienced in the management of venture capital funds “whose strategy is not only to invest in companies but also in projects developed by universities, research centres, incubators and accelerators of companies headquartered in Portugal.”
This initiative, “which is part of the strategy of technological and business innovation for Portugal 2018-2030, is one of the priorities of the Assistant Minister and the Economy, and is an important contribution to the implementation of the National Reform Program carried out by the XXI Government and to ensure Portugal’s convergence with Europe by 2030, they say.