Launched less than six months ago, in a ceremony presided over by the Deputy Minister of the Economy, and with the objective of attracting private and institutional capital for investment in technology-based companies, startups, SMEs and Portuguese Midcaps, Portugal Tech has already begun to show levels of success.

Of the €100 million originally agreed between the Development Finance Agency (through national funds) and the European Investment Fund (through European funds from the European Investment Bank and the Juncker Plan), some €60 million has been selected for three private funds managed by Portuguese teams: Indico Capital Partners (venture capital), Armilla Venture Partners (technology transfer) and Vallis Capital Partners (private equity).

The financing provided by Portugal Tech as a cornerstone investor, coupled with the quality seal of the rigorous selection process led by the FEI, was crucial for these national funds to reach their first closing in the first half of 2019, mobilising an additional €140 million by Portuguese and foreign institutional investors.

Although each of the funds has four to five years to select and invest in startups and SMEs, the programme already has 10 invested companies (some not yet announced), including Vawlt Technologies, SA stands for SoundParticles, Bitclic, Attentive, Barkyn and Zenklub.

According to the Deputy Minister of the Economy, Pedro Siza Vieira “sustainable economic growth requires mobilisation of financing, and the Portugal Tech Programme is an essential contribution to the positive evolution of the national economy.” It further underlines that “the Programme strengthens the Government’s commitment to support innovation, entrepreneurship and qualified employment.”